Close
Close

Buy a life insurance plan in a few clicks

Now you can buy life insurance plans completely online right here.

  • Kotak e-Term Plan

    Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.

  • Kotak e-Assured Savings Plan

    Kotak e-Assured Savings Plan not only provides affordable protection but also helps accrue wealth for accomplishing your upcoming financial aims by giving guaranteed benefits.

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Back

Can NRI Buy Term Insurance in India?

  • 9th Jul 2019
  • 980
Can NRI Buy Term Insurance in India?

There is no certainty in life; it is a roller coaster ride and every individual must be prepared for the same. While there will be many ups in your life, you also need to be prepared for the downs. One way of securing the financial future of your loved ones is by taking a term plan. The term plan will safeguard your capital reserves and guarantee a stress-free life ahead. You will not have to worry about the financial security of your loved ones in your absence. The insurance industry in India has gone through a significant change and has matured over the years. The importance of a term plan has increased in the minds of proactive financial planners. It is very important to buy term insurance in order to build a diversified portfolio.

Can NRIs buy Term Insurance in India?

Non-Resident Indians (NRIs) are eligible to avail of a term insurance plan in India. NRIs are living all over the globe and they make up for a significant economic segment. Term insurance for NRI should be based on his specific requirements and needs. There are different ways in which an NRI can purchase a term insurance plan.

How to buy term insurance for NRI in India?

Purchasing a term insurance for NRI is simple and convenient.

  • An NRI can opt for any one of the two alternatives in order to buy term insurance. 
  • The first option is to purchase the policy when he is on a visit to India wherein the process of purchase will be executed in the same manner as it is for an Indian citizen 
  • The second option is to purchase the policy from the current country of residence 
  • This can be done through a mail order wherein a detailed verification is required 
  • The verification can be done by a notary and Indian Embassy officials 
  • The terms and conditions in case of term life insurance for NRI are quite flexible 
  • The sum assured varies from INR 2 lakh to INR 1 crore and the premium payable is based on the terms of the policy, age, frequency, and health conditions 
  • The duration of the plan is also variable and ranges from anywhere between five years to 30 years 
  • Any individual between the age of 18-65 can buy term insurance 
  • One can make the premium payment online but the policyholder must be an account holder in the specified banks as per the policy of term plan 
  • The payment can be made by remittance in a foreign country, through a Non-Resident Ordinary (NRO) bank account or via a Non-Resident External (NRE) bank account 
  • It is important to note that the premium will be the same for ‘Resident Indians’ and NRIs if the risk involved is the same 
  • There is no additional premium charged from an NRI for a term plan 
  • The death benefit will be paid to the bank account that was mentioned while buying the term plan

Required documents for NRI term insurance?

Here is a list of the documents required to purchase term insurance for NRI.

  • Attested copy of passport 
  • Application form 
  • Age proof 
  • Documents specifying the health conditions 
  • Income proof 
  • First premium

For NRIs, there is a grace period if they default in their premium payment. Hence, if an NRI term insurance policyholder misses a premium payment for some reason, the amount can be paid within the grace period.

Tags

Also read

  • Is It Time to Review Life Insurance Policy of Yours?
    • 30th Sep 2019
    • 589

    Is It Time to Review Life Insurance Policy of Yours?

    It is important to review life insurance policy on a timely basis. Click here to know what is life insurance and when you should re-evaluate and incre...

    Read more
  • ULIPs: Suitable for all

    ULIPs: Suitable for all

    How to make the most of ULIPs

    Read more

Related Plans

  • Kotak Premier Life Plan

    Kotak Premier Life Plan

    Kotak Premier Life Plan is a limited premium paying participating whole life plan, where you can choose to receive bonus payouts even after premium pa...

    Know more
  • Kotak Premier Income Plan

    Kotak Premier Income Plan

    Kotak Life Insurance presents Kotak Premier Income Plan a savings and protection oriented plan that provides Guaranteed Annual Income immediately afte...

    Know more
  • Kotak e-Term Plan

    Kotak e-Term Plan

    Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. Find out the eligibility criteria, key ...

    Know more
  • Term Insurance Online - Kotak e-Term Plan

    Term Insurance Online - Kotak e-Term Plan

    Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. Find out the eligibility criteria, key ...

    Know more
  • Kotak Lifetime Income Plan

    Kotak Lifetime Income Plan

    All these years you have saved money to ensure a comfortable and financially independent life post retirement.

    Know more
  • Kotak POS Bachat Bima

    Kotak POS Bachat Bima

    Kotak Life Insurance presents a simple savings and protection oriented plan, which provides all guaranteed benefits while giving life insurance cover ...

    Know more