1. How can an NRI settle claims under a life insurance plan?

As an NRI who has purchased a life insurance plan in India, you can be assured that the nominees can easily get their claims settled within India.

2. As an NRI, what are the prerequisites for purchasing a life insurance plan in India?

As an NRI, you need to have either an NRE or NRO bank account to purchase a life insurance plan in India. In addition to this, you have to fulfil certain verification and documentation requirements for both resident and non-resident Indians. Thanks to leading insurance companies and their online portals, you can easily perform all this digitally.

3. What happens to my life insurance plan if I change my residency as an NRI?

As an NRI, if you change your country of residence, you can easily continue your life insurance plan in India. However, make sure to inform the insurer.

4. Do NRIs opt for riders in a life insurance plan?

Yes, NRIs can opt for riders in a life insurance plan just like a resident Indian. You can consider opting for riders like critical illness rider, accidental death benefit rider, waiver of premium, etc, as these help you enhance the coverage of your existing policy at a nominal charge.

Life Insurance Plans for NRs in Australia

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As an NRI in Australia, taking care of your loved ones back at home becomes a priority. Since you cannot always be physically present, purchasing a robust life insurance plan is a smart way forward. From simple term insurance that is designed for pure protection to policies like unit-linked insurance plans or money-back plans, which are designed to offer a dual benefit of investment and life protection, you have a wide array of options to explore in India. To choose a plan that best suits your requirements and responsibilities, understanding all the available options is the first step.

Here are the different types of life insurance plans in India ^{[5] and [8]}:

Term insurance plan

One of the basic life insurance plans that provides coverage for a fixed period. These plans usually don’t offer any maturity benefits, making them more affordable. However, if you choose the refund of premium option, the premiums paid are returned on maturity. Term plans provide life coverage and pay a death benefit if the life assured passes away during the policy term. NRIs in Australia can also buy term plans in India at lower premiums and enjoy the benefit of rupee-based investments while protecting their families.
Endowment policy

This is a savings-oriented life insurance plan that covers the risk of premature demise and also has a maturity benefit. If the life assured passes away during the policy term, a death benefit is paid. On the other hand, if the life assured is alive when the policy matures, a maturity benefit is paid.
Unit Linked Insurance Plan (ULIP)

This plan offers dual benefits—life insurance coverage and wealth building. Premiums are split between life cover and investment, allowing the policyholder to participate in the financial market and earn market-linked returns. There are also the flexible benefits of partial withdrawals and switching. ULIPs are popular among NRIs as these plans allow investments in market-linked funds alongside providing life insurance cover and tax benefits under Indian tax laws.
Money Back Policy

Similar to an endowment policy, but with periodic payouts during the policy term. These survival benefits are distributed over the policy's duration.
Whole Life Policy

This insurance policy offers coverage for the life assured's entire life. The policy covers the life assured up to 99 or 100 years of age. In case of death during the coverage term, a death benefit is paid. However, if the life assured survives the tenure, a maturity benefit is paid.
Child Plan

Child plans secure a child's financial future and often include an inbuilt premium waiver, where the insurer covers premium payments if the parent passes away, ensuring the plan continues.
Annuity/Pension Plan

Annuity Plans accumulate premiums as assets and pay them out as regular income (annuity) or a lump sum after retirement, based on the policyholder's preferences.

A simple and effective way of taking care of their loved ones back in India is purchasing a life insurance plan. Whether it is for the child’s education or a safety net for their ageing parents or spouse, a life insurance plan in India is designed to offer ultimate protection. Here’s why, as an NRI in Australia, you should consider purchasing a life insurance plan in India.

A Variety of Plans for Personal Requirements

One of the key reasons for purchasing a life insurance plan in India is the wide range of options that are designed to meet the personal requirements of each individual. Looking for pure protection with high coverage? Opt for a term plan. Seeking opportunities for wealth creation while building a life cover? Explore different types of unit-linked insurance plans. Similarly, there are multiple other options with affordable premiums and high coverage for NRIs in Australia.
A Robust Financial Protection

Purchasing a life insurance plan in India ensures that your loved ones have a robust financial safety net to fall back on even when you are not around. Additionally, leading insurance companies in India ensure a simple claim settlement within India that protects your family from the hassle of moving from one window to another to claim their rights.
Affordable Premiums and Tax Efficiency

When you are purchasing a life insurance plan in India, you can be rest assured of paying cost-effective premiums . The overall lower cost structure and currency exchange benefits make a life insurance plan in India a smart option as an NRI.

Not just this, as an NRI in Australia, you can also claim tax benefits under the Income Tax Act for the premiums paid towards life insurance and the amount received as death benefit.