Why Should NRIs in Qatar Buy Indian Life Insurance?

The Problem: Temporary Job Market, Long-Term Responsibilities

Although the job market in Qatar is growing rapidly with attractive investments, migrant workers continue to face a variety of challenges. First, there are temporary or short-term job contracts. Short-term contracts are quite common in Qatar, particularly in sectors such as hospitality and construction. These are often linked to seasonal demand and projects.

Additionally, there are certain other concerns related to wage theft, inadequate grievance and redress mechanisms, restrictions on shifting jobs, etc.

This also means you can be laid off or transferred at any time. However, your responsibilities in India do not account for these factors. The education of your kids, loan EMIs- don't take a break. This makes it quite important to have your roots secured in India. This ensures your family has adequate protection even if things go awry.

The Solution: Secure Roots in India

Buying life insurance in India can significantly help you cover such problems as these plans can provide financial security and also help you create a corpus for your goals. Even as NRIs in Qatar, you can buy life insurance in India.

There are several other benefits of buying an Indian life insurance policy. There is a wide variety of life insurance plans that you can opt for. Different plans are designed to suit different needs. Some popular options include:

• Term Insurance
• Endowment Plans
• Whole Life Insurance Plans
• Child Insurance Plans.

NRIs can also benefit from traditional savings plans that offer returns. You get stable savings and a pre-determined maturity benefit. You also have the flexibility to choose your payout mode under some plans. For instance, you can choose a lump-sum payment or regular periodic payments that can help you create a source of income. The life insurance coverage provides added security, too.

Annuity plans can also be considerable options if you're looking to build a secure post-retirement corpus. These are predictable and offer a steady income, so you need not worry about your second innings.

Premiums Are Cheaper in India

Different life insurance plans, such as term insurance and ULIPs, offer varying benefits for NRIs. Take a look at how life insurance plans in India are cost-effective for NRIs.

• Most life insurance plans in India have competitive premiums. Moreover, the Omani Rial is very strong compared to the Indian Rupee. This makes premiums in INR affordable for NRIs earning in Omani Rial.
• There is a GST waiver subject to eligibility criteria and necessary required submission of documents every year for NRIs, making your policy purchases more affordable.
• Depending on the type of plan
• you choose, you may also be eligible for a maturity benefit when your policy comes to an end. The maturity benefit can fetch you tax benefits if the relevant conditions are fulfilled.
• You also enjoy tax benefits of up to ₹1.5 lakhs on policy premiums paid under section 80C of the old tax regime.
   

Medical Checkups Available in Qatar

One of the striking features of buying policies from India is its ease. As NRIs, you may now conveniently buy term plans online via telecommunication or video check-ups. This means the geographical boundaries are no longer a restriction to worry about.

Even if the telemedical facility is not available in some plans, you have the freedom to get the medical check-up done in Oman and send the reports for a hassle-free purchase process. Alternatively, if you are visiting India, you can get the tests done at any networked facility for added convenience.

How to Get Started?

Looking to buy a life plan in India. Here is a step-by-step guide on how to get started with the same.

1. You may now easily buy policies online. Read about the different plans, their features, and compare them to see which best fits your requirements.
   If you cannot visit India to buy a policy, that’s not an issue at all. You may purchase the policy online from Qatar. Fill out the proposal form and submit it to buy the policy along with the relevant documents.
2. The insurance company will underwrite the proposal.
3. Once approved, you can pay your policy premiums using a non-resident ordinary (NRO) account or a non-resident external (NRE) account. Options like international cards and foreign banks are also available.
4. You may be asked to meet certain medical pre-requisites. However, the same can be sorted via telecommunications or through physical check-ups in Oman. Please ensure that you submit the relevant documents.
    

FAQs

1. Do premiums vary for residents and non-residents?

   No, the premiums usually don’t vary between resident and non-resident Indians. However, if the NRI lives in a country where the risk is higher, the premiums might be higher.

   
   

2. What are the options for paying the premium when purchasing an Indian life plan?

   On buying an Indian life insurance policy, the premium payment can be made in Indian currency using NRO or NRE accounts. Alternatively, for purchases in foreign currency, you may use an NRE account, SWIFT transfer, FCNR account, or international credit cards.