Life insurance is essential for all people. Whether you live in India or abroad, securing your loved ones in your absence is a must. Term insurance for NRIs (Non-Resident Indians) is particularly important as living life in a foreign country can be hard for your family members if you are no longer around to provide for them. In your absence, your family can use the money to relocate to India, cover their needs abroad, find opportunities to live their life comfortably, and do a lot more.

Here are some things NRIs should keep in mind when buying a term insurance.

Features of NRI term insurance

Here are some features of a term plan for NRIs

  • Policy term as per your needs:

    NRIs have plenty of choices in selecting the policy tenure of a term plan. The tenure for term insurance for NRIs can range from 5 years up to 99 years.

    Moreover, the minimum age to purchase a plan is 18 years, and the maximum can be up to 65 years, making it suitable for most people.

  • Life cover of your choice:

    The sum assured can be chosen based on your preference. Term insurance for NRIs in India offers sum assured, ranging from ₹ 50 lakh up to ₹ 5 crore, catering to every individual and family’s unique needs.

    You can choose a life cover amount depending on your income, lifestyle, debt obligations, and future financial goals.

    It is generally recommended that your life cover amount should be 10-15 times your annual income.

  • Easy payments:

    NRI term insurance in India provides easy payment options for increased convenience. Payments can be made online through net banking/credit cards.

    NRIs can also pay through their Non-Residential External (NRE) and Non-Resident Ordinary (NRO) accounts. Moreover, the premium payment term and frequency can be customised accordingly.

Why Should NRIs purchase a term plan from India?

Being one of the breadwinners of the family means always feeling responsible for the family’s security. For NRIs, this feeling is amplified by the fact that they are away from their families and are thus always looking for trustworthy avenues that will help them secure their families as well as build wealth for their future.

Purchasing a term plan comes with a number of distinct advantages, some of which have been listed below:

  • Easier Claim settlement for dependents back in India like spouse, children or parents, etc.
  • Tax Benefits^
  • In unforeseen situations like pandemic or when you are unable to visit India, such policies will ensure financial security for dependents back in India
  • Affordable premium pricing for term plans purchased from India

How do term insurance plans for NRI work?

  • Term insurance for NRIs works just like other term plans in India. The policyholder pays a premium to the insurer in return for a sum assured. In the unfortunate event of the policyholder’s demise during the policy tenure, the sum assured is paid to the nominee.
  • NRIs can also select the Return of Premium (ROP) option, under which the sum total of all the premium payments is given back at the time of maturity, if the policyholder survives the term.
  • Additionally, NRIs can add other optional riders/add-ons to enhance their plan’s coverage.

What are the benefits of term insurance for NRIs?

  • Tax benefits

    NRIs can enjoy tax benefits* on the premiums paid under Section 80C and on premiums paid towards other optional riders (based on the riders opted). The insurance payout is exempt subject to conditions prescribed under Section 10(10D) of the Income Tax Act, 1961.

  • Death benefits

    Term insurance plans offer a sum assured in case something unfortunate happens to the policyholder. This is given to the nominee and is exempt from tax subject to conditions prescribed under Section 10(10D) of the Income Tax Act, 1961.

  • Financial stability

    Term insurance for NRIs can be an excellent source of financial security. Term plans can be an affordable way to secure the future needs of your loved ones.

  • Select your payout

    NRI term insurance in India offers multiple payout methods, such as lump sum, regular income, lump sum plus regular income, and increasing cover with time. You can select anyone based on your family’s preference and lifestyle needs.

Onboarding Process for NRIs:

There are three parts to the onboarding process:

Documents Required


Additional requirements

Here is a list of documents required to buy term insurance :

  • Passport copy along with entry & exit details (wherever applicable)
  • NRI Questionnaire
  • Visa copy
  • TIN / PAN number of resident country (if available), Form 60/ PAN declaration
  • KYC Documents
  • Income proof documents

Based on the details filled by you in the application form, you may be asked to furnish some additional details about your NRI status. Hence it is very important that you provide accurate details while filling up the application form


Based on your profile you may either be eligible for a Tele Medical or a Physical medical. The Company on case to case basis carries out a Video Medical Exam (Video MER) whereby a team of experts will interact with you over a video conferencing link and ask you a few questions pertaining to your health and medical history (if any).

Decision will be provided basis prevailing underwriting guidelines and policy will be issued accordingly.

In case any risk requirement is raised for application, your case will be declined.

In case during evaluation our team of experts come up with certain findings which need additional information/documents from you, we will notify you of the same

The quicker you fulfil all the requirements and complete the necessary steps, the quicker policy issuance will be.

Note for NRIs:

  • ‘Non-resident Indian’ is an individual who is a citizen of India but not a resident of India
  • Your annual income should be a minimum of ₹ 10 lakh
  • Your minimum educational qualification should be Graduation
  • Minimum Sum Assured: ₹ 50Lakh
  • You must be between the age of 18-60 years to purchase our plans


Term insurance for NRIs is a much-needed financial tool that can offer peace of mind and financial safety for a long time. It can secure your family members in your absence and help you build savings for the future.

Moreover, with the multiple policy terms and payment options, it is a hassle-free investment that requires very little of your time and attention.

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*Tax benefits are subject to conditions under Section 80C, 80D, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and Service Tax and Cesses, if any will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for more details

!jClaim settlement ratio is for Financial Year FY2023-24 and is computed on individual basis claims settled over total individual claims for the financial year. For details, refer to Source:

ADVT: W/II/0201/2024-25

ADVT: W/II/1333/2022-23

Claim Settlement Ratio Claim Settlement Ratio
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