We all look for security and stability in life. A horrible accident or medical catastrophe could cause you to be separated from your family. Nothing will ever be able to compensate for your loss, but term insurance for NRI may give your loved ones some financial security. You must use a term insurance plan to safeguard your family’s financial future whether you reside in India or elsewhere.

The value of a term plan Many Indians who are NRIs labor abroad to provide for their families better futures. Some men and women move abroad on their own to provide a better life for their families in India. The family members frequently rely on the NRI to support them. The family could not have any means of support or security if the NRI passes away. The expense of returning home or repatriating the body can be extremely burdensome, even when the entire family is present. Therefore, NRIs must choose term insurance for NRI products in India to protect their family’s financial future. If something were to happen to you, these plans would pay out the promised amount to your family members.

Benefits of Term Insurance for NRIs in India

  • Numerous Policy Term Options

Indian non-residents can purchase term insurance from several insurance companies (NRIs). These policies’ terms might range from six months to 25 years in length.NRIs are required to be at least 18 years old to purchase insurance. In most circumstances, people who are older than 60 or 65 cannot get a term plan.

  • Individualized Amounts

The investment range in term insurance for NRIs is between INR 2 lakh and INR 5 crore. Some insurance providers don’t put a cap on the maximum insured sum. Depending on the needs of your family’s finances, you can choose the covered amount.

  • Simple Payments

Insurance companies accept payments made through internet banking to enable NRIs to maintain their policies even while they are outside of India. They may also use international remittances, and their NRO, NRE, or FCNR accounts to pay their regular premiums. NRIs can also select how frequently they want to make premium payments. The best results are frequently achieved by annual cycles.

  • Rapid documentation

Those requesting term insurance for NRI must submit a few supporting documents along with their application. Along with documentation that demonstrates your age and salary, you must also present a copy of your passport. NRIs are required to submit documents about their prior medical histories while acquiring term insurance products.

  • Choose Your Outcome

You can now choose how your nominees will receive the payout from your term plan insurance company. You have the option of giving your family a single lump sum payment or a series of monthly payments over a specified period. The financial requirements and needs of your family can influence your choice.

  • Customized Cover

Plans with a customized cover term let you add more riders for greater security. Your basic term plan’s death benefit payment may be merely a lump sum. You can choose to receive compensation if a severe critical illness diagnosis or an accident renders you permanently incapacitated by paying a little higher premium.