Non-resident Indians (NRIs) or Persons of Indian Origin (PIOs) are essentially people whose birth, descent, or origin can be traced back to the Republic of India. These people live outside their home country, thereby making them non-residents of India. NRIs and PIOs may be residing abroad for any one out of the many reasons. Some go abroad to pursue higher education, while others may be employed in foreign countries. The NRI population also includes spouses, parents, and children of people who may have left India to be employed abroad.
According to a report published by India’s Ministry of External Affairs, there are 31 million NRIs and PIOs as of December 2018. And as an increasing number of people continue to seek employment overseas or set their sights on international universities, the population of NRIs only continues to rise.
If you fall under the category of non-resident Indians, it’s likely that at some point, you may have considered parking your funds in the investment options offered by Indian companies. And of the many investments available to choose from, a term insurance plan is one of the most fundamental option available to NRIs.