Numerous well-known life insurers in India provide life insurance to non-resident Indians (NRIs). Experts say NRIs can now purchase term insurance plans in India at some of the lowest premiums in the world.
To purchase a term insurance policy from India, the NRI must undergo a medical examination in the country of residence, with the results sent to the insurer in India. After reviewing the reports, the insurance company makes the final decision on issuing the policy and the premium amount.
Some insurers even allow policyholders to undergo telemedical exams to obtain a term policy. The policy is issued after the NRI customer answers a set of questions about his medical conditions over the phone. If an NRI purchases a life insurance policy from an insurer in India, the policy must cover death regardless of where the event occurs.
Here’s how they can buy it when in India and from abroad.
An NRI must undergo a medical examination in the country of residence and send the results to the insurer in India to purchase a term insurance policy.
Explains Sanjiv Bajaj, joint chairman and MD of Bajaj Capital: “The insurance company makes the final decision on issuing the policy and the premium amount after reviewing the reports. Some insurers even allow policyholders to undergo telemedical exams to obtain a term policy.
“The policy is issued after the NRI customer answers a set of questions about his medical conditions over the phone. If an NRI purchases a life insurance policy from an insurer in India, the policy must cover death regardless of where the event occurs.”
There are also benefits of buying term insurance from India. Especially for people residing in developing countries, buying term insurance in India comes at almost half the price. It also comes with features and benefits suited especially for the Indian people.
Since Covid-19, the term policy has also become more attractive to NRIs due to the rising popularity of telemedicine and video check-ups. Now NRI people can buy Indian term policies from anywhere, online. They can make the payment through credit or debit card. However, it is always advisable to read the terms and conditions and compare other policies before opting for one.
The documents required for NRIs to purchase a policy in India are - a passport copy (attested), the form for proposal/application form, documents specifying the health conditions/check-up reports, age proofs, and income proofs.
