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Term Insurance for NRIs

Term Insurance for NRIs (Non-Resident Indians) is designed to offer comprehensive life coverage, even when you live and work abroad. With growing financial responsibilities and families residing in India, NRIs increasingly prefer term plans to ensure their loved ones remain protected, regardless of where life takes them.

What is NRI Term Insurance?

NRI Term Insurance is a life insurance policy that offers a substantial death benefit to the nominee in the event of the policyholder’s death during the policy term. It’s structured to accommodate the needs and regulations of individuals residing outside India, while ensuring smooth claim settlement for families living in India.

Key Features & Benefits

  • Worldwide Coverage: Offers life cover no matter where you reside globally.
  • Flexible Premium Payment: Premiums can be paid from an NRE/NRO account in INR or foreign currency.
  • Tax Benefits: Premiums paid from NRO accounts are eligible for deductions under Section 80C.
  • Multiple Policy Term Options: Choose policy terms up to 40 years or even till 85 years of age.
  • Online Medical Tests: In many cases, NRIs can complete medicals from abroad through tie-ups with international diagnostic centers.
  • Rider Add-ons: Option to add critical illness, accidental death, and premium waiver riders for extra protection.

Who Can Apply?

This plan is suitable for:

  • Indian citizens living abroad on work permits, permanent residency, or student visas
  • NRIs, PIOs (Persons of Indian Origin), and OCIs (Overseas Citizens of India)
  • NRIs looking to secure their family’s financial future in India

Documents Required

  • Valid passport and visa copy
  • Overseas address proof
  • Income proof or salary slips
  • Medical records (if required)
  • Bank account details (NRE/NRO)

Claim Settlement Process

In case of a claim, the nominee in India can easily submit documents to the insurer. Most Indian insurers offer dedicated NRI support desks and online claim settlement facilities to simplify the process.

Why Buy from India?

  • Lower premium rates compared to international term policies
  • Reputable Indian insurers with global operations
  • Easy digital onboarding and medical evaluation
  • Tax benefits under Indian Income Tax Act

With an NRI term insurance policy, you’re not just securing your life—you’re ensuring your family in India has a financial cushion, no matter where you live or work. Start early, secure more, and rest assured that your loved ones are always protected.

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Term Insurance For NRIs – Frequently Asked Questions

Yes, NRIs (Non-Resident Indians), OCIs, and PIOs can buy term insurance from Indian insurance companies. The entire process can be completed online, including document verification and medical tests.

No, most insurers allow you to complete the application process remotely. You can undergo medical tests at approved international diagnostic centers or submit medical reports electronically.

You can pay premiums through your NRE, NRO, or FCNR bank accounts. Many insurance companies also accept international credit/debit cards and online transfers.

Generally, the death benefit received by the nominee is tax-free under Section 10(10D) of the Income Tax Act, 1961. However, taxability may differ based on policy terms and tax laws of the country you reside in.

Yes, the nominee can raise a claim from India even if the policyholder passes away abroad. They will need to provide the required documents like the death certificate (with embassy attestation) and policy details.