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How NRIs buy term insurance in India

December 12, 2018 3560
 

Life is full of uncertainties and every person must remain prepared for the same at all times. One way of securing the finances and thus, the future of your loved ones is by taking out a term insurance plan. It not only safeguards your capital reserves but also guarantees a stress-free lifetime ahead. Every person is eligible for this protection and NRIs (Non Resident Indians) are no exception to this.

Indian Diaspora forms a vibrant and important part of the populace in many countries globally and also makes up for an important economic segment. As such, the term insurance policy that any NRI purchases must be completely as per her/his specific needs and requirements. 

An NRI can easily take out a suitable term insurance plan and there are two ways in which this can be done. The person can purchase the policy while se/he is on a visit to India. The whole procedure is simple and is executed in the same manner as it is for an Indian citizen. Alternately, an NRI can also purchase the insurance policy from the current place of residence. This can be done via mail order and requires detailed verification (that can be done by Indian embassy officials and a notary).

Term insurance policies for NRIs have flexible terms and conditions and the main corpus (sum assured) varies from Rs 2 Lacs to 1 Crore. The applicable premiums are variable, depending upon terms of the policy, the frequency of premium payments, age, health conditions etc. The term durations are also variable and range from anywhere between 6 months to 25 years. To purchase the plan, the person must be in the age group of 18 years to 60 years (although some policies may have an upper age capping of 55 years). The payment of premiums can be done online (through net-banking) and for this, the policyholder must be an account holder in the specified banks (names of these banks are listed in policy documents).

The required documents for NRIs for purchasing the policy are:

  1. Passport copy (attested)
  2. The form for proposal/application form
  3. Documents specifying the health conditions/check up reports
  4. Age proofs
  5. Income proofs
  6. An amount (equal to the first calculated premium) also needs to be paid

For NRI policy holders, there is a specified grace period if they default on a premium payment. Therefore, if for any reason, you have missed out on a premium payment, you can pay the same within the grace period. There are certain insurers who offer the option of complete policy renewal for NR policy holders, subject to mandatory health check - ups and factors like timely premium payments in the past etc.  

HDFC Life offers various term insurance plans for NRIs that offer guaranteed coverage and affordable premiums. The plans offer flexible terms and conditions and have been formulated for extensive benefits for the subscribers. For details, click on the mentioned link: https://www.hdfclife.com/term-insurance-plans.  

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HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.

Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: [email protected], Tel No: 1800-266-9777 (10 am to 7 pm). The name/letters “HDFC” in the name/logo of the company belongs to Housing Development Finance Corporation Limited (“HDFC Limited”) and is used by HDFC Life under an agreement entered into with HDFC Limited.

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