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Term Plans for NRI

If you are a non-resident Indian (NRI), you can purchase term insurance plans 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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Term insurance are offered to the NRIs. Most of the policies are available online and do not require you to undergo medical tests. Term Insurance plans are pure protection plans. Most term policies can be purchased by Non-Resident Indians. Some companies have streamlined their process to issue the term insurance to the NRIs.

What is Term Insurance?

This is a type of life insurance that provides coverage for a specified term or years or a certain period of time. If the insured dies during the period when the policy is active, then death benefits will be paid to nominee.

Term insurance is much less expensive than permanent life insurance. It has no cash value. There are different types of policies available. They differ in terms of policy periods and premiums payable.

The premiums remain same for a set number of years, after which it increases considerably. Most of the policies can be converted to a permanent policy regardless of the change in the insured’s health.

Insurance is meant to provide the dependents with enough money to replace the policy holder’s income, if the policy holder dies. When choosing the sum assured, the policy holder must take into account the basic expenditure the family will incur, major expenses like education and other liabilities. If the insurance benefits doesn’t cover the essential financial needs, the whole purpose of the life insurance policy is defeated.

Policy Tenure and Coverage

Experts believe that a life insurance policy has to cover a person till the age of 65 years. If you take a policy for a lesser term, then you will be not covering the risky years. If you plan to take an insurance policy at the age of 40, there is a good chance it will be expensive and if you have any disease, you might not get any coverage.

Inflation plays a significant role in deciding the policy value. If you have bought a policy worth Rs.50 lakhs, the value after 10 years might reduce significantly. To get around this, insurance companies offer plans where covers are increased by 5-10% every year or is indexed to inflation rates.

Certain plans also allow you to increase the sum assured at certain stages of life like, when you marry, buy a home or upon birth of your first child or at third or fifth year anniversary of policy purchase. The revised cover cannot be more than 3 times the original sum assured. But the premiums are higher for such plans.

The cover is reduced once your big credits are repaid. Hence it is advisable to take up simple plans rather than those offering complex plans. Single premium options are not a good idea either as the premium for the rest of the term goes waste in case of death.

Let’s see what the major companies have to offer to the NRIs.

Bajaj Allianz Term Insurance Plan – iSecure For NRI

A person’s main concern is to secure your family against all odds. An unforeseen incident may put your family in financial jeopardy. Bajaj Allianz’s Term Insurance gives a level term cover for a high sum at a low cost.

  • Eligibility: 18 years - 60 years
  • Minimum Sum Assured: Rs.2.5 lakhs for general category and Rs.20 lakhs for categories divided by preferred non-smoker, non-smoker and smoker.
  • Maximum Sum Assured: No Limit.
  • Policy Term: 10, 15, 20, 25 and 30 years.
  • Maturity age: Minimum-28 years Maximum- 70 years.
Benefits:
  • Tax benefits:
    • Premiums paid are eligible for tax benefits under Section 80C of the Income Tax Act.
    • Death benefits are also eligible for tax benefits or exemptions under the Section 10(10D) of the Income Tax Act.
  • Death benefits:
    • Individual life: In case of the death of the insured, the sum assured is given provided the premiums are up-to-date. The policy cover is terminated on death of the insured.
    • Joint life: The death benefit is payable on the death of each individual, provided the policy is in-force. The policy will continue for the surviving insured but with a reduced premium. The reduction is based on age, lifestyle, policy term, premium payment frequency and the sum assured of the surviving insured at the inception of the policy. The policy will cease to be effective immediately on the death of the surviving insured individuals.
Features:
  • The nominee can take the death benefit in equal monthly instalments over a period of 5 or 10 years.
  • Policy term can be selected based on your requirements.
  • Frequency of premium payments can be altered.
  • If you were single when you first took the policy, you can include your spouse on a later date in your existing policy.
  • Recurring expenses of your dependents can be met by opting for payment of benefit in annual instalments.
  • Categorization is available for sum assured of Rs.20 lakhs and above. The assured will be subject to medical tests. A non-smoker who has irregularities or family history but has no risky occupation, will be classified as a preferred non-smoker.

Kotak Life Insurance

Kotak offers NRIs an option to invest in India, and helps you harness every opportunity to reap the benefits of timely investments. Kotak offers Kotak Preferred Term Plan and Kotak Term Plan to NRI’s

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 for the premiums paid and under Section 10(10D) for the death benefits received by the nominee.
Features:
  • High level of protection at a minimal cost.
  • Insured can opt for Immediate Payout 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 for premiums paid and under Section 10(10D) for death benefits received.
Features:
  • High level of protection at a minimal cost.
  • Preferential rates for females and non-smokers.
  • High level of flexibility 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 portion 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 - Upon admission of claim of disability, payments are made in instalments.

Amulya Jeevan Term Insurance Policy

LIC offers Amulya Jeevan Term Insurance Policy for the NRIs.

  • 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 under the Income Tax Act under Section 80C for the premiums paid and under Section 10(10D) for the death benefit.
  • Sum assured is payable in case of the unfortunate death of the insured, provided the policy is in force at time of death.
Features:
  • No loan will be available to the insured under this plan.
  • If you are not satisfied with the policy, you can return the policy within 15 days of buying it.
Exclusions:
  • The policy is void if the insured commits suicide.
  • After 2 years of the expiry of the policy, the insured cannot question the policy based on its terms.
  • Surrender value is also not available to the insured.
  • Maturity benefit is not available.

ICICI Pru iProtect

ICICI Bank offers ICICI Pru iProtect, term insurance for NRIs. This policy can be bought online at your convenience. The plan can be optimised as per your need. The first option being, where the death benefit is equal to the sum assured. The second option being, an Additional Death Benefit that is equal to the base amount or Rs.50 lakhs, whichever is lower is payable in case of death due to accident.

  • Eligibility: 20 years - 65 years
  • Minimum Premium paid: Rs.2,000 excluding service tax and education cess.
  • Policy Term: 10/15/20/25/30 years.
  • Maturity age: Maximum 75 years.
  • Tax Benefits: You can avail tax benefits under the Income Tax Act under Section 80C for the premiums paid.
Benefits:
  • Death benefit under iProtect Option I, you get the sum assured. Under iProtect Option II, you get the sum assured plus the Accidental Death Benefit.
  • Instant Life Insurance cover.
Features:
  • Affordable premiums.
  • Special premium rates for non-tobacco users.
  • Additional pay out on death due to accident.
Exclusions:
  • No maturity benefits.
  • No surrender benefits.
  • In case the insured commits suicide within one year from the date of commencement of the policy, the policy will be terminated.

There are many companies offering Term Insurance for NRIs which can be bought and managed online. Since it is less expensive than life insurance plans bought through traditional modes, and since the policy period is based on term, it is mostly preferred by the NRIs.

Other Life Insurance Plans Popular Life Insurance Plans

Term Insurance 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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