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Term Insurance for NRIs in UAE

The United Arab Emirates has long been a big attraction not just as a tourist spot but also to migrants, especially from India. Excellent civic amenities, infrastructure, standard of living and high-quality healthcare services make the UAE a major attraction. Not just the affluents, but the last few years have seen many professionals, scientists, and researchers shift base to the UAE.1 For many NRIs choosing UAE as their destination, leaving home means being away from their loved ones. The physical distance, however, does not mean leaving financial security behind.  

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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
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Reviewed ByRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 2nd April 2025
Modified on: 16th April 2025
Reading Time: 10 Mins
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 In such a scenario, affordable premiums, high coverage, and customised policies make term plans a cost-effective decision. It is estimated that buying term plans in India can be almost 30% to 50% cheaper for NRIs in the UAE.2 Term plans for NRIs in the UAE can suit specific needs. Whether you are buying a life insurance plan for the first time or it is an additional tool to safeguard your family’s future, a term plan can easily fit in. It can be quite helpful for your family in covering the financial obligations that may arise with your unfortunate absence. Read on to know and understand how term insurance for NRIs in UAE be a wise financial decision. 3

Types of Term Insurance Plans Available to the NRIs of the UAE

Be it India or abroad, different individuals have different situations and different needs. With term plans, NRIs in the UAE get the option to choose from several plan options. Make sure you understand the different types of term plans so that you can choose the right one.

The following types of plans are available:4

  1. Level term plans – these are the basic term plans where the sum assured remains constant throughout the policy term.
  2. Increasing term plans – under these plans, the sum assured increases during the policy term either by a specified percentage or by a specific amount.
  3. Decreasing term plans – under these plans, the sum assured reduces during the policy term. These plans are usually issued with loans wherein the decreasing sum assured corresponds to the decreasing value of the outstanding loan amount.
  4. Term plans with return of premium– normal term insurance plans usually do not pay any benefit if the term expires and the life assured is alive. However, under these plans, the premiums paid during the policy term are refunded back on maturity. 

How does term insurance for NRIs in the UAE work?

The way a term plan works for NRIs in the UAE is quite similar to how it works in India. However, some of these plans can offer you features that are specifically suited to your needs as an NRI in the UAE. Keep in mind that when you choose term insurance, certain components go into the making of a plan. These include:

  1. The sum assured
  2. Policy term
  3. Premium paying term
  4. Premium paying frequency
  5. Optional riders, if any

Based on these details, your age and other risk factors, the premium is determined. You pay the premium over the chosen premium paying term and in the selected frequency.

During the policy tenure, if the life assured passes away, the death benefit is paid. On the other hand, if the policy matures and the life assured is alive, no maturity benefit is paid. However, if you have opted for the return of premium term plan, your premiums would be refunded on maturity. 

Reasons to Buy Term Insurance for NRIs in the UAE

As an NRI, you would want to safeguard the future of your loved ones, whether they are in India or abroad with you. There are multiple reasons that drive the interest of NRIs, especially the ones in the UAE, in buying term insurance plans in India. Some of these may be:

Tax Benefits

Tax Benefits6

Non-resident Indians, like Indian residents, are eligible for certain tax benefits for purchasing a term insurance plan. Section 80C of the Income Tax Act of 1961 provides a tax deduction of up to ₹1.5 lakhs to the NRIs. However, the premium of the policy must not cross 10% of the sum assured amount.

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The Benefit of the Grace Period

The Benefit of the Grace Period5

To continue availing the coverage of a term insurance policy, it is compulsory to renew the policy before its expiry. If the policy crosses the expiry date without renewal, it gets lapsed. However, NRIs have a grace period of 15 days, even after expiry, to get the policy renewed without getting terminated.

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Pay From Anywhere

Pay From Anywhere5

The necessary payments for the term insurance can be made from anywhere using internet banking. All you need is an approved bank account that permits internet banking.

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Coverage Guaranteed

Coverage Guaranteed7

Once an NRI has purchased a term insurance policy, the plan provides coverage irrespective of the country where the life assured resides.

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GST Exemptions

GST Exemptions8

As an NRI, if you plan to purchase a term insurance policy in India, you may avail of a GST exemption. Those who purchase the term insurance through their NRE accounts are eligible to get the GST exemption of 18%.

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Features of Life Insurance Plans for NRIs

Some of the salient features of term plans  are as follows –

  1. NRIs can choose an optimal coverage based on their needs.
  2. A long-term policy tenure is allowed for maximum protection. Some term plans might also offer the whole life feature wherein the coverage runs up to 99 or 100 years of age.
  3. You can choose to pay the premium regularly, for a limited tenure or in one lump sum.
  4. The available premium payment frequency includes annual, monthly, quarterly, or half-yearly.
  5. Optional riders are available at an additional premium and can be added to the policy either at the time of purchase or on subsequent renewals.
  6. Some term plans might also allow you to increase the sum assured on specific events like marriage and childbirth. This helps you enhance the coverage to meet the increased financial responsibilities[6].

Documents required for term insurance plan

Most of the documents required for buying a term insurance plan are similar for resident Indians and NRIs. However, some additional documents might be needed for NRIs. The common documents include the following –

  1. Completely filled Proposal form
  2. Passport copy
  3. Age proof, Valid KYC documents, PAN/Form 60
  4. NRI & Foreign Travel Questionnaire
  5. Tax Identification Number (TIN) of the residing country or equivalent details
  6. NRE bank statements & standard income documents subject to the requirement
  7. Supporting documents in case of GST waiver benefit required.

Eligibility Criteria for Life Insurance for NRI in India

Eligibility criteria for buying term insurance plan for NRIs in India (100% copy/ pasted)

NRIs have to qualify for the eligibility parameters specified by the insurance company to buy a term insurance plan in India. Some of the common eligibility parameters for buying a term insurance plan are as follows –

  1. Age – There is a minimum and maximum age bracket for buying term plans. NRIs falling within this bracket can buy the policy.
  2. Income – NRIs should have a steady source of income to pay the premium of the policy

How do you purchase term insurance for NRIs in India?

The past few years have transformed the insurance industry in the country. From the way you buy life insurance to how it can be claimed, everything has been simplified. NRIs who live in the UAE have the option to buy a term insurance policy in India either online or offline. NRIs can even buy the policy while they are on a visit to India or even when they are in the UAE. In that case, they will have to send the relevant documents through mail to the insurance company,

They can undergo medical tests at the available medical facility in the UAE and share the reports over mail, or undergo telemedical as required by the insurer.

To pay the premium, you can make the payment in cash, cheque or demand draft when you are in India. Alternatively, you can also make online payments to buy the plan. The premium has to be paid in Indian Rupee (INR). As such, you should have an NRO or NRE Bank Account in India for premium payments.

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Bajaj Allianz Life, one of India's leading Private Life Insurers, is committed to offering value-packed and innovative products to help you achieve your Life Goals.

99.29%

Claim Settlement Ratio~

Claim Settlement Ratio
1 Day

Get 1 Day Claim Approval%

One Day Claim Approval
AAA

Stable Rating by CARE$$

CARE Stable Rating
₹1,26,434 Cr

Assets Under Management (AUM)**

Assets Under Management (AUM)
3.78 Cr

Number of Lives Covered#

Number of Lives Covered
359%

Solvency Ratio of 359%^^^

Solvency Ratio
Claim Settlement Ratio 2024-25

Disclaimer:~Individual Death Claim Settlement Ratio for FY 2024-2025 | %99.29% of non-investigative individual claims approved in one working day for FY 2024-25. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices. 96% of non - investigative claims notified were processed within one day in FY’25 | $$For details refer to press release published by CARE | **All figures as on 30th April, 2025 | ^^^Solvency ratio 359% as at 31 March 2025 against IRDAI mandated 150% | #Individual and group, as on 30th April, 2025.

FAQs on Term Insurance for NRIs in India

1. Why has the UAE become a top choice for rich Indians?

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There are several reasons why more and more people are choosing to shift base to the UAE. The topmost reasons may be to hedge the tax liability of India, access to a broader overseas market suitable for business, growth of business, etc.1

2. How can NRIs in the UAE purchase term insurance?

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For NRIs in India, there are two ways to purchase a term plan insurance policy:5

  • NRIs can simply purchase a plan during their visit to India
  • If not in India, NRIs may purchase term insurance through mail order business.

3. Do NRIs living in the UAE get tax benefits on term insurance?

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Yes, Section 80C of the Income Tax Act of 1961 provides tax deductions of up to ₹1.5 lakhs for premiums paid against a term insurance policy. 6

4. Do I have to undergo a medical examination during policy renewal?

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Yes, like others, NRIs in UAE need to undergo a medical examination at the time of policy renewal to adjust the premium accordingly. 5

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The views stated in this article are not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read the sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale. Bajaj Allianz Life Insurance Company Ltd., Regd. office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006, Reg. No.: 116, CIN: U66010PN2001PLC015959, Call us on toll free No.: 1800 209 7272, Mail us: customercare@bajajallianz.co.in

Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

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Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2024-2025

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


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^Subject to Section 10 (10D) conditions i.e. aggregate annual premium for ULIP policies issued on or after 1st February 2021 does not exceed Rs. 2.5 Lakhs.

1Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

#Source: https://economictimes.indiatimes.com/investments-marts/eight-crucial-numbers-to-ensure-financial-success/10-times-the-annual-income-is-your-life-insurance/slideshow/16699748.cms . Subject to availability in Bajaj Allianz Life ULIP Plans. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

*Benchmark: Nifty 500 Multicap Momentum Quality 50 Index past 5 CAGR Returns, as on 31st December 2024. Past returns of a fund are not necessarily indicative of the future performance of the fund. | Please consult the financial advisor before investing.

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01) are only the name of the unit linked insurance contracts and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

Nifty 500 Multicap Momentum Quality 50 Index Fund is available Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01)

In addition to the already existing funds, Nifty 500 Multicap Momentum Quality 50 Index Fund is now available with the above mentioned products. Customer has an option to choose from other available funds apart from Nifty 500 Multicap Momentum Quality 50 Index Fund.

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