You can buy a life insurance policy for yourself, your spouse, and your dependent children. If your spouse and/or dependent children are NRIs, you can buy a policy for them in India.
NRI Life Insurance Plans:
Some of the benefits of NRI life insurance plans are as follows –
Financial protection
Life insurance plans are meant for providing financial protection against the risk of premature demise. This helps in creating a safety net for yourself and your family members against unforeseen eventualities. If the breadwinner passes away, the family can manage the financial loss with the benefit received from a life insurance policy. Thus, life insurance plans help NRIs provide financial protection to their families in their absence.
Goal planning
With savings-oriented life insurance plans, NRIs can create a corpus for their financial goals. Moreover, there are goal-specific insurance plans too, like child plans and pension plans, which help in creating a corpus for specific goals and help in goal fulfilment.
Tax benefits
NRIs can get tax benefits from life insurance policies, which is another reason why they buy the plan. The tax benefits available are as follows –
Premiums paid for life insurance plans qualify as a deduction under Section 80C up to ₹1.5 lakhs1. To qualify for the deduction, the premium should be up to 20% of the capital sum assured if the policy is issued on or before 31st March 20121. If the policy is issued on or after 1st April 2012, the premium should be up to 10% of the capital sum assured1. If the policy is issued on or after 1st April 2013 and you suffer from an illness or disability specified under Section 80DDB or 80U, the premium should be up to 15% of the capital sum assured1.
The death benefit is tax-free1
The maturity benefit received from the policy is tax-free under Section 10(10D), subject to specific terms and conditions1.
If ULIP policy/policies issued on or after 1 February 2021 with annual aggregate premium more than Rs. 2.50 lakhs, gain from such policy is taxable as “Capital Gain” in the hands of recipient.
If non-ULIP policy/policies issued on or after 1 April 2023 with annual aggregate premium more than Rs. 5.00 lakhs, gain from such policy is taxable in the hands of recipient.
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