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

Non-Resident Indians (NRIs) can now purchase life insurance in India, thanks to the Foreign Exchange Management Act. Visit now to know more about term insurance for NRIs.

  • Nov 22, 2021

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.

Kotak e-Term

Download Brochure


  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435


- A Consumer Education Initiative series by Kotak Life

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