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Can NRIs Buy Term Insurance in India?

September 16, 2022


Life offers no guarantees. We never know what lurks around the next corner, and we must prepare ourselves, our families and our finances for every eventuality. A term insurance plan provides life coverage, offering your family financial stability and security when they need it the most. Non-Resident Indians (NRIs) who still have family in India may want to protect them with a term plan. Let’s find out how they can purchase the best term plan for their requirements.

Can NRIs Buy Term Insurance in India?

Yes, NRIs have the option to purchase a term plan in India even when they maintain residency abroad. They can opt to get a policy while they’re in India or purchase their plan while they’re abroad.

  • Purchasing a Term Plan in India
    Buying a term plan in India is quick, easy and convenient. The individual must find a policy and insurance company they like and request to purchase a plan. While filling out the application, they must mention that they hold residency abroad and disclose the country where they stay. Once the paperwork is complete and the NRI makes the payment, they receive the term plan and its coverage. Some insurers may not offer policies for residents of certain countries, so NRIs must do their research before selecting a company. Insurance companies may charge higher premiums for NRIs living in politically unstable countries.

  • Purchasing a Term Plan from the Country of Residence
    NRIs can also purchase a term plan from their country of residence via Mail Order Business. NRIs must get verified by a notary and officials at the Indian Embassy in their country of residence to complete the purchase. Indian students who are studying abroad can also purchase a term plan. They can request their college supervisor or dean to help with the verification process.

Term Plan Details for NRIs

  • Sum Assured
    NRIs can choose a sum assured between INR 2 lakhs and INR 1 crore, depending on their needs.

  • Premium Amount
    The premium depends on the individual’s health, age, medical history, lifestyle, and sum assured.

  • Tenure
    Term plans for NRIs come with variable terms. Individuals can purchase a policy for just five years or up to 30 years.

  • Purchase Age
    NRIs between the ages of 18 and 65 can purchase a term plan.

  • Payments
    Insurance companies accept internet banking payments, foreign remittances and debits from an NRO, NRE or FCNR account. NRIs can choose their premium payment schedule. They can opt to make monthly, quarterly, biannual or annual payments.

Documentation Required for a Term Plan for NRIs

When purchasing a term plan, NRIs must provide:

  • An attested passport copy
  • The application form
  • Age proof
  • Documents specifying health conditions, if any
  • Payment receipt for the first premium amount
  • Income proof

Income Proof Documents
The acceptable income proof documents for NRIs include:

  • Salary slips for salaried individuals
  • Income tax return forms, assessment orders or computation of income for self-employed individuals
  • Bank statement from an Indian bank establishing the source of funds
  • Audited company or firm accounts for self-employed individuals and a partnership deed
  • Chartered Accountant’s certificate issued within the preceding three years for self-employed individuals
  • Rent receipts issued within the previous three months and a valid agreement
  • Statement from a foreign or Indian bank with non-cash credits for the previous six months and an English translation in case the statement is not in English

Why Should NRIs Purchase Term Plans?

Term plans provide NRIs with multiple benefits, including:

  • Financial Stability
    Term policies provide family members with financial stability when they need it most.

  • Customised Cover
    NRIs can pick from a wide range of sum assured options and select riders to enhance their coverage based on their needs.

  • Payout Options
    NRIs can choose how their nominee will receive the sum assured payout. They can opt for a lump-sum payout or monthly or annual instalments based on their family’s financial situation.

A term insurance policy provides NRIs with life coverage, offering financial stability and security to their loved ones. NRIs should take the time to find the best term plan based on their unique needs. A term plan helps people deal with life’s unpredictability without having to worry about the impact it could have on their family’s finances.

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ARN - ED/08/22/28532

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.