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Life Insurance Plans for NRI

If you are a non-resident Indian (NRI), you can purchase life insurance plans which are designed specifically for people who reside outside India. You can purchase a plan which would secure the future of your loved ones and protect them in your absence.
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Fees & Charges

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Policy Coverage

Customer Service

Responsiveness

Life insurance has been a traditional investment in India. If you are an NRI and wish to buy a life insurance policy you need to be aware of the following:

  • A person of Indian origin or a NRI are allowed to take life insurance policy in India.
  • The NRI needn’t be present in India at the time of buying the policy, a written communication is sufficient. There might be a certain additional cost and a medical examination needs to be done and the report needs to be sent to the insurance company in India. The medical examination expense needs to be taken care by the NRI himself, if the test were done in India the cost would’ve been inbuilt with the policy.
  • The policies can be issued in denomination of the foreign currency and the premiums are collected out of NRE/FCNR accounts of the insured or of the insured family members held in India. All companies do not offer foreign currency denominated policies.
  • For the policies issues in Indian currency, the premiums are paid through the funds held in NRO accounts.
  • Premiums are higher if the insured is living in a high risk country.
  • The insurance policy purchased in India covers death occurring anywhere in the world.
  • Maturity and death proceeds are repatriable to the extent of premium being paid in foreign currency. If the premiums are paid in Indian currency, the death and maturity proceeds are not repatriable.
  • There is a good chance that the cost of the policy is cheaper in country of residence.
  • In India, the earnings on death or maturity are tax free, but NRIs pay tax on global income in the country of residence, the taxes are based on the tax laws prevailing in the country that he resides in. the death benefits are tax free to the extent of sum assured, but the bonuses and amount received over the sum assured are taxed.
  1. Max Life Insurance
  2. Eligibility: 18 years - 60 years

    Minimum Sum Assured: Rs.25 lakhs.

    Maximum Sum Assured: No Limit.

    Policy Term: 5 - 35 years.

    Maturity age:Maximum 70 years.

    Tax Benefits: You can avail tax benefits for the premiums paid under the Income Tax Act under Section 80C of the Income Tax Act. Death benefits are eligible for tax deductions and benefits under Section 10(10D) of the Income Tax Act.

    Features:

    • NRIs, Persons of Indian Origin and Foreign Nationals can buy the Max Life Insurance policy.
    • The initial premium can be paid through Indian Rupee through NRE/NRO Account or can be paid through foreign currency equivalent to the Indian Rupee through SWIFT.
    • Remittance of bonus and maturity proceeds are made in Indian Rupees.
    • You can repatriate the maturity proceeds, claims or surrender the value of policy quite easily outside India.

    Exclusions:

    • If the insured commits suicide, the policy is void.
    • The policy will be void if the insured is involved in dangerous activities.
    • If a war breaks out, the policy will not cover the individual.
    • Drug and alcohol abuse and part taking in illegal activities will null the policy cover.

    You can take an add-on cover for the Max Life Insurance:

    Max Life Comprehensive Accident Benefit Rider under which you will be covered with the additional protection against any unfortunate accident.

    Monthly Income Term Plan which offers you twin benefits of sum assured on death as well as level of income for every month for 10 years.

    Increasing Monthly Income Term Plan gives you monthly income for 10 years that increases at a 10% simple interest rate.

  3. Birla Sun Life Insurance
  4. Birla Sun Life Insurance offers the NRIs the Vision LifeIncome Plan, which keeps in mind your growing responsibilities. This plan ensures steady income for you along with whole life cover.

    Eligibility: 1 year - 60 years

    Policy Term: Whole life to age of 100.

    Premium paying term:15-40 years.

    Minimum sum assured: Rs.2 lakhs.

    Minimum premium payable: Rs.18,000.

    Premium frequency: annually, semi-annually, quarterly and monthly.

    Tax Benefits: You can avail tax benefits under the Income Tax Act under Section 80C for the premiums paid. You can also avail benefits under Section 80D and Section 10(10)D of the Income Tax Act,1961.

    Benefits:

    • Death benefit under iProtect Option I, you get the sum assured.
    • You get the sum assured plus the Accidental Death Benefit under iProtect Option II.
    • Instant Life Insurance cover.

    Features:

    • You get 5% of sum assured guaranteed along with the bonus every year after you have finished the premium paying term.
    • The insurance covers you and your family with whole life cover till the age of 100.
    • You get premium rebates on the high sum assured.
    • The bank makes payments through ECS method.
    • You can also avail the suitable Rider options for additional protection for a nominal cost.
    • You can nominate a person to who the bank can pay the Death Benefits in case of your death.
    • If you haven’t nominated anyone, then the legal heirs will be deemed as the beneficiaries.

    Exclusions:

    • The policy will be terminated in case the insured commits suicide within one year from the date of commencement of the policy.
    • The policy will be terminated if you give incorrect information. You will be paid the surrender value and terminate the policy.
  5. Kotak Life Insurance
  6. Kotak offers NRIs an option to invest in India. The policies offered to the NRIs are Kotak Preferred Term Plan and Kotak Term Plan.

    Kotak Preferred Term Plan:

    Eligibility:18 years - 65 years

    Minimum Sum Assured: Rs.25 lakhs.

    Maximum Sum Assured: No Limit.

    Policy Term: 5 - 40 years.

    Maturity age: Minimum-23 years Maximum- 75 years.

    Tax Benefits: You can avail tax benefits under the Income Tax Act under Section 80C of the Income Tax Act for the premiums paid and under Section 10(10D) of the Income Tax Act for the death benefits received by the nominee.

    Features:

    • High level of protection at a negligible cost.
    • Insured can opt for Immediate or Recurring Payout.
    • You can increase or decrease the level of cover as per your requirement.
    • Preferred rates are available for females and non-tobacco users.
    • Flexibility in premium payment options.

    Kotak Term Plan:

    Eligibility: 18 years - 65 years

    Minimum Sum Assured: Rs.3 lakhs- Rs.24,99,999 lakhs.

    Maximum Sum Assured: No Limit.

    Policy Term: 5 - 30 years.

    Maturity age: Maximum- 70 years.

    Tax Benefits: You can avail tax benefits under the Income Tax Act under Section 80C of the Income Tax Act for premiums paid and under Section 10(10D) of the Income Tax Act for death benefits received.

    Features:

    • High level of protection at a nominal cost.
    • Special rates for females and non-smokers.
    • High level of elasticity in paying premiums.
    • Specific products can be converted to Kotak Life Insurance plans except for term plans before the last 5 years of the policy term.

    Optional Rider plan is available:

    • Kotak Critical Illness Benefit - A share of the sum assured is paid on admission of a critical illness claim.
    • Kotak Accidental Death Benefit - Lump sum benefit is paid on accidental death.
    • Kotak Permanent Disability Benefit - Payments are made in instalments upon admission of claim of disability.

Disclaimer: Insurance is subject matter of solicitation. The policy must be read thoroughly for the risk factors, terms and conditions etc.

Life Insurance Policies for NRI Reviews

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  • LIC Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have chosen 2 policies, long term and money back. LIC is good but they will provide the information only If I request them. Paying monthly 2500 rupees through ECS. I did not see any benefits and have no access for online. Every 5 years once they are giving bonus on the money back plan.
    Was this review helpful? 0
    , hosur
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 4.5/5 "Excellent!"
    I have taken 4 policies with LIC from long back. Its a mixed of endowment, money back and life insurance policy for family. I am satisfied with the benefits. If there is any problem I can manage the account online. I pay the premium by cash or cheque, its hardly around 1300 or 1400 rupees every quarterly and also monthly premium has been done.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy with LIC and it was taken almost now 10 years through an agent. The tenure period is 21 years and its a JEEVAN ANAND. The benefits are quite good. I never contacted the customer service, I go through with an agent. I make the premium through online every quarter.
    Was this review helpful? 0
    , thiruvananthapuram
    Reviewed on Jan 14, 2019
  • HDFC Life Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • LIC Life Insurance
    "Good for me and for my nominees"
    0.5 4.0/5 "Great!"
    I have purchased Jeevan anand policy with LIC, my policy has the tenure period of 20 years. As per my policy I need to pay the premium for 15 years, I make Rs. 30,000 per annuam. At last I get the premium cover upto Rs. 20 lakhs and one other good benefits even after the policy expiry there is a maturity benefits of 14 lakhs will provide to the nominees for certain demise its good. But I suggest they need more improvement on the customer support,
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Trusted Insurance Company"
    0.5 4.0/5 "Great!"
    It was taken the policy with LIC in month of 2014, they have good reputation and my relative is working as an agent. To secure my family I took this policy, the policy which I am holding it for 25 years, I will be getting the maturity after the tenure period.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Good Investment"
    0.5 5.0/5 "Blown Away!"
    Agents are professional in LIC, and they have flexi in the payment options. I have Jeevan anand policy it has the term period of 15 years, I need to pay the premium for whole year after 24 years I get the return value also they provide life coverage.
    Was this review helpful? 0
    , dandeli
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good Policy to take"
    0.5 4.0/5 "Great!"
    LIC is providing lots of tax benefits policy hence i have chosen the policy with them. I have taken the Jeevan Anand policy. I used to make the premium amount through online. I'm very much satisfied with the sum assured amount. Total tenure period of the policy is 15 years.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.0/5 "Satisfactory"
    I have money back policy policy with LIC, it has premium of Rs. 10,000 per annum. It gives the maturity benefits after 20 years of the tenure period, I used to get the bonus amount around Rs. 40,000 for every five years it has the tax benefits too.
    Was this review helpful? 1
    , malda
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    It has been a good policy and i had started this insurance a long time back. The premium amount has not been not too high and i have been paying it annually where the payment method has not been high. The policy is good and can be suggested to others.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Purchased my life insurance policy with Life Insurance Corporation of India. I have selected the LIC because of the wife's suggestion. I have chosen the Jeevan Bhima policy. I am paying the premium amount of Rs. 30000 every year. I have no idea about the coverage value. I make the premium through agent via money transfer.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Better to invest"
    0.5 5.0/5 "Blown Away!"
    I have a money back policy from LIC which was taken before 10 years through an agent. Every 4 years once they are providing good benefits like bonus points. The agent was very helpful. I got the insurance paper. I am paying the premium every quarterly 1000 rupees through online.
    Was this review helpful? 1
    , pondicherry
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Benefits part should be increased"
    0.5 2.0/5 "Expected more"
    I have term insurance with LIC, they give the life coverage to the nominees, they have option to add multiple nominees. I have taken it for 20 lakhs hence I need to pay the premium around Rs. 7000 per annum, the draw back with this policy they wont provide paritial amount to the holder.
    Was this review helpful? 0
    , thrissur
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Good Bonus Policy"
    0.5 4.0/5 "Great!"
    LIC is national insurance company and it has the good reputation. I have taken the policy called money back policy, it has maturity period around 15 to 20 years, I used to get bonus amount every 3 years or 5 years, they have tax benefits and other facilities.
    Was this review helpful? 1
    , thrissur
    Reviewed on Jan 09, 2019
  • ICICI Prudential Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance was bought from ICICI prudentuial. One of my friend who is working over there has recommended me about this policy. I paid the premium amount of Rs. 25000 annually. I have paid the premium for 2 years after that i have discontinued the policy due to the personal reasons. I have to pay the premium for 7 years actually.
    Was this review helpful? 1
    , tiruchirapalli
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    I have taken some policy with LIC, I could not recall the name of the life insurance. But it has the term of 15 years, I need to pay only for 10 years, I get the coverage for whole year. They are providing tax benefits with the life insurance premium and it has life coverage.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Not satisfied"
    0.5 2.0/5 "Expected more"
    I have my life insured with LIC from last 15 years and it is a long term policy. I pay my premium once on 6 months through direct payment and i am convenient with the payment options. I am not happy with the returns and tenure period for this policy is for 25 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Trusted Insurance"
    0.5 5.0/5 "Blown Away!"
    They saving our money and providing the loan based on the premium but we need to maintain proper track record for the LIC. I have taken the policy for the tenure of 25 years, I need to pay the premium for whole year I expect good value from my three policy.
    Was this review helpful? 0
    , cuddalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Life Saving Policy"
    0.5 5.0/5 "Blown Away!"
    My life was insured with Life Insurance Corporation of India. I have purchase a plan called Jeevan Bhima Yojana. Since my father is paying the premium, I'm not sure about the amount. This is a 20 years tenure period policy. I never had any trouble with this policy.
    Was this review helpful? 1
    , chandigarh
    Reviewed on Jan 08, 2019
  • LIC Life Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life Insurance corporation of India,i took this insurance long bank , the agent had explain me clearly about the policy coverage and plan benefit,and i pay premium on quarterly basis, i pay up to 2700-2800 rupees which was nominal for me,it use to get auto debited from my account.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 08, 2019
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