In recent years, many non-resident Indians (NRIs) have started buying term insurance from Indian insurance companies for good reasons. Whether living in the UAE, US, UK, or Singapore, NRIs find Indian term plans more affordable, reliable, and easier to purchase than ever before.
With growing financial responsibilities and families often based in India, term insurance offers NRIs a practical way to ensure their loved ones are protected in case of any unfortunate event. Indian insurers now offer high coverage plans, such as ₹2 crore or even ₹10 crore, at premiums often much lower than available abroad.
Why is Term Insurance from India Important for NRIs?
- Affordable Premiums, Higher Coverage
Term insurance plans in India are priced much more competitively than those in countries like the US, UK, or Canada. For example, an NRI in Dubai or London can often get a ₹2 crore term plan from an Indian insurer at nearly half the premium charged by foreign insurers. - Easy Online Purchase, No Need to Travel
Gone are the days when buying a term insurance policy from India required travel or paperwork hassles. Today, NRIs can complete the entire process online, from selecting a plan to submitting documents and even undergoing medical tests online or in their country of residence (where available). - High Claim Settlement Ratios
Many Indian insurers have built strong trust over the years by settling most claims promptly. Top insurers in India now report claim settlement ratios above 97%, ensuring peace of mind for policyholders and their families. - Payouts Made in India for Local Dependents
If an NRI has family members, like parents, spouse, or children, living in India, it makes sense to have a policy from an Indian insurer. The claim amount is paid in Indian rupees, which makes it easier for beneficiaries to access and use the payout without the hassle of foreign remittances. - Flexibility to Choose and Customize the Plan
NRIs can choose from a variety of term insurance for NRI with features like long-term coverage (up to age 99), critical illness riders, accidental death benefits, and increasing sum assured. These options help tailor the policy to meet long-term needs. - Backed by Regulatory Clarity
The Insurance Regulatory and Development Authority of India (IRDAI) has laid clear guidelines for NRIs to purchase term insurance from Indian insurers. Most companies follow a transparent process that includes KYC checks, FATCA declarations, and medical evaluations, ensuring smooth onboarding for global Indian citizens.
Who Can Apply for Term Life Insurance for NRIs?
NRIs aged 18 to 65, living in eligible countries and meeting basic health and income criteria, can apply for Indian term plans. Required documents typically include a valid passport, income proof, identity and address verification, and health declarations. In many cases, the medical tests can be arranged online, abroad, or completed during a visit to India.
A Timely Move for Global Indians
With rising uncertainty around health and financial stability, term insurance has become more critical than ever. For NRIs, purchasing term insurance from India is not just about saving on premium costs; it’s also about keeping their families protected in the country they still call home. If you’re an NRI looking to strengthen your long-term financial plan, now is the right time to explore term insurance options from India. It’s simple, secure, and built to give you peace of mind.
