Did you know that NRIs can also buy term insurance in India? Isn’t that good news? For NRIs with family living in India, the best term insurance offers regular income, wealth maximization and support for your child’s education, says an article on Policybazaar.com.
Term insurance is a vanilla or pure insurance policy that provides coverage for a specific time period. If the policy holder dies during the term of the policy, the nominee receives death benefits. Term plans are one of the most efficient methods to provide financial support to your family during critical times, especially for NRIs.
Here’s my top picks for term insurance in India for NRIs.
Kotak Life insurance
With Kotak Life Insurance, NRIs get an opportunity to reap various benefits through timely investments. You can buy this policy between the ages of 18 and 65 years, with a minimum sum assured amount of ₹25 lakhs, according to Bankbazaar.com. The policy provides you high protection at a low cost, flexibility and tax benefits on the premiums paid. You can choose various covers and rates, according to your needs.
Amulya Jeevan Term Insurance Policy
Amulya Jeevan is offered to NRIs by LIC. With policy terms ranging from 5 to 35 years, you can buy this policy from the age of 18 years to 60 years, with ₹25 lakhs as the minimum sum assured. The assured amount will be disbursed to the nominee in case of accidental death of the policy holder, if the policy was still active at the time of demise. Moreover, you can return the policy within 15 days of purchasing, if you are not satisfied with it.
Bajaj Allianz – iSecure for NRIs
Bajaj Allianz understands that ensuring the financial security of your family will always be your priority. This is why they offer iSecure for NRIs. This is a term insurance plan that provides a high sum at a very low cost. It comes with various features, such as death benefits, tax benefits and flexibility of changing the number of premium payments and adding nominees later in life.
ICICI Pru iProtect
ICICI offers ICICI Pru iProtect for NRIs. It can be purchased both online and offline. There are various options under this plan, including accidental death benefits. In addition, they offer special rates for non-tobacco users. With minimum premium of just ₹2,000, you can get high returns and tax benefits on the premiums you pay.
Max Life Online Term Insurance Plan
Max Life online term insurance plan is one of those policies that ensures that you get maximum benefits at a very low cost. It offers high flexibility and options for adding various riders, such as critical illness, loss of employment and disability waiver, to your existing plan. The policy term varies from 10 to 35 years.
One of the best features of these term insurance plans is that all of them offer tax benefits. However, it is advisable to read all the terms and conditions of the policy carefully before buying one.