Kotak Life

Buy a Life Insurance Plan in a few clicks


Now you can buy life insurance plan online.

Kotak e-Term Plan

Kotak e-Term Plan provides a high level of protection to your loved ones in your absence. Know more

Kotak Guaranteed Savings Plan

Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality. Know more

Kotak E-Invest

Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs. Know more

Kotak Health Shield

Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability. Know more

Kotak Lifetime Income Plan

Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime! Know more

Term Insurance Tips for NRIs in India

Term Insurance Tips for NRIs in India
  • 19th Jun 2019 |
  • 4,977

Term insurance for NRI is becoming a popular insurance policy in the country because of the affordability and the benefits of the policy. If you are an NRI and want to buy the policy then you need to ask yourself the following three questions.

Q.1: Can an NRI buy term insurance in India?

A: The term insurance plan can be bought by any person with an Indian origin be it an individual residing in India or an NRI.

Q.2: Does the NRI need to be present in India while buying the term plan?

A: The insurance companies in India offer the option to buy the plan without being present in their office. All the NRIs need is written communication. Some insurance companies require you to take medical tests before you can buy the policy. In that case, you can take the tests in the country of your residence and send the reports to the insurer. The cost of the tests has to be paid by you.

Q.3: How can NRI’s pay premium?

A: For NRIs I, the insurance companies provide payment options such as Foreign Currency Non-Resident (FCNR), or Non-Resident External (NRE) bank account, Non-Resident Ordinary (NRO) bank account, and foreign currency remittance. The NRO bank account can be used to pay the premiums in Indian currency. A few insurance companies allow payments in foreign currencies too. The FCNR or NRE bank account can be used for that.

Factors to consider before buying the term plan in India

Buying an online term plan for NRI in India is really simple. However, before you decide to invest in the policy, here are a few factors that you need to consider:

1. Cost of the term Plan

Before you buy the term plan from India, it is a good idea to calculate your premium using term insurance calculator and compare the cost of premium in India with the premium value in the country where you currently live. Once you know which plan is more affordable and has better value for money, you can make the right decision. For example, if you are living in the USA then a 20-year term plan will cost you around USD 800 in yearly premiums and in return, you get a death cover of USD 5 lakh.

2. Tax regulations

The NRI insurance plans come with tax benefits in India. However, in most other countries, the term insurance cover is not 100% tax-free. You may get tax benefits on the sum assured received by nominee, but any bonuses or other benefits are taxable.

3. Claim settlement ratio

Before buying the policy from any particular insurance company, it is important that you find out about their claim settlement ratio. This will help you understand if the insurer is known for settling the claim fast or if there is a delay in doing the same.

Term insurance is a necessary tool to make sure that your family will be financially secured when you are not around. You must certainly opt for it irrespective of whether you are an NRI or an Indian citizen.

Kotak e-Term Plan


  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

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


Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Individual Life Insurance vs. Group Term Life Insurance

Why does every working woman need life insurance?

Endowment Plans vs Term Plans: Understanding the difference

Term Plans are Definitely Cheaper than You Think!

5 Reasons to Buy Term Insurance When You are in Your 30s

Can I Extend the Tenure of My Term Insurance Plan?

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

Why Buy Term Insurance Plan With a High Cover?

Term Insurance Basics You Should Know

Gift Your Father A Term Insurance Plan This Father's Day

Why Should New Parents Buy Term Life Insurance?

4 Reasons Why You Need Critical Illness Cover

How To Choose the Right Term Insurance Plan?

What is Critical Illness Policy

9 Most Frequently Asked Questions on Term Insurance

Is It Good To Buy A Term Insurance Plan In 2022?

Tips to Choose the Right Term Period for Term Insurance Plan

How to Identify Term Insurance According to Your Needs?

5 Benefits of Early Retirement Planning

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

Steps on How to Buy Term Insurance Online

What Types of Deaths Are Covered in a Term Insurance Plan?

4 Things To Expect From Your Term Insurance Plan in India

8 Factors to consider before choosing a Critical Illness Insurance

How Does Term Life Insurance Work? Learn the Benefits

Is term Insurance Needed for People With No Dependents?

Protection for your family

8 Benefits of Term Insurance You Should Know

Everything About Claim Settlement Ratio for Term Insurance

Insuring yourself against Ill Health with a Critical Illness Rider

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Planning For Children's Future

Is Group Term Life Insurance Provided By Employer Sufficient?

8 Things To Do After Buying Term Insurance

Difference between Term Insurance and Life Insurance

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

Top 3 Reasons Why You Should Buy A Term Plan Now

Why Should You Add a Rider to a Term Insurance Plan?

10-Year Term Life Insurance Policy - Explained in Detail

Choosing Riders for Insurance Plans

Different Types of Premium in Term Insurance

Insuring Against Accidents with an Accidental Death Insurance Rider

Why Married People Should Buy Term Insurance Under MWP Act?

Why is it important to buy term insurance plan?

Can Senior Citizens Avail Term Insurance?

Should You Buy a Term Plan After 40?

Advantages of Buying Term Insurance in Your 50s

Term Insurance – Why You Must Include In Your Financial Planning?

Term Plan with Spouse Cover

Ensure Protection Against Death, Disease & Disability With Life Insurance

How to Compare Term Insurance Online

Why 1 Cr Term Plan Is Necessary For Family?

Why Should You Buy Term Insurance in 2022?

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

Can I Make Changes to My Term Insurance Policy Post Purchase?

Term Insurance Calculator - Everythng You Need To Know

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

Is Life Insurance Investment Worthy Enough

Can I Buy Term Insurance for a COVID-19 Patient?

Is a Term Insurance Policy Portable?

Which Death Type Does Your Term Plan Not Cover?

Term Insurance Plans and Policies for Smokers

6 Types of Death not covered in Term Insurance Plan

How Much Term Insurance Do I Need

Advantages & Disadvantages of Term Insurance in India

Do You Need Term Insurance Cover After Retirement?

Why should single women purchase term life insurance?

Why Premium Amount for Term Insurance is So Low?

Understanding Term Insurance Riders

How Does A Term Life Insurance Work in India?

Calculating Term Insurance Premium

Is ₹1 Crore Term Insurance Good Enough Cover?

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

Busting Myths and Facts About Term Insurance Policies

Do I Need to Give a Medical Test for Term Insurance in India?

4 Methods to Calculate How Much Term Insurance You Need

Different Types of Protection Plans

Planning For Son or Daughter's Wedding

Does Your Term Insurance Plan Cover Death Due to COVID-19?

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

What is a short term insurance policy?

How Much Term Life Insurance Cover Do I Need in India?

Why Term Plan Should Be The First Step To Securing Your Future?

What Happens if you Hide Facts in your Term Insurance?

Increasing Term Insurance and Riders

Comparing Term Plans – What Should You Look Out For

Insuring Protection Against Death With Death Insurance Rider

Is Term Life Insurance Plan an Investment or Expense?

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

What are the Documents Required for Term Insurance Plan?

Term Insurance with Critical Illness

Best Investment Plans for Children - Secure Your Child's Future

Why Buy Term Insurance Even at Rising Rates?

Reasons You Need Term Insurance Plan as a Self-Employed Person

What Is a Renewable Term Insurance Policy?

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

What is Term Insurance - A Complete Guide

What Is the Correct Age to Buy Term Insurance?

What is Insurance Premium - A Detailed Guide

Know How to Invest at Every Age for Larger Returns

Term Insurance: Smokers vs Non-Smokers

5 Things To Consider While Buying Term Insurance Plan

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

What Should Be The Duration Of Your Term Plan in India?

Online vs Offline Term Insurance: Which Is The Better Option To Buy

How to Surrender Term Life Insurance When you have No Liabilities

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

What are incremental term insurance plans?

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

What Are the Best Term Insurance Plans for Planning Retirement?

How To Calculate The Amount Of Term Life Insurance You Need?

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

Can You Increase Your Term Insurance Cover?

Is There Any Tax Benefit on Term Insurance?

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

6 Reasons That Make Term Insurance a Must Buy

How Much Cover Should I Take In A Term Plan?

While Buying Term Insurance Compare Features, Not Just Premiums

Term Insurance With Riders In India

Buying A Term Insurance Plan? Take These Factors into Account

Should You Have Multiple Term Life Insurance Policies?

Why Term Insurance Is Better Than ULIP?

Make Your Online Term Plan Your Familys Monthly Payout

How To Change The Nominee in Term Insurance?

Eligibility Criteria for Buying Term Insurance in India

All you need to Know about Term Insurance Plans for Housewives

Term Insurance Age Limit – Term Plan for All Age Groups

Term Life Insurance Plan for Smokers vs Non-Smokers

9 Ways to Help Family Members in Financial Trouble

How To Choose the Right Sum Assured Under a Term Plan?

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

How to Ensure That Your Term Insurance Claims Are Never Rejected?

Tax Benefits of Term Insurance in India

How Not To Get Your Term Insurance Claim Rejected

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

Make Your Online Term Plan Your Family's Monthly Pay Cheque

5 Term Insurance Benefits for Single Women

What All Documents Required For Term Insurance In India?

Do Beneficiaries Pay Taxes on Term Insurance?

Does Term Insurance Cover Accidental Death?

Insurance Policy for Housewife In India

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

Importance of Term Insurance at Every Stage of Your Life

What Are Insurance Riders and How to Choose Them in a Term Plan?

Can Term Insurance Plans Be Purchased As A Gift?

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Why Should You Not Take A Term Plan Without Medical Test in India?

Should Youngsters, Working Couples Buy Term Insurance Plans?

What Should You opt for - Limited or Premium Pay?

Insuring Against Disability With Disability Insurance Rider

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

All About Term Insurance Inbuilt Coverage

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

Can I Get Term Insurance on Behalf of My Spouse?

Cost of Term Insurance Likely to Increase Soon