Term Insurance for NRIs

Term insurance for NRIs is a type of life insurance policy specifically designed for Non-Resident Indians. It provides financial support to their beneficiaries in the event of the policyholder's untimely demise during the policy term. It works much like term insurance for residents in India but is tailored to accommodate the needs, circumstances, and legal status of those living abroad.

For NRIs, life often moves between two worlds. The one they live in and the one they call home. While income might come from overseas, responsibilities like dependent parents or property loans remain domestic. In such cases, having term life insurance for NRIs in India can do wonders in the following ways:

• Financial Security for Indian Dependents: Having a term plan in India ensures that those dependent on you are still taken care of without disruptions. The annual tax exemption benefits on the policy premiums can provide additional financial support.

• Asset Protection: You may have a home loan, business loan, or other financial liabilities in India. Term insurance acts as a shield, preventing your assets from being liquidated to pay off debts.

• Peace of Mind Across Borders: Living away from home comes with added stress. Knowing that your family is financially protected back in India allows you to focus on your life abroad without constant worry.

Getting a term insurance policy as an NRI is simple and requires basic documentation.

• Identity and Residence Proof: You’ll need documents such as a valid passport, a visa copy, and recent photographs.
• Income Proof: Salary slips, bank statements (India or abroad), or income tax returns help determine eligibility and premiums.
• Medical Reports: Most insurers request medical tests. These can be done in India or at approved international clinics.
• Proposal Form and Declaration: A digitally signed application form and an NRI declaration form complete the process.

Understanding how the process works can simplify decision-making and ensure smoother onboarding. So, when you begin the chase for a suitable term life insurance for NRIs in India, here are the steps to be followed:

• Choose Your Sum Assured and Term: Start by figuring out how much financial protection your loved ones would realistically need if something were to happen to you. Think long-term, including periodic expenses, big milestones like education or weddings, and any loans that need clearing. Then, choose a term that ensures this cover lasts through your major responsibilities.

• Apply Online or via an Indian Representative: You don’t have to be in India to apply. At Canara HSBC Life Insurance, we provide a seamless digital application journey. If you're more comfortable with a human touch, authorised Indian representatives can walk you through every step.

• Submit Documents: You’ll be required to upload documents that prove your identity, address, and income. These typically include your passport, PAN card, bank statements, and income proof. The proposal form captures important personal and financial details, so fill it with care.

• Medical Test and Underwriting: Depending on your age, medical history, and coverage amount, you might need to undergo a medical examination. Nevertheless, here’s the good news. We offer telemedical check-ups, so you can get assessed from the comfort of your home, often over a simple video call.

• Policy Issuance and Digital Copy: After your application clears underwriting, the policy is officially issued, often without delay. A digital copy is shared with you, and you can access and manage the policy anytime using a customer portal or mobile app, whether you're in Toronto or Tokyo.

The Indian insurance market has grown over the years, and so has the number of plans it offers. While the essence of term plans remains the same, the features differ for what each insurance company offers. Hence, with so many plans available, the following checklist can help you find the best NRI term plan:

At Canara HSBC Life Insurance, we have garnered the trust of a lot of people when it comes to offering insurance. For NRIs, our official website is the most reliable gateway to explore plans, manage policies, and access secure, credible solutions, all in one place. 

Apart from that, the following points are where our strength lies in offering term life insurance plans:

• Personalised Plans for NRIs: We understand the dual nature of your life. Our term plans can be tailored based on your dependents, location, and financial goals.

• Digital Convenience: From proposal form submission to claim tracking, everything is online. You can even consult an insurance expert over a video call.

• Excellent Claim Support: Our 99.43% claim settlement ratio speaks for our commitment. Plus, your nominee can file a claim from anywhere in the world.

• Tax Efficiency: If you still earn in India or file returns here, our policies help you maximise savings under relevant tax sections.

Conclusion

Choosing the right term insurance as an NRI means more than just ticking off a financial checkbox. It reflects a commitment to those you care about, no matter the miles in between. A term plan ensures that no matter where life takes you, your family remains protected and your responsibilities are honoured. With trusted providers like us, you get the coverage, convenience, and credibility you deserve.