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Can NRIs Purchase Life Insurance Policies in India?

 
  • Yes, it is possible for NRIs to buy life insurance in India. In fact, there are policies designed specifically for the NRI demographic to meet their unique needs when it comes to securing their loved ones’ future.
  • Most Indian insurers offer life insurance for NRIs in India, including term plans, endowment policies, and ULIPs. NRI life insurance policies can be purchased while visiting India or online from abroad. Applicants are required to provide valid documents for ID proof, NRI status, income proof, and may need to undergo medical tests.
  • Premiums can usually be paid through NRE/NRO accounts in Indian or foreign currency. NRI life insurance offers financial protection, investment growth, and tax benefits under Indian laws. The death or maturity benefits are generally repatriable, making it suitable for global financial planning.
  • Choosing the right NRI life insurance policy requires understanding the terms, comparing options, and ensuring compliance with FEMA and RBI guidelines. With proper planning, life insurance for NRIs in India can be a valuable part of an NRI’s long-term financial strategy.
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What are the Features of Life Insurance for NRI?

NRI life insurance is designed to suit the unique needs of non-resident individuals. Hence, its features may be similar to those of regular plans

but with some differences to accommodate NRI requirements.

 

Cost-effective Premiums

A notable feature of life insurance for NRIs in India is the cost-efficiency. NRIs may find that the premiums tend to be generally lower than what international insurers may charge for similar coverage. This may make it easier for NRIs to afford a considerable cover without straining their budgets.

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Worldwide Coverage

NRI life insurance provides global coverage. So, regardless of where you are in the world, you can rely on your life insurance plan to take care of your loved ones’ future in case of an unfortunate event.

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Wide Range of Plans

NRIs can choose from a broad selection of life insurance options, including term insurance, whole life insurance, endowment policies, child insurance plans, and Unit-linked Insurance Plans (ULIPs). Selecting the right type of life insurance plan is ideally done after a thorough review of your goals, requirements, and budget.

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Easy Eligibility and Documentation

 

Getting life insurance for NRIs in India is simple. Most insurers require only preliminary documentation – proof of identity, proof of income, and medical reports. Furthermore, you can easily submit these documents with online KYC and medical coordination abroad.

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Riders to Increase Coverage

 

NRIs can choose to enhance the policy coverage by choosing from the available riders. Some of the popular riders include accidental death benefit, critical illness cover, and waiver of premium. You can select riders based on your specific requirements and add an extra layer of protection for unexpected life events.

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Hassle-free Claim

When having to raise a claim on the NRI life insurance, you can rest assured that your nominee will not have to deal with international insurers or processes. They can simply initiate a claims process online or offline.

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Benefits of Life Insurance for NRI

Opting for life insurance for NRIs can be beneficial in many ways. 

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Sum Assured of Choice

NRIs can opt for a life cover amount as high as ₹10 crores or even more, based on their family’s future needs. If the premium for the plan is within your budget, you can opt for a high sum assured to ensure solid protection for your loved ones. 

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Maturity Benefits

Depending on the type of NRI life insurance you choose, you can enjoy maturity benefits. Life insurance plans, such as endowment plans or ULIP plan, offer maturity benefits if the policyholder survives the policy term. These can help you accumulate or generate wealth and achieve long-term financial goals.

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Tax Benefits

Premium paid into life insurance for NRIs in India, as well as the benefits received, may qualify for tax exemptions in India. While Section 80C provides tax deductions up to ₹1.5 lakhs under the old tax regime, Section 10(10D) allows for tax exemption on the life insurance proceeds. These benefits can help NRIs lower their tax liability in India.

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Ease of Payment

Paying the life insurance premium is easy and accessible, thanks to multiple options made available by insurers. You can pay using NRE/NRO bank accounts, foreign credit cards, or even through remittance channels. You can also opt for auto-debit and scheduled payments to make it easy to maintain the policy from abroad.

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Investment and Wealth Creation Opportunities

One of the major benefits of life insurance for NRIs is that by opting for plans like ULIPs, they can enjoy potential market-linked returns. They can grow their wealth with Indian investment options while being covered. This dual benefit of protection and investment can be ideal for long-term financial planning for NRIs.

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Coverage for Medical Expenses

Your life insurance plan may also come with coverage for accidental permanent disability or critical illness, through the riders you choose. If so, you can rest assured that you may be able to draw from your NRI life insurance plan to help you with these expenses in your time of need.

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Tax Benefits for NRI Life Insurance

Purchasing life insurance for NRIs in India can allow you to enjoy a host of tax benefits in accordance with the tax regulations in the country. These benefits are available under specific sections of the Income Tax Act, 1961 and help reduce the overall tax burden of NRIs. However, there are certain conditions and limitations to be aware of.

Tax Deductions on Premiums Paid via Section 80C

  • Under Section 80C of the Income Tax Act, NRIs can claim a deduction of up to ₹1.5 lakh per financial year on the premiums paid toward life insurance policies. However, the following conditions must be met for this benefit to become valid:

  • 1.) The premium should not exceed 10% of the sum assured (for policies issued after April 1, 2012) to be fully eligible for deduction. The annual premium limit stands at 20% of the sum assured for policies issued before April 1, 2012. 

    2.) This deduction is only applicable if you have opted for the old tax regime. 

 

Deductions on Health Rider Premiums via Section 80D

If you opt for the critical illness rider or a health-related rider with your life insurance policy for NRIs, they can claim deductions under Section 80D. The maximum deduction allowed is ₹25,000 per year for individuals under 60 years and ₹50,000 for those over 60 years. This deduction is separate from the Section 80C limit and is only available for individuals under the old tax regime.

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  • Section 10(10D) – Tax-Free Maturity Proceeds

One of the most attractive life insurance tax benefits is under Section 10(10D), which exempts the maturity proceeds of a life insurance policy from tax, including bonuses. This benefit is subject to several conditions, including: 

  • The life insurance premium must not exceed 10% of the sum assured (20% for policies issued before April 1, 2012).

  • The policy must not be surrendered prematurely.

  • However, the maturity proceeds will be entirely tax-exempt if the payout is made due to the demise of the insured. 

In addition, the taxation aspect of a ULIP’s maturity proceeds will be different due to its market-linked nature. For instance, if the premium paid in any year during the ULIP's term exceeds ₹2.5 lakh, the maturity amount (including any bonuses) will be taxable.

NRIs living in countries that have a DTAA (Double Taxation Avoidance Agreement) with India can avoid paying tax twice, i.e., once in India and again in their country of residence. You can consult a tax advisor to claim DTAA benefits properly and get personalised guidance.

 

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Types of Life Insurance for NRI

NRIs can choose from a variety of life insurance plans in India. You can use a life insurance calculator to help you pick the best policy for your needs.

 

Term Insurance

Term insurance plans are pure-risk policies that offer life insurance coverage for a specified term. The cost-effective, simple design of these plans, where you get a high sum assured for a considerably low premium, can be an appealing feature for many. With the core benefit being the sum assured to be claimed by the nominee in case of an unfortunate event covered by the policy, these plans are designed to help you prepare for a future where you want to keep your loved ones safe even in your absence. 

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Whole Life Insurance

Whole life insurance provides coverage for up to 99 years of age for the life assured. It helps you ensure that your family is protected for the long term. In some cases, you may get the feature of wealth accumulation, which can make them a long-term savings tool.

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Endowment Plan

If you are looking for NRI life insurance that combines life cover with savings, an endowment plan may be a good fit for you. Alongside a maturity benefit without any investment risks, endowment plans may also offer periodic bonuses that can help you with smaller goals.

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ULIP (Unit-linked Insurance Plan)

 

ULIPs are hybrid policies that offer insurance along with investment. If you are an NRI looking for investment plans as well as life cover in India, ULIPs can offer both benefits under one product. Keep in mind that tax rules have changed for high-value ULIPs, so consult a tax advisor before proceeding.

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Annuity Plans

 

Annuity plans are useful for retirement planning, with most of them offering a built-in life cover aspect. NRIs can invest in these to receive a regular income post-retirement. These plans can be deferred or immediate, depending on your preference.

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Child Insurance Plans

These are designed to secure your child’s future education and goals. A standout feature of these plans is that they continue even after the parent’s death through a premium waiver feature. These plans can help ensure your child’s future is financially safe even in your absence.

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Eligibility Criteria for NRI Life Insurance

Non-Resident Indians (NRIs) and Overseas Citizens of India or OCIs (which also includes Persons of Indian Origin or PIOs), are eligible to purchase NRI life insurance plans in India. In addition to their legal status as NRIs or OCIs, they must also meet some other criteria. 

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Age

Most insurers allow NRIs to buy a life insurance plan if they fall within the standard age limits, which can be between 18 to 65 years. The exact age range can vary depending on the policy type and the insurer. 

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Citizenship

You must be an NRI, PIO, or OCI to avail of life insurance for NRIs in India. A valid passport and proof of overseas residence are generally required. Foreign nationals who do not hold an OCI card are not eligible to buy NRI life insurance. 

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Documentation For NRI Life Insurance

The documents required to buy life insurance for NRI can be similar to what is required from Indian citizens. You will need: 

 

  • A filled-out application form

  • Passport-size photographs

  • A copy of your passport

  • Proof of address (Indian and overseas)

  • Income proof (like salary slips or tax returns)

  • Age proof

  • Medical history (if applicable)

  • Tax-related documents, mainly Form 10F and Tax Residency Certificate (to avoid TDS)

 

Medical Examination Details

Depending on the insurer and your age or sum assured, a medical test might be needed. Most insurers will allow you to take the medical tests abroad at affiliated healthcare centres.

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How to Choose the Right Life Insurance Policy for NRIs?

Picking the right NRI life insurance plan is important, not just because it ensures cost-efficiency, but also because your loved ones need the best financial protection you can afford. Here are some key factors to consider for that purpose.
 

Online Buying and Managing

  • Pick an insurer that has a strong digital presence. This not only allows you to buy the NRI life insurance online but also ensures easier access to services like premium payments, policy updates, and customer support, regardless of whether you are in India or abroad. 
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Claim Settlement Ratio

  • This ratio indicates how reliable an insurer is when it comes to paying out claims out of the total claims they receive. A higher claim settlement ratio suggests that the company is more likely to respond to claims quickly and resolve them. As there is a chance a claim may be raised when you or your family are abroad, this kind of metric can help you get a better idea of how that experience may go. 
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Persistency Ratio

  • This metric is an indicator of how many policyholders continue with their life insurance plan year after year. If a company has a high persistency ratio, it may imply that the customers are satisfied for the long term with the company.
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Tax Implications

  • Understand how your NRI life insurance policy fits into both Indian and foreign tax laws. If you live in a country with a Double Taxation Avoidance Agreement (DTAA) with India, you may get tax relief. Knowing the tax benefits under sections like 80C and 10(10D) can also help you reduce your tax liability in India.
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Limited Premium Payment Term

  • This feature, available with some NRI life insurance policies, allows the policyholder to pay off the premium in a time duration much shorter than the actual policy term, while the policy continues to stay effective. This can help you not worry about any premium payment without losing the cover.
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Support for NRI Needs

  • Buying NRI life insurance means your requirements are slightly different than Indian citizens buying insurance policies. When choosing a policy, it may help to know what support and services the insurer provides for a hassle-free purchase, management, and claim experience.
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Claim Process for NRI Life Insurance

Filing a claim for a life insurance policy for NRIs is easy and can be completed from India or abroad.

Inform the Insurer

First, let the insurance company know about the claim as soon as possible. This can be done in various ways:

 

  • Via the Website: Visit the insurer's official website and browse to the claims section.

  • Via Email: Send an email to the claims email address provided by the insurer.

  • Via Phone: Call the customer service number dedicated to NRIs.

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Gather Required Documents

Prepare the necessary documents you will need to process the claim. This usually includes:

 

  • Duly filled and signed claim form

  • Death certificate issued by the local authority

  • Medical records, including the cause of death and whether any treatment was undertaken.

  • Original policy documents or a copy.

  • Nominee-related documents - identity proof, address proof, bank details, etc.

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Submit the Documents

Submit the collected documents. You can do this by uploading them online through the insurer's website or sending scanned copies to the official claims email address.

 

If possible, the nominee can mail the documents to the insurer's office or submit them at a local branch in India.

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Claim Settlement

Upon receiving all necessary documents, the insurer will process the claim. It is important to file the claim within the stipulated time frame set by the insurer and the Insurance Regulatory and Development Authority of India (IRDAI). The insurer is also expected to settle the claim within a specific time frame. 

 

In some cases, additional investigation might be required. Even in such a situation, the insurer must complete the process within a set number of months from when the claim was first initiated.

 

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Receive the Payout

Once the claim is processed and approved, the claim amount will be transferred to the nominee. 

 

It is important that your nominee/s are aware of the claim process in India, whether they reside in India or abroad. In case of any changes to the NRI life insurance, make sure to inform the nominee to avoid misunderstandings during the claim process.

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Child Insurance Plans

These are designed to secure your child’s future education and goals. A standout feature of these plans is that they continue even after the parent’s death through a premium waiver feature. These plans can help ensure your child’s future is financially safe even in your absence.

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How to Buy Life Insurance for NRI in India

Buying life insurance for NRIs in India can be a quick and hassle-free process, irrespective of where you are based, provided you have a clear idea of what you may expect from this experience. Here is a quick overview of how may buy NRI life insurance in India.

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Choose the right type of life insurance, based on your coverage needs, policy term, and life insurance premium. You can use a life insurance calculator to assist you in this.

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Fill out the application form. 

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Upload the necessary KYC documents like passport, visa, and income proof. Some plans may require a medical test, which can be done in India or abroad, depending on the insurer. You can upload the results of the tests online if needed. 

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Next, pay the premium using NRE/NRO bank accounts or other accepted modes. The insurer will digitally issue the NRI life insurance policy.

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The steps to purchase life insurance in India for NRIs may vary based on the insurance provider, mode of purchase, and some other factors.

As an NRI, buying life insurance is more than financial protection for your loved ones; it is a practical way of staying invested in your home country. An NRI life insurance policy from India can be a more affordable and easier alternative than buying a plan abroad. What’s more, you also get to enjoy savings, investment options, and tax benefits, depending on the type of NRI life insurance you buy. Take time to compare policies, understand the terms, and choose wisely. 

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FAQs

View All FAQ

What is NRI life insurance?

Answer

NRI life insurance refers to life insurance policies offered by Indian insurers to Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs). These policies provide financial protection and investment options to cater to NRIs' unique needs and financial situations. 

Can NRIs buy life insurance policies in India?

Answer

Yes, you can buy life insurance for NRIs in India by meeting KYC criteria, verifying NRI status through documents like passport and TRC, and submitting the required documents.

Can NRIs buy life insurance for their family members in India?

Answer

Yes, NRIs can purchase life insurance for their family members in India with high coverage and affordable premiums, subject to completing KYC requirements and providing necessary documents as per the insurer’s guidelines.

What happens if an NRI policyholder returns to India?

Answer

Returning to India doesn’t invalidate your NRI life insurance policy. Simply inform the insurer about your change in residential status and begin paying premiums in Indian rupees. This keeps your coverage intact and ensures a hassle-free transition.

What types of life insurance plans are available for NRIs?

Answer

NRIs can choose from several life insurance plans, including term insurance, endowment plans, retirement or pension plans, and Unit-linked Insurance Plans (ULIPs). Term policies offer pure protection, endowment plans bundle savings and coverage, retirement plans ensure future income, while ULIPs combine investment opportunities with life cover.

What is the sum assured for NRI term plans?

Answer

The sum assured for NRI term plans can range from a few lakhs to over ₹10 crores. Sum assured is usually dependent on the plan chosen and what the insurer is willing to offer based on the underwriting approval.

How can NRIs pay premiums for their life insurance policies?

Answer

NRIs can pay premiums via NRO or NRE accounts, credit or debit cards, online banking, or cheques. Many insurers also accept international cards and offer multiple digital payment options to simplify premium payments.

What are the different premium payment modes available that NRI can use?

Answer

NRIs can pay premiums using international credit/debit cards in their local currency or through NRE/NRO accounts. This allows flexibility in currency choice and helps them manage payments conveniently from abroad.

What if the NRI does not pay the insurance premium on time?

Answer

Beyond the initial deadline for premium payment, the insurer may also offer you a grace period of 15 to 30 days within which you may pay the amount. However, if you fail to make the premium payment, the policy may lapse, and the benefits offered may no longer apply. You may be able to revive the plan later, but that may come at an additional fee.

Who is eligible for NRI life insurance?

Answer

Non-Resident Indians (NRIs), Persons of Indian Origin (POIs), and Overseas Citizens of India (OCIs) can buy life insurance in India under FEMA.

What documents are required to buy NRI life insurance?

Answer

You need to submit age, identity, address, passport, income, and medical proofs. Including a valid Form 10F and Tax Residency Certificate can help avoid TDS. These documents establish your NRI status and fulfil all KYC requirements.

Are medical tests required for NRI life insurance?

Answer

Yes, most insurers require medical tests for NRI life insurance. You can typically undergo the tests in your country of residence and share reports with the insurer in India.

Does the residential country impact life insurance premium for NRIs?

Answer

Generally, if your profile is similar to a resident Indian, your premium remains comparable. However, if you live in a high-risk nation marked by civil unrest, conflict, or political instability, insurers may charge higher premiums due to the increased risk factor.

What conditions must be met before applying for NRI life insurance?

Answer

NRIs must fulfill KYC requirements, including a valid passport, address (Indian and overseas), age, income, and medical proofs. A passport-sized photograph is also needed, along with Form 10F and a Tax Residency Certificate (TRC) to avoid TDS. These documents confirm your NRI status and enable seamless policy issuance.

What is DTAA?

Answer

Double Taxation Avoidance Agreement (DTAA) is a treaty between India and other nations to prevent NRIs from paying taxes twice on the same income. India has signed DTAA with over 90 countries, offering tax relief to eligible NRIs.

Can I get any GST benefits with life insurance plans for NRIs?

Answer

Yes, NRIs can enjoy an 18% GST waiver on life insurance premiums. Plus, choosing an annual premium payment mode offers an additional 5% discount, leading to a total of 23% savings on the premiums paid.

Are NRIs eligible for any tax benefits?

Answer

Yes, NRIs can claim deductions up to ₹1,50,000 per year on life insurance premiums under Section 80C. Additional tax benefits may apply, subject to prevailing tax laws and conditions.

How to file a claim for NRI life insurance?

Question
How to file a claim for NRI life insurance?
Answer

To file an NRI life insurance claim, the nominee or policyholder should notify the insurer, fill out the claim form, and submit the policy copy, identity proofs, and supporting documents. Once verified, the insurer processes the claim payment promptly.

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