Yes, NRIs are eligible to buy Term Insurance from India. Today, Non-Resident Indians can purchase a term life insurance plan directly from the comfort of their homes. Thanks to features like tele/video medical examinations, global coverage, pre-approved sum assured, GST waiver on premiums paid through NRE accounts, and an additional 5% discount on annual premium payment mode, securing your family’s future is easier than ever, no matter where you are in the world.
As families become increasingly global, NRIs are looking for practical and cost-effective ways to protect their loved ones back in India. Indian term insurance plans are designed to provide high coverage at affordable premiums and are now widely accessible to the Indian diaspora across the globe, including those residing in the UAE, US, UK, Singapore, Canada, Australia, and more.
Who Can Buy Term Insurance in India?
Any NRI, PIO (Person of Indian Origin), or OCI (Overseas Citizen of India) cardholders between the ages of 18 and 65 years are eligible to purchase term insurance for NRI from Indian insurers. Applicants must meet basic documentation and underwriting requirements.
Eligibility is assessed based on:
- Age and health
- Country of residence
- Occupation and lifestyle habits
- Family history and declared income
The best part? You do not need to be physically present in India to apply. The process is designed to be NRI-friendly, with tele/video medicals and online application support.
Why NRIs Should Buy Term Insurance from India?
Here is how NRIs and their families can benefit from term insurance purchased from Indian insurers:
- Affordable Premiums: Premiums for term insurance plans in India are generally much lower compared to international term plans for similar coverage.
- High Sum Assured: NRIs can secure a large cover with a term insurance plan for their family back home in India at cost-effective rates.
- Global Coverage: Most policies offer coverage across the world, meaning you’re protected no matter where you live or travel.
- Claim Process for Family: In case your family lives in India, the claim process would be much easier, as they would be able to contact or visit the insurance office easily in India.
- GST Waiver: You can claim a GST waiver of 18% on the term insurance premiums paid via NRE (Non-residential External) bank accounts that support freely convertible currency.
- Digital Process: End-to-end digital application, tele-medicals, and e-document submission make the journey smooth and convenient.
- Pre-Approved Sum Assured: Many insurers offer pre-approved coverage amounts for NRIs, speeding up the process.
What Documents Do NRIs Need to Buy Term Life Insurance?
Here’s a quick checklist of documents required when buying term insurance plan for NRI from India:
- Passport with valid visa copy
- Employment ID Proof
- Income proof (IT returns, salary slips, or bank statements)
- Address proof (overseas)
- Recent passport-sized photograph
Medical tests are usually required, but many insurers allow these to be completed in the country of residence or through a tele/video medical process.
How Policybazaar Helps NRIs Get Term Insurance Coverage?
Digital platforms like Policybazaar make it easier for NRIs to buy term insurance plan. The NRI-specific platform provides:
- In India, you can compare plans from various insurers and buy the one that best suits your needs.
- Several Indian insurers offer tele/video medical options that allow you to clear your medicals from home.
- If you have bought plans from Indian insurers, your family can easily visit the company office to get their claims processed.
- Policybazaar allows you to compare multiple term life insurance plans side-by-side and find the one that suits your needs the best.
- With Indian term insurance plans, you can get a GST waiver of 18% and additional discount of 5% on annual modes.
Final Thoughts
Buying term insurance from India for NRIs, is not just smart and simple, but also financially beneficial. It ensures that your family members in India remain financially secure, even in your absence. Whether you’re a working professional abroad or a global entrepreneur, term insurance from India provides a safety net that’s trusted, affordable, and comprehensive.
