Top 4 Reasons NRIs in Riyadh & Jeddah Choose Bajaj Allianz Life Term Plans

4 Reasons why NRIs in Riyadh and Jeddah choose Bajaj Allianz Life term plans

Let’s explore the top 4 ways in which Bajaj Allianz Life term plans fulfil the different needs of NRIs in Saudi Arabia –

Reason 1: INR Premiums, Saudi Rial Income

NRIs in Saudi Arabia earn in Saudi Rial, which is stronger than the Indian Rupee (INR). Since the currency of their resident country is stronger, NRIs have a higher purchasing power when it comes to buying life insurance plans in India. This helps them choose a suitable sum assured at affordable premiums.

Moreover, while NRIs earn in Saudi Rial, they can pay the premium in INR through their NRO (Non-Resident Ordinary) or NRE (Non-Resident External) account or through swift transaction. These accounts are INR-denominated and help them transfer their foreign income to India to pay the premiums easily.

BALIC offers competitive premiums with comprehensive coverage features making it a suitable choice for NRIs.

Reason 2: Nominee Support in India

NRIs have the flexibility to appoint a nominee of their choice If they have their family or ageing parents living in India, they can nominate them in the policy for hassle-free claims.

Resident Indian nominees can make a claim on the policy if the NRI passes away by following a simplified claim settlement process offered by Bajaj Allianz Life. With features like a 99.29% claim settlement ratio for the financial year 2024-25~ and 1-day claim approvals^% in non-investigative cases, Bajaj Allianz Life offers a smooth and quick claim settlement process.

Reason 3: Flexible Terms + Riders

Bajaj Allianz Life term insurance plans offers flexibility in the choice of sum assured, policy term, premium payment term, frequency, riders, etc. This allows NRIs to have a variety of options to choose from and check which aligns with their financial goals.

Reason 4: Easy online access

One of the main benefits of buying life insurance in India is that NRIs don’t have to make a trip back home just to buy the policy. They can buy the policy from Riyadh or Jeddah through the online channels offered by Bajaj Allianz Life.

You can simply visit the company’s website, choose the term insurance plan available, fill out the online proposal form, upload the required documents and submit the proposal form for underwriting. Once the underwriting is done and the proposal is approved, pay the premium online to get the policy issued.

Conclusion

You might be an NRI residing in Riyadh or Jeddah, but your financial responsibilities might span beyond geographical boundaries. Life insurance term plans can help you fulfil these responsibilities and provide financial security to your loved ones in your absence.

So, take the first step towards financial protection and buy a term insurance plan. When looking for reputed providers, choose Bajaj Allianz Life Insurance Company, which, with its experience and expertise, can give you a hassle-free experience, both when buying the policy and at the time of claim settlement. So, choose right; gift your family protection and get peace of mind for yourself with Bajaj Allianz term insurance plans.

FAQs

1. Do Bajaj Allianz term insurance plans offer global coverage?

   Yes, Bajaj Allianz term insurance plans cover you wherever you are, in the world. If you pass away during the policy tenure, irrespective of your resident country, a death benefit would be paid under the term insurance policy.

   
   

2. What documents would be needed to buy Bajaj Allianz term insurance plans?

   The documentation depends on the company’s underwriting policies. However, some of the common documents needed to buy term insurance plans from Bajaj Allianz Life Insurance include the following –

   • Identity proof
   • Overseas address proof
   • Income proof
   • Copy of passport and Visa
   • Medical reports, if applicable, etc.
   • NRI questionnaire and Travel Questionnaire
   • PIO/OCI Card is required where applicable