1. Are there any additional charges for purchasing a life insurance plan as an NRI living in Kuwait?

Typically, life insurance companies do not charge any additional fees just because you are an NRI. However, depending on the insurance company and the type of policy you opt for, the premiums may vary. There are certain specific prerequisites that you need to fulfil to purchase a life insurance plan in India. Just like resident Indians, you would also have to pay handling and management charges subject to the life insurance plan opted.

2. What happens to my life insurance plan, if I change my country of residence?

If you change your residence as an NRI, your life insurance plan typically continues without any problem. Make sure to inform your insurer well in advance.

3. As an NRI in Kuwait, do I get tax benefits under the Income Tax Act?

Yes, as an NRI in Kuwait, you can get tax benefits under the Income Tax Act. The maturity benefits provided under a life insurance plan are tax-free under section 10(10D) subject to conditions. Additionally, the premiums paid towards a life insurance plan are typically liable for tax deduction under section 80C under old tax regime.

4. How can an NRI in Kuwait make payments for life insurance plans in India?

Usually, to purchase or invest in a life insurance plan in India, an NRI needs to open an NRE or NRO account for payments. There are certain life insurance companies that provide an option of making payment through net banking for for a seamless experience.

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

Remember that choosing a life insurance plan requires you to first know your financial goal, your family's needs and your responsibilities. Once you have a clear picture of these, you can explore different plans to find the one that offers appropriate coverage and comes at affordable premiums.

Life Insurance Plans for NRIs in Kuwait

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Choosing a life insurance plan requires you to carefully explore the options and align them with your financial goals and personal needs. As an NRI in Kuwait, you have numerous options in India with promising benefits:

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 Kuwait 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.

Choosing a life insurance plan in India is a bridge that fills the gap between financial dreams and the safety of loved ones back home. Let’s take a quick look at the benefits of purchasing a life insurance plan as an NRI in Kuwait.

Building Support for the Family

NRIs living in Kuwait may have their loved ones back at home. A life insurance plan is like purchasing a safety net for parents, children or spouse to ensure that they continue to live a peaceful life even when the insured person is not around.
Cost-Effective Premiums

A key benefit of purchasing a life insurance plan in India is the cost-effective premiums. There are many insurance plans that offer flexibility in terms of tenure, premium amount and payment methods etc.
Tax Benefits under the Income Tax Act

An NRI living in Kuwait who has purchased a life insurance plan in India can enjoy impressive tax benefits under section 10(10D) and section 80C (under old tax regime) of the Income Tax Act.
A Wide Array of Options

Choosing a life insurance plan in India comes with a variety of options. Whether it is a term insurance, endowment plan, ULIP or pension plan, India has a lot to offer to NRIs in Kuwait.
Easily Accessible Plans and Seamless Payments

Whether it is exploring plans, purchasing and making payments, online platforms have made life insurance plans accessible for NRIs in Kuwait. You can now easily compare prices and benefits to find a plan that best suits your needs. Additionally, with a simple NRE or NRO account, you can make seamless payments. Remember that there are some insurance companies that allow payment through net banking as well.