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Insurance for NRIs - what to choose

January 02, 2019
Indian Diaspora forms an important part of global populace and over past several decades, Indians have emerged as important economic contributors in many countries across Europe and quite significantly, in the US. Often a Non Resident Indian or NRI may have some family members who live in India and these may include dependent parents, elders or other close relatives. Besides, NRIs today have also become significant investors in Indian market. Considering all this, it is pertinent to note that the financial security and well being of NRIs is equally important as that of the resident Indians. This brings us to the context of insurance for NRIs and how must you plan your insurance portfolio, if you happen to be one.

The importance of insurance for NRIs is actually multi-pronged. India today is ideally poised to become a globally dominant player and the business scope that Indian market today offers is immense. Developed economies have widely acknowledged this and have become key investors in India's growth story. Many investors who have invested in Indian business segments or are planning to do so are NRIs with credible stakes here in India. This means that apart from the segment of NRIs who have dependent relatives and family in India, there is another segment that forms the chunk of investors here. This means that either way, NRIs come in the ambit of vibrant economic activities and interactions and therefore, for them insurance performs the important role of securing the funds and financial health.

The key features of insurance for NRIs are extensive and while choosing an insurance plan, it is important to choose the plan as per specific needs and requirements. The important features of an ideal insurance plan for NRIs are as follows:

  1. The plan must be extensive and must offer coverage for the needs of the entire family. Before choosing a plan, you must list out the details of the coverage that you require for the future needs of your family. This will allow you to choose wisely and will help you avoid being underinsured. Understanding the amount of coverage requires you to analyze carefully the short term and long term goals and note the projected coverage in accordance.
  2. The sum assured must take inflation into account, as this directly impacts the corpus that will be created. Any amount of financial planning is incomplete without taking the factor of inflation into consideration. Inflation basically denotes the increase in prices over a period of time and since insurance is a futuristic instrument for protection, you can gauge the right amount of sum assured only if you consider inflation.
  3. The plan that you choose must allow the provision for the growth of your funds and not only coverage. The right kind of a plan must allow you to invest in fund options, depending on your risk appetite so that along with the coverage benefits, you can also ensure returns over a period of time.
  4. The insurance plan must have flexible and beneficial riders or additional benefits like coverage against critical illness, accidents, etc. This may impact the payable premiums but is a necessary inclusion in addition to the main plan benefits.

HDFC Life offers various NRI insurance plans that offer significant coverage benefits and come with a variety of options as per the needs of the prospective customers. For details, click on the mentioned link: https://www.hdfclife.com/nri-insurance-plan.

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