1. As an NRI in Canada, can I purchase a life insurance plan in India entirely online?

Yes, as an NRI in India, you can purchase a life insurance plan in India without a physical visit. This has been made possible through the online portals introduced by leading insurance companies in India that allow you to explore plans and pick what best suits your needs easily.

2. Do I need to have an NRE or NRO account to purchase a life insurance plan in India as an NRI?

Yes, as an NRI, you need to have either an NRE account or an NRO account to purchase the life insurance plan in India. These accounts facilitate easy transactions of money, whether it is earned overseas or within India. Remember to explore the official website of the insurance company to check the updated payment methods.

3. As an NRI in Canada, can I settle claims outside India under a life insurance plan?

Typically, a life insurance plan in India comes with an international claim settlement option . However, this can vary depending on the insurance company, so make sure to check it with your insurance provider.

4. As an NRI in Canada, what should I consider before buying life insurance from India?

Before purchasing a life insurance plan in India, make sure you consider your obligations, your family’s future needs, and your long-term financial goals.

Buy Life Insurance Plans for NRIs in Canada

Calling From	Phone Number
Calling us from INDIA	18002097272 (Toll Free)
Rest of the World	+912067871700 (Call charges apply)

As an NRI living in Canada, creating a safety net for your loved ones back at home usually means looking for options beyond boundaries. Life insurance plans in India have a lot to offer for NRIs in Canada. However, with so many options, choosing the right plan might seem overwhelming at first. Whether you should go for your protection in the form of death benefits or look for maturity benefits and market-linked returns? To answer your queries, let’s first take a look at the different types of life insurance plans in India:

Here are the different types of life insurance plans in India:

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 Canada 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 which 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.

In a digital world like today’s, purchasing a life insurance plan offers a wide range of personal, financial and tax benefits. As an NRI in Canada, purchasing a policy in India can be a smart choice.

Safeguarding Financial Needs

As an NRI living in Canada, with loved ones back in India, a life insurance plan serves as just the right protection for their financial needs even when you are not around. In the event of your untimely demise, the sum assured is paid to the nominee in Indian currency which helps them easily meet their lifestyle expenses.
Purchasing Wide Coverage at Affordable Premiums

Purchasing a life insurance plan in India that offers a high sum assured is not equivalent to unreasonable premiums. You can easily find a wide range of options that come at affordable premiums while also ensuring protection for your family. Additionally, as an NRI living in Canada, you are highly likely to find cost effective life insurance plans in India.
Enjoying Tax Benefits

The Income Tax Act provides provisions for tax benefits for both resident and non-resident Indians who have invested in a life insurance plan. As an NRI you must know that:
- Section 80C of the Income Tax Act (under old tax regime) promises deductionon premiums paid towards a life insurance plan.
- Section 10 (10D) of the Income Tax Act promises zero tax liabilities on the death benefit paid to the beneficiary.
Picking from a Wide Array of Plans

When it comes to purchasing a life insurance plan, one size doesn’t fit all, and this is why as an NRI in Canada, a life insurance plan in India becomes a smart decision. You can find a wide array of plans that are tailored to meet your needs and responsibilities. Additionally, life insurance plans in India are not limited to life cover; rather, they can also have a component of market linked investments through plans like ULIPs, money back plan etc.
Choosing a Simple and Seamless Experience

Sitting in a country distant from India, one aspect that you do not want to compromise on is a tedious verification and approval process. Leading insurance companies in India have introduced a user-friendly online portal where you can easily explore, purchase and pay premiums for your choice of plan seamlessly and securely.