Life Goals Loading…

10 Blue cross

Notifications10

  • Fulfill your Life Goals with Bajaj Allianz Life Goal Assure

    KNOW MORE
  • Here's a Comprehensive Tool To Plan Your Child's Future

    START NOW
  • There is lot to remember in Life, Set renewal premium payments to Auto Pay

    WATCH VIDEO
  • Get Life Cover worth Rs.1 Crore at Rs.21 per day2 – Bajaj Allianz Life Smart Protect Goal

    CALCULATE NOW
  • Life Insurance Term Plan with Return Of Premium

    WATCH NOW
  • Get your Life Goals Done with Bajaj Allianz Life Smart Assist – BINA MILEY MIL-KAR

    KNOW MORE
  • Paying your Renewal Premium is Quick and Easy!

    PAY NOW
  • Know the right amount of Insurance you need in just a few steps!

    START NOW
  • Avail Term Insurance Tax Benefits under Section 80D

    READ MORE
  • Know how to invest money during the covid-19 pandemic!

    READ MORE

Thanks for sharing your details, A Sales representative from
Bajaj Allianz Life will contact you shortly.

Dear Customer, we request you to connect with us in our next business working hours, (Monday to Saturday 24*6) Thank you, Have a great day ahead

Have Us Call You
X

Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

Is Term Insurance Valid Outside India?

Check if term insurance is valid outside India

Is Term Insurance Valid Outside India?


calender-blue

October 22, 2020

By : Bajaj Allianz Life

One of the most effective methods of providing for your family in your absence is term insurance. The simple and affordable nature of the plan has enjoyed widespread appeal. Thus, it is natural that Non Resident Indians (NRI) and Persons of Indian Origin (PIOs) may consider investing in a term insurance policy. As of December 2018, the number of NRIs and PIOs stood at 31 million as stated in a report published by India’s Ministry of External Affairs.

This blog will answer a frequently asked question –

 

Is term insurance valid outside India?

 

The answer is, yes it is. Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) are allowed to invest in term insurance plans offered by India based insurers. Before we get down to pre-requisites of having term insurance plans in India as an NRI or PIO, let us know who all constitute a Non-resident Indian (NRI) or Person of Indian Origin (PIO). They are Indian citizens or foreign nationals of Indian origin who can trace their birth, descent, or origin to the Republic of India. The NRI population also includes spouses, parents and children of those individuals who have moved abroad to seek employment. For more details, please refer the definitions provided under Income-tax Act 1961 and the Ministry of External Affairs Except for a few changes, the process involved in purchasing term insurance is nearly similar for both residents and non-residents.

Another question that may arise is whether the death of an Indian citizen outside India is covered by term insurance. The answer is, yes it is. For a short trip, a natural death is generally covered irrespective of where it occurs. However, it may so happen that you purchase a term insurance as an Indian citizen but are required to move abroad due to employment or other reasons during your policy term. You may be considered an NRI after purchasing your term plan as an Indian citizen. In such a case, you must inform your insurer of your plans of settling in a foreign country. A lot depends on the place that you are moving to and the risks associated with it. Your policy may remain unchanged or may be modified.

 

Procedure for getting a term insurance

 

NRIs while on their visit to India can approach an insurer directly or through an agent and apply for investing in the term plan of their choice. While evaluating the case, the insurer may ask for a medical history and collect information such as the country of residence. One will then be required to pay premium charges as per the terms of the policy chosen.

You can also make a purchase of policy (from an insurer located at home country, i.e. India) sitting in your country of residence. This can be particularly useful if you have family back in your home country, since it is easier for your beneficiaries to raise a claim in the unfortunate event of your demise if the insurer is based in India. On the contrary, if your insurer is based in your country of residence abroad, your family may have to go through a long-drawn process to claim the insurance sum.

 

Term insurance benefits and other important features

 

Documentation

Credentials required may vary from one insurance provider to another but the most common documents that an insurer will ask you to submit are –

• An attested copy of your passport.

• The application or proposal form duly filled in.

• Proofs of your identity, age, address, income, earnings & medical reports following a health check-up at the time of application. In addition to this, you will also be required to pay the insurer a sum of money equal to the first instalment of premium, as specified in the terms of the policy you select.

 

Claim Initiation

In case of death of the NRI term insurance policyholder outside India, here are some additional documents that need to be submitted to the insurer to initiate the claim process other than the regular documents –

• Copy of death certificate verified by the Indian Embassy located in the country of death.

• Employer certificate along with leave and contact details.

• Cause of death certificate

 

Obligation to provide proof of medical history

 

You must also be aware that you are obligated to provide details of your medical conditions, if your insurer requests for the same. Besides, if you suffer from any pre-existing health issue, your insurer must be aware of the same. This is an obligation for NRIs and residents as well. However, insurance companies may conduct tele-medical examinations for their NRI clientele. Most importantly, your insurance cover may lose validity if you are found to be hiding any vital information from your insurer.

 

Conclusion

 

The answer to the question "Is term insurance valid outside India?" is especially significant as there is a huge Indian diaspora abroad. Buying a term insurance is a sound step in creating a financial safety net. However, it is important to note that not all NRIs can avail the term life insurance cover since many Indian insurers follow a list of countries which they refrain from providing services to. Therefore, it is important for you to check if the area of your residence is categorised as a high-risk area.

Bajaj Allianz Life Videos

Video Icon

Dancing Uncle Is Back | Special Bonus | Bajaj Allianz Life

Contact Us

Bajaj Allianz Life Insurance Company Ltd.

Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra

Tel No: 020-66026773

Fax No: 020-66026789

Branch Visit Timings:

Monday to Friday - 9:00 AM to 3:30 PM

Saturday - 9:00 AM to 1:00 PM

Customer Care Helpline:

1800-209-7272

Monday to Sunday: 9:00 AM to 7:00 PM (IST)

NRI Services Helpline

24/7 (All week days)

Sales Enquiry Helpline:

1800-209-4040

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

For NRI: +91 20 67688888 (Call charges apply)

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

Find Us Online

33% Discount is available for regular premium and limited premium payment frequency under all variants of Bajaj Allianz Life Smart Protect Goal - A Non Linked, Non-Participating, Pure Life Term Insurance Plan

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.