Oman-Based NRIs: 4 Benefits of Term Insurance

4 benefits of term insurance plans

Here are some reasons that make term insurance plans a standout –

1. Benefit 1: Claim Support:

   While you can buy a term insurance policy with Bajaj Allianz Life Insurance Company when living in Oman, the claim is settled in India. Your nominee can get complete claim support to get the death benefit without hassles. Here’s how:

   1. There is a 24/7 helpline for existing customers. Your nominee can connect with the insurance company through this helpline for claim support.
   2. There is a dedicated email facility too that can resolve common queries related to claims.
   3. There is a service helpline number too, which is reachable every day from 9 am to 7 pm.

   When you are not around, your family or ageing parents can connect with the Insurer and get the claim settled in India.

   
   

2. Benefit 2: Tax Benefits:

   Term insurance plans offer tax benefits that can help you save tax and save more. Here’s what you can enjoy:

   1. Premiums paid qualify for a deduction under section 80C up to ₹1.5 lakhs. So, if you have a taxable income in India, you can use the premiums to claim a deduction and bring down your tax liability.
   2. The death benefit received from term insurance plans is also tax-free, completely. This gives your family a tax-free corpus which they can use for their financial needs.
   3. Even if you buy return of premium term plans (TROPs), the premiums refunded on maturity qualify for tax exemption, subject to specific conditions. This helps you receive a tax-efficient corpus, which you can use to fulfil your financial goals.
       

3. Benefit 3: Easy Medical Tests in Oman:

   Pre-entrance medical check-ups might be required when you buy a term insurance policy as an NRI from Oman. These medical check-ups can be done in Oman itself, making the purchase process simpler. You can get the check-up done in Oman and send the medical reports to the insurance company . The insurer would verify the documents and underwrite your policy.
   
   In some cases, the company might also offer you the telemedical facility for medical check-ups for added convenience.
   
   The availability of medical check-ups in Oman helps you buy the policy whenever you need, without waiting to plan for a trip to India.

   
   

4. Benefit 4: Coverage While Working Anywhere:

   Term life insurance plans provide worldwide coverage. This means that the plans cover the risk of uncertain demise, whether you are living and working in India, Oman or any other country in the world.
   
   This can give you complete peace of mind knowing your coverage is not country-specific. In the case of your demise during the policy term, your family would receive a death benefit.

   
   

Conclusion

For NRIs living in Oman, term life insurance plans in India can create a financial cushion for your loved ones. With features like optimal coverage at affordable premiums, easy digital process for buying the plan, tax benefits, and worldwide claim support, the company offers convenience and security. So, wherever life takes you, secure your family’s future with term life insurance plans.

FAQs

1. What is the claim process for term insurance plans?

   In the case of a death claim, your nominee should inform the insurance company of the same. The claim form would be required to start the claim process along with the documents as required by the Insurer. like the death certificate, identity proof of the nominee, policy bond, bank details of the nominee, etc.

   
   

2. Can I pay the premium in Omani Rial?

   Premiums for life insurance plans are usually paid in INR. However, if you have an NRE or NRO account, swift transactions or you can deposit your earnings in Omani Rial in the account, which would be converted to INR. You can, then, use the balance in the account to pay the premiums in INR.

   
   

3. Can I buy the policy when visiting India?

   While you can buy the term plan online from Oman, the facility of buying when visiting India is also available. You can buy the policy online or offline when you are visiting India easily.