Can NRIs Buy Term Insurance In India?
Close
Close

Buy a life insurance plan in a few clicks

Now you can buy life insurance plans completely online right here.

  • Icon for Kotak Preferred e-Term Plan

    Kotak e-Term Plan

    Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.

  • Icon for Kotak Preferred e-Term Plan

    Kotak Health Shield

    The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.

  • Icon for Kotak Preferred e-Term Plan

    Kotak Lifetime Income Plan

    Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Back

Can NRIs Buy Term Insurance In India?

  • 22nd Nov 2021
  • 62

Buy Term Plan Now Can NRIs Buy Term Insurance In India?

In the last decade, the value of a term insurance policy has risen exponentially. With the realisation of life’s unpredictability, investing in long-term planning, with the help of term plans, has become more vital than ever before. The brilliance of term plans is that they don’t have any geographical limitations. No matter where you are on the planet, what nation you are in, or what city you reside in, the importance of life cover remains unaffected. The provision of term insurance for NRI is a perfect example of the fact that geographical limitations do not restrict you from enjoying the benefits of the policy.

Term Insurance for NRI

Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can now purchase life insurance in India thanks to the Foreign Exchange Management Act. The importance of term insurance is to safeguard yourself and your family. All individuals of Indian heritage, regardless of their citizenship status in India, can buy such insurance. With so many options, you may conduct extensive research and get your hands on the best term insurance for NRI that meets your needs.

Presence In India When Buying Term Insurance Policy

Being physically present in the country is not required while purchasing NRI insurance in India. This requirement may vary from one insurance provider to the next. The easiest approach to get a life insurance policy for an NRI is to do it online. This allows you to evaluate all available alternatives to find the best term insurance for NRI and purchase it right from the comfort and privacy of your home or workplace in your current country of residency.

The only added advantage that you get if you are present in India while buying the plan is that your insurer can undertake the necessary medical examinations required for a term insurance policy, considering it indicates the importance of life cover.

Buying Term Insurance for NRI

An NRI can easily get a good term insurance plan in one of two ways. First, the NRI policy buyer can purchase the coverage on a visit to India, for which the process is straightforward and follows the exact same steps as it would for any Indian citizen. Alternatively, an NRI can acquire an insurance policy through their present country of residence. They can do this via mail order, but it necessitates thorough verification by Indian embassy officials and a notary.

Premium Payment Method for NRI Insurance in India

It’s critical to double-check terms and conditions for premium payment, as insurance providers might issue policies in either Indian or foreign currency. If the NRIs’ policy is offered in a foreign currency, they can opt for remittance in foreign currency via their FCNR/NRE account in India. Insurance premiums can be paid using an NRO account for the term plans if the insurance is issued in Indian rupees.

Modes of payments

  • Settlement payment in foreign currency
  • Non-resident ordinary bank account
  • FCNR/NRE bank account

Importance of Term Insurance for NRI in India

NRIs might use life insurance coverage in India to safeguard their loved ones in the case of an unanticipated incident. Your family will require financial assistance at various periods of life, and by obtaining a life insurance policy, you can protect your loved ones in the event of your death.

To conclude, term insurance plans are the most effective approach to control the risk of safeguarding your loved ones in the event of your death. Even if you are an NRI or a PIO, you must purchase term insurance for NRI as early as possible to ensure the financial stability of your family.

- A Consumer Education Initiative series by Kotak Life

Tags

Also read

    • 15th Dec 2021
    • 50

    Why Term Insurance Is Important in times of COVID-19?

    Term insurance in COVID can help your loved ones financially in case any uncertain event happens due to COVID-19. We explained the importance of life ...

    Read more
  • What is a short term insurance policy?

    Short Term Insurance Policy - Find out what is term insurance policy and some key important features of short term insurance policy here on this artic...

    Read more
    • 10th Mar 2021
    • 887

    Term Insurance: What Happens When You Don’t Pay Your Premiums?

    If you fail to pay the Term Insurance Premium on time, you will no longer have the coverage provided by the policy. To know more, Visit Now

    Read more

Related Plans

  • Kotak e-Term Plan - Online Term Insurance

    Kotak e-Term Plan - Online Term Insurance

    Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. Find out the eligibility criteria, key ...

    Know more
  • Kotak e-Term Plan

    Kotak e-Term Plan

    Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. Find out the eligibility criteria, key ...

    Know more