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Term Insurance for NRI

A term insurance plan provides financial security against the risk of premature demise. It is an important risk management tool that can help you take care of your family members in your absence. The payout received from the term plan can not only provide your family the financial means to meet their daily needs, but it can also help them in fulfilling their financial goals. Read More

Just like resident Indians, Non-Resident Indians (NRIs) might also need a term insurance policy for financial planning.Read Less

Term Insurance
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Keep these Documents Handy
Photo
  • Colored Photo
PAN Card
  • PAN Card/ Form 60
Age proof (Any one)
  • Passport
  • Aadhar card
  • Driver’s License
  • Birth Certificate
  • Baptism Certificate of PAN card
Income documents (Any one)
  • Last 6 months Bank statement with salary credit
  • Form 16
  • Last 3 years ITR with Computation of Income (COI)
  • Last 3 months salary slip + Last 6 months bank statement showing salary credited
Address proof/ID proof (Any one)
  • Passport
  • Aadhar card
  • Voters ID
  • Driver’s License

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Disclaimer

*Above illustration is for Bajaj Allianz Life eTouch- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan(UIN:116N172V04) considering Male aged 22 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term(PPT)– 30 years | Sum Assured opted is Rs. 5,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 18,038. 2nd Year onwards premium Rs. 19,257. Total Premium Paid is Rs. 5,76,491 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 45, Income Payout Percentage: 55) | Premium shown above is inclusive of Online Discount only and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.

**The output generated through calculator are on the basis of the data inputted by you and is being provided to you solely for your reference purpose and not to be construed as investment advice. Please seek independent advice from your insurance consultant before making any investment decisions. While proper caution has been taken in designing this calculator, Bajaj Allianz Life Insurance Co. Ltd. assumes no liability for the accuracy of the information and data provided in this tool.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^Get Free Benefits up to ₹ 14,000 per year

S No.

Value Added Service

Frequency

Cost (₹)

1

Doctor Teleconsultations

Consultation per month
= 24 consultations per year

Average cost per session = ₹500
Total cost per year = ₹500 * 2 * 12 = ₹1200

2

Network Discounts
Medicines (M) - 10%, Lab Booking (L) - 10%,
In-Patient Hospitalization (P)- 5%,
Out-Patient Consultation (O) - 10%

Throughout the year

 

Assumption - Total
Expenses of these
throughout the Year

Total Discounts that
can be availed
throughout the year

M - ₹5,000

₹500

L - ₹5,000

₹500

O - ₹5,000

₹500

P - ₹10,000

₹500

 

Total per year as per assumptions

₹ 14,000

Note: The above mentioned costs are based on estimated average market price for respective services.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

Get Your Life Goals, Done!

Tailored Life Insurance Solutions for your long-term Life Goals.

Writer Palak
Written ByPalak Bagadia
AboutPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
Reviewer Rosy
Reviewed ByRosy Pathak
AboutRosy Pathak
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Rosy Pathak, AVP- Product and Brand Marketing at Bajaj Allianz Life Insurance carries over 17 years of experience in Marketing and a demonstrated history of working in the insurance industry. She is skilled in Product Management, Planning and Strategy, Project Management, Marketing and Communication.
Written on: 2nd December 2024
Modified on: 8th January 2025
Reading Time: 20 Mins

Types of NRI Term Insurance Plans

Term insurance plans available in India can be taken by both resident Indians and NRIs.

When it comes to term insurance plans for NRIs, there are four types of plans available. These are as follows[1]

  1. Level term plans – these are the basic term plans where the sum assured remains constant throughout the policy term.
  2. Increasing term plans – under these plans, the sum assured increases during the policy term either by a specified percentage or by a specific amount.
  3. Decreasing term plans – under these plans, the sum assured reduces during the policy term. These plans are usually issued with loans wherein the decreasing sum assured corresponds to the decreasing value of the outstanding loan amount.
  4. Term plans with return of premium – normal term insurance plans usually do not pay any benefit if the term expires and the life assured is alive. However, under these plans, the premiums paid during the policy term are refunded back on maturity. 

How does term insurance for NRIs work?

Under a term plan for NRIs, you choose the following policy details –

  1. The sum assured
  2. Policy term
  3. Premium paying term
  4. Premium paying frequency
  5. Optional riders, if any

Based on these details, your age and other risk factors, the premium is determined. You pay the premium over the chosen premium paying term and in the selected frequency.

During the policy tenure, if the life assured passes away, the death benefit is paid. On the other hand, if the policy matures and the life assured is alive, no maturity benefit is paid. However, if you have opted for the return of premium term plan, your premiums would be refunded on maturity. 

Reasons to Buy Term insurance for NRIs

Here are some reasons why NRIs can consider buying a term insurance plan in India [2] and[3]

Financial security

Firstly, term insurance plans provide financial security against the risk of premature demise. Thus, NRIs looking to provide for their families back home in their absence can buy these plans. The term plan would ensure that in the absence of the life assured, the financial payout would help the family face the financial loss suffered.

Read More

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Low premiums[7]

Term plans in India are comparatively lower priced compared to term plans available internationally. Thus, NRIs can save on the premium outgo while enjoying financial protection against the risk of premature demise.

Read More

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Wider scope of coverage

Term plans in India offer a high sum assured level for optimal coverage. Moreover, modern-day term plans offer built-in rider benefits that enhance the scope of coverage.

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Tax benefits

Lastly, the tax benefit angle helps NRIs save tax on income earned in India. By buying a term insurance plan, NRIs can apply for an Income Tax deduction for the premium paid. The deduction allowed is up to ₹1.5 lakhs u/s 80C of the Income Tax Act of 1961, subject to specified conditions under old tax regime. Moreover, the death benefit received from the plan is also tax-exempt.

If NRIs choose a return of premium plan, the maturity benefit would also enjoy tax exemption under Section 10(10D) provided specified terms and conditions are fulfilled.

Read More

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Features of Term Insurance for NRIs

Some of the salient features of term plans  are as follows –

  1. NRIs can choose an optimal coverage based on their needs. 
  2. A long-term policy tenure is allowed for maximum protection. Some term plans might also offer the whole life feature wherein the coverage runs up to 99 or 100 years of age.
  3. You can choose to pay the premium regularly, for a limited tenure or in one lump sum.
  4. The available premium payment frequency includes annual, monthly, quarterly, or half-yearly.
  5. Optional riders are available at an additional premium and can be added to the policy either at the time of purchase or on subsequent renewals.
  6. Some term plans might also allow you to increase the sum assured on specific events like marriage and childbirth. This helps you enhance the coverage to meet the increased financial responsibilities[6].

Documents required for term insurance plans for NRIs

Most of the documents required for buying a term insurance plan are similar for resident Indians and NRIs. However, some additional documents might be needed for NRIs. The common documents include the following –

  1. Completely filled Proposal form
  2. Passport copy
  3. Age proof, Valid KYC documents, PAN/Form 60
  4. NRI & Foreign travel questionnaire
  5. Tax Identification number (TIN) of residing country or equivalent details
  6. NRE bank statements & standard income documents subject to requirement
  7. Supporting documents incase of GST waiver benefit required

Eligibility criteria for buying term insurance plan for NRIs in India

NRIs have to qualify  the eligibility parameters specified by the insurance company to buy a term insurance plan in India. Some of the common eligibility parameters for buying a term insurance plan are as follows –

  1. Age – There is a minimum and maximum age bracket for buying term plans. NRIs falling within this bracket can buy the policy.
  2. Income – NRIs should have a steady source of income to pay the premium of the policy

How do you purchase term insurance for NRIs in India?

NRIs can buy a term insurance policy in India either online or offline. NRIs can even buy the policy from abroad. In that case, they will have to send the relevant documents through mail to the insurance company, They can undergo medical tests at the available medical facility outside India and share the reports over mail, or undergo telemedical as required by the insurer.Alternatively, NRIs can buy a term insurance plan when they are visiting India.

To pay the premium, you can make the payment in cash, cheque or demand draft when you are in India. Alternatively, you can also make online payments to buy the plan. The premium has to be paid in Indian Rupee (INR). As such, you should have an NRO or NRE Bank Account in India for premium payments.

NRI Term Plans by Bajaj Allianz Life

Why Bajaj Allianz Life Insurance ?

Bajaj Allianz Life, one of India's leading Private Life Insurers, is committed to offering value-packed and innovative products to help you achieve your Life Goals.

99.23%

Claim Settlement Ratio~

Claim Settlement Ratio
1 Day

Get 1 Day Claim Approval%

One Day Claim Approval
AAA

Stable Rating by CARE$

CARE Stable Rating
₹1,21,724 Cr

Assets Under Management (AUM)**

Assets Under Management (AUM)
4.07 Cr

Number of Lives Covered#

Number of Lives Covered
432%

Solvency Ratio of 432%^

Solvency Ratio
Claim Settlement Ratio 2023-24

Disclaimer:~Individual Death Claim Settlement Ratio for FY 2023-2024 | %96.70% of non-investigative individual claims approved in one working day for FY 2023-24. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices | $For details refer to press release published by CARE | **All figures as on 31 August 2024 | ^Solvency ratio 432% as at 31 March 2024 against IRDAI mandated 150% | #Individual & Group.

FAQs on Term Insurance for NRIs in India

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I am a happy customer who is satisfied with the after sales service. I have full trust in Bajaj Allianz Life Insurance Company.
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I was introduced by my advisor to invest in Bajaj Allianz Life Insurance .I have invested in the same and am happy with the returns and services.
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Bajaj Allianz Life Insurance Security
Bajaj Allianz Life is a trusted insurance partner Reviewed by Life Insurance Experts
Bajaj Allianz Life is a trusted insurance partner

At Bajaj Allianz Life, we are here to support you in building a secure and worry-free financial future. With over 24 years of experience, we provide a variety of life insurance plans, including protection, retirement, savings, investment and health, to meet your unique needs.

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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

 

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Disclaimers:
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Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

a 5% Discount applicable for customer's first individual life insurance policy on the life of the LA, applicable only on first year’s premium. 5% Discount for salaried employees, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

b Get Free Health Management Services upto ₹ 31,000 per year

Health Management Services

Frequency

Cost (₹)

Doctor Insta-Consultations

3 consultations per month = 36 consultations per year

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 36 = ₹ 18,000

Health Coach
(Diet & nutrition consultations)

1 consultation per month =

12 consultations per year 

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 12 = ₹ 6,000

Emotional Wellness
(Psychologists consultations)

1 consultation per month =

12 consultations per year 

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 12 = ₹ 6,000

Network discounts:

 

Medicines (M) - 10%

Lab-test booking (L) - 10%

Throughout the year 

Assumption – Total

expense on these

services throughout

the year

Total discounts that can be availed

throughout the year

M - ₹ 5,000

₹ 500

L - ₹ 5,000

₹ 500

Total per year as per assumption

₹ 31,000

Note: The above mentioned costs are based on estimated average market price for respective services. T&C apply.

Doctor Insta-Consultations and Health Coach Services are unlimited and the above numbers are assumed only for the purpose of calculation of the yearly benefit.

dThrough Parental Care Option available in Bajaj Allianz Life Family Protect Rider (UIN:116B056V01)

c Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy. Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

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Under Section 80C & 10(10D) of Income Tax Act, 1961*
Get Life Cover + Save tax up to Rs 46,800*
₹2 Cr Term Plan
@ 25/Day²
Free Health Management Services
upto ₹ 14,000 p.a.^

Bajaj Allianz Life Term Insurance with tax benefit up to Rs 46,800

Buy Term Insurance
Bajaj Allianz Life Term Insurance with tax benefit up to Rs 46,800*
99.23% Claim Settlement Ratio~
Premium Holiday1
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BJAZ-OT-EC-08288/24

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Disclaimer

Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


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