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In India, should NRIs purchase life insurance?

In India, should NRIs purchase life insurance?
  • 19th Nov 2019 |
  • 3,534

Buying life insurance for NRI is an important investment you can make if you are settled abroad. The life policy protects your loved ones back home from any financial crisis if any unfortunate happens to you. Buying the policy from India might be cost-effective for you, and the process is quite simple. However, before buying the policy, you need to know a few things

Can NRIs buy a life policy in India?

Irrespective of their country of residence, any person of Indian origin is eligible to buy a life insurance in India.

Does it require them to be in India to buy the policy?

Indian insurance companies allow NRIs to buy life policy from them without being present in India. You just need to initiate a written communication with the insurer.If your insurer requires medical tests, you can do them in your country of residence and send the reports. You need to pay for the cost of the tests.

How to pay the premium

When it comes to paying the premiums towards the life insurance policy for NRI, insurers in India offer a variety of channels. You can use the Foreign Currency Non-Resident (FCNR) or Non-Resident External (NRE) bank account, foreign currency remittance, and Non-Resident Ordinary (NRO) bank account. The NRO bank account can be used when you want to pay the premium in Indian Rupees. To pay it in foreign currency, the FCNR or NRE bank account can be used.

Rules regarding maturity and death benefits

Before you buy the whole life or term life insurance for NRI in India, you must learn the rules regarding maturity and death benefits. The death or maturity benefits are repatriable,which means that they are payable in any country, only when the premiums were paid in foreign currency. If the premiums were paid in Indian Rupees, the benefits can be paid only in India.

Factors to consider before you buy life insurance from India as an NRI

Now that you know the answer to your question ‘‘can NRI buy term insurance in India’’, it is time to opt for the most suitable insurance plan. Here are two aspects that you must keep in mind:

1. Cost

The cost of the policy is an important factor that you need to consider. The premiums are valued differently in separate countries. What you need to do is to compare the cost of a life insurance policy in India with the cost of it in the country of your residence. This will help you determine which option is best for you.

2. Tax regulations

The maturity and death benefits received from your life policy come with tax benefits in India. However, the rule is not the same in every country. Some countries require you to pay tax on maturity earnings. Find out the tax regulations in the country of your residence to make an informed decision.

Once you are aware of all the rules and regulations, you can look for the best whole life or term insurancepolicy that is suitable as per your requirements.

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Ref. No. KLI/22-23/E-BB/492

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