Insurance policies for NRIs is a niche category of insurance products, and not all insurers have plans specifically designed to fulfil the needs of non-resident Indians. Bajaj Allianz has insurance policies that help NRIs fully utilize their idle savings by directing them into investments in ULIPs, term insurance plans, and retirement plans.
Insurance for NRIs in India is a product category that’s slowly gaining popularity because of the attractive rate of returns that investments in India have the potential to provide. NRI insurance policies from Bajaj Allianz are incredibly comprehensive life insurance policies which also provide excellent returns on investment.
Plans available from Bajaj Allianz for NRIs:
- Investment Plans:
NRIs looking for a life insurance product can look into the range of investment plans on offer from Bajaj Allianz Life Insurance. While the Sum Assured payable on death may not be as high as regular term insurance plans, the amount of return on investments, and other benefits payable on maturity, etc., make these plans highly lucrative options to consider.
- Future Gain – Regular Premium: Comprehensive life insurance coverage for NRIs with death and maturity benefits. This ULIP allows the investor the flexibility to choose between 2 investment portfolios and 7 funds, as the investor sees fit. You can also make partial withdrawals, alter the premium paying frequency, and take out your maturity benefit in instalments.
- Fortune Gain –Single Premium: NRIs seeking a ULIP need look no further. With 7 funds to choose from, options of partial withdrawal, and to take maturity benefits in instalments mean you have to seriously consider this plan. Death benefits as good as most term plans out there eliminate the argument against ULIPs that says they only work as investments. Mobilize your idle savings to work for you, and secure your family financially against all eventualities.
- Invest Assure – Limited Premium Plan: Two plan variants, two Sum Assured options, bonuses, rebates on high Sum Assured, and attractive rates for female NRIs make this a highly flexible plan. Benefits on death ensure your dependents are taken care of in your absence, and benefits on maturity and surrender ensure you’re taken care of while you’re around.
- Term Insurance Plans:
Term insurance plans for NRIs are pure insurance coverage plans that pay out a huge amount as a death benefit. While they may not have many other benefits in terms of regular pay-outs, maturity benefits, etc., these plans help greatly by keeping your dependents financially secure when you are no longer around.
- Bajaj Allianz iSecure Term Plan: There’s no limit on the maximum Sum Assured, the plan has flexible and affordable premium options, and offers tax benefits on premiums paid and death benefit. Preferred rates on premiums if you live a healthy lifestyle, and you can even include a spouse at a future date under the same policy.
- Whole Life Insurance Plan:
Income and insurance coverage right up to your 100th birthday.
Bajaj Allianz Lifelong Assure: Cash bonuses start being payable at the end of the 6th year, up to 300% Sum Assured payable depending on premium paying term, etc., and available for NRIs, with special discounts for women. Insurance covers you even if you live to be 100 years old.
- Retirement Plan:
Bajaj has a retirement plan for NRIs that promises regular income when you need it most – during your post retirement years. Until you reach that time, you have comprehensive life insurance coverage and a guaranteed vesting benefit.
- Bajaj Allianz Retire Rich Plan: Flexibility to choose between 3 premium payment options, and premium paying term. Guaranteed vesting and death benefits are provided by this ULIP, the maximum entry age is 55 years. Take care of your expenses while you’re around, and those of your dependents when you’re gone.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017