Term Insurance Insurance for NRI 2025

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Calling us from INDIA	18002097272 (Toll Free)
Rest of the World	+912067871700 (Call charges apply)

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

^*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 (₹)

Doctor Teleconsultations

Consultation per month
= 24 consultations per year

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

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

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Written ByPalak Bagadia

AboutPalak Bagadia

Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry, with a strong understanding of the insurance sector.

Reviewed ByRosy Pathak

AboutRosy Pathak

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.

What is Term Insurance for NRI Plans?
Reasons to Buy Term insurance for NRIs
Features of Term Insurance for NRIs
Types of NRI Term Insurance Plans
Why Buying a Term Insurance Plan from India Makes Sense for NRIs?
How does term insurance for NRIs work?
Documents required for term insurance plans for NRIs
Eligibility criteria for buying term insurance plan for NRIs in India
How do you purchase term insurance for NRIs in India?
Term Insurance Plans from Bajaj Allianz Life
Why Bajaj Allianz Life Insurance ?
FAQs

What is Term Insurance for NRI Plans?

An NRI term insurance plan is a life insurance policy specifically designed for Indian citizens residing outside India. It works just like any other term plan, where you get a sum assured, set a policy term, and the mode of payment for the premiums.

You can buy a term plan for NRI customers online from your place of residence or during a visit to India. With NRI term insurance, your family in India stays financially protected.

Reasons to Buy Term insurance for NRIs

Here are some reasons why NRIs can consider buying a term insurance plan in India.

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.
Low premiums

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.
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.
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.

Features of Term Insurance for NRIs

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

NRIs can choose an optimal coverage based on their needs.
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.
You can choose to pay the premium regularly, for a limited tenure or in one lump sum.
The available premium payment frequency includes annual, monthly, quarterly, or half-yearly.
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.

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].

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]–

Level term plans – these are the basic term plans where the sum assured remains constant throughout the policy term.
Increasing term plans – under these plans, the sum assured increases during the policy term either by a specified percentage or by a specific amount.
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.
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.

Why Buying a Term Insurance Plan from India Makes Sense for NRIs?

Opting for a term life insurance for NRI customers from India comes with many advantages like lower premiums, better flexibility etc.

Wide Range of Options

You can compare plans using a term insurance calculator and pick one that best matches your age, income, and family needs.

Worldwide Coverage with 24x7 Claim Assistance

No matter where you live, the coverage you get is global. The claim process is initiated in India, and support is available 24X7 via dedicated online support sections or through local partner branches.

Tele/Video Medical Check-Ups

Several insurers in India offer telemedical or video-based check-ups for NRIs. This eliminates the need for in-person exams, especially if you're abroad and unable to visit a lab. This level of convenience is a major benefit of choosing NRI term plans.

High Claim Settlement Ratio

Indian insurers have a strong reputation for claims processing. This high ratio is a big reason why most NRIs choose plans within India. It helps to build a level of trust and assurance for their families.

Easy Claim Process

Claim filing can be done online on the official website, a mobile app, or at an Indian branch. Your nominee can scan the documents and upload them online, making the process stress-free for them.

Low Premium Rates

Premiums for term insurance in India are typically more cost-optimized as compared to popular international plans.

GST Refund Benefit

If you pay the premium through an NRE account or in foreign currency, you may be eligible for a GST waiver/refund, subject to documentation and policy rules.

How does term insurance for NRIs work?

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

The sum assured
Policy term
Premium paying term
Premium paying frequency
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.

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 –

Completely filled Proposal form
A valid passport copy
Age proof, Valid KYC documents, PAN/Form 60
NRI & Foreign travel questionnaire
FATCA/CRS declaration with Tax Identification number (TIN) of residing country or equivalent details
NRE bank statements & standard income documents subject to requirement
Supporting documents in case 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 –

Age – There is a minimum and maximum age bracket for buying term plans. NRIs falling within this bracket can buy the policy.
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 tele-medical 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 online payment through various digital modes from your NRE/NRO account, 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.

Term Insurance Plans from Bajaj Allianz Life

99.29%

Claim Settlement Ratio^~

1 Day

Get 1 Day Claim Approval^%

AAA

Stable Rating by CARE^$$

₹1,31,052 Cr

Assets Under Management (AUM)^***

3.58 Cr

Number of Lives Covered^##

359%

Solvency Ratio of 359%^{^^^}

Disclaimer:^~Individual Death Claim Settlement Ratio for FY 2024-2025 | ^%99.29% of non-investigative individual claims approved in one working day for FY 2024-25. 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. 96% of non - investigative claims notified were processed within one day in FY’25 | ^$$For details refer to press release published by CARE | ^***All figures as on 30 June, 2025 | ^{^^^}Solvency ratio 359% as at 31 March 2025 against IRDAI mandated 150% | ^##Individual and group, as on 30 June, 2025.

FAQs on Term Insurance for NRIs in India

1. Is an NRI eligible to buy term insurance?

Yes, NRIs can buy term insurance in India for their coverage needs provided they fulfil the eligibility parameters of the plan that they choose to buy.

2. What are the factors to be considered while buying term plans for NRIs in India?

While buying a term plan for NRIs in India, here are some factors that can be considered –

The sum assured of the policy – It should be optimal to provide sufficient financial assistance to your family.
The premium – it should be affordable and competitive
Optional riders – you can choose optional riders to enhance the scope of coverage of your policy
Policy term – choose a term for which you want to be insured. Ideally, long-term coverage is recommended for maximum protection.

3. Is it necessary for NRI to be present in India to purchase term insurance?

NRIs can buy a term insurance plan from abroad too. It is not necessary for them to be present in India. If they are buying from abroad, they have to send the required documents for the purchase by mail and pay the premium online.

4. Why should NRIs invest in insurance in India?

NRIs can opt for an insurance policy in India to provide financial protection to their loved ones as well as avail tax benefits prescribed under the Income Tax Act, 1961. Moreover, insurance plans in India might offer lower premiums compared to international plans which prove cost-effective for NRIs.

5. How can NRI claim term insurance in India?

NRIs can follow the claim process and claim their term insurance benefits in India. They have to notify the insurance company of their claim, submit the necessary documents and the claim will be settled.

6. Are there any tax benefits in NRI term plans?

NRIs can enjoy tax deductions under Section 80C on term insurance premiums paid under old tax regime. However, the premium must be less than 10% of the sum assured^[5]

7. Can NRIs purchase term insurance without medical examination?

In order to purchase a term insurance plan, the NRI must undergo a medical examination or tele-medical as required by the insurer. Upon reviewing the final reports, the insurer will take the final call on policy issuance.^[4] Thus, buying a term plan without medical examination might be difficult.

8. Can NRIs transfer the term insurance policy to another person?

A policy, once bought, cannot be transferred in the name of the other person. The NRI will be the life insured over the policy tenure. However, NRIs can assign the policy in another’s name, in which case the title of the policy will change. In the case of assignment, the policy benefits will be paid to the assignee (the individual in whose name the policy has been assigned).

9. Can PIOs (Persons of Indian Origin) purchase term insurance in India?

Yes, PIOs can buy term insurance plans in India, provided they fulfil the eligibility parameters specified under the policy.

10. Can OCIs (Overseas Citizens of India) purchase term insurance in India?

Yes, OCIs can buy a term insurance policy in India if they fulfil the eligibility parameters specified under the policy they choose.

11. What happens to your existing insurance when you become an NRI?

Your existing life insurance policy stays active even after you become an NRI. You don’t need to cancel or change it unless your insurer mentions this as a mandatory requirement. Inform the company about your new residency status and submit updated KYC documents. Keep using your NRO or NRE account to continue premium payments smoothly. Make sure your nominee details are up to date and your contact details are accessible from your current location.

12. What are NRE and NRO accounts for Non-Resident Indians?

An NRE (Non-Resident External) account holds your foreign income in India. You can use it to pay for your NRI life insurance policy and even repatriate funds tax-free. An NRO (Non-Resident Ordinary) account holds income earned in India like rent, interest, or dividends and is subject to Indian taxes.

13. Does term insurance cover outside India?

Yes, your Indian term life insurance for NRI coverage extends worldwide. If you die during the policy term while living or travelling abroad, your nominee can still raise a claim in India. The claim will be settled in Indian rupees as long as your policy was active and all conditions were fulfilled.

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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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Is your Term Insurance Valid if you move Abroad?

One of the most effective methods of providing for your family in your absence is term insurance. The simple and affordable nature of the plan has enjoyed widespread appeal.

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BJAZ-WB-EC-13662/25

^Subject to Section 10 (10D) conditions i.e. aggregate annual premium for ULIP policies issued on or after 1st February 2021 does not exceed Rs. 2.5 Lakhs.

¹Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

^#Source: https://economictimes.indiatimes.com/investments-marts/eight-crucial-numbers-to-ensure-financial-success/10-times-the-annual-income-is-your-life-insurance/slideshow/16699748.cms . Subject to availability in Bajaj Allianz Life ULIP Plans. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

*Benchmark: Nifty 500 Multicap Momentum Quality 50 Index past 5 CAGR Returns, as on 31st December 2024. Past returns of a fund are not necessarily indicative of the future performance of the fund. | Please consult the financial advisor before investing.

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01) are only the name of the unit linked insurance contracts and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

Nifty 500 Multicap Momentum Quality 50 Index Fund is available Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01)

In addition to the already existing funds, Nifty 500 Multicap Momentum Quality 50 Index Fund is now available with the above mentioned products. Customer has an option to choose from other available funds apart from Nifty 500 Multicap Momentum Quality 50 Index Fund.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS

IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

CIN: U66010PN2001PLC015959 | Registered Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune-411006, Maharashtra

Email: customercare@bajajallianz.co.in | Tollfree: 1800 209 7272

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Disclaimer

For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

¹©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

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Claim Settlement Ratio of 99.29%^~

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Term Insurance for NRI

What is Term Insurance for NRI Plans?

Reasons to Buy Term insurance for NRIs

Financial security

Low premiums

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Features of Term Insurance for NRIs

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Why Buying a Term Insurance Plan from India Makes Sense for NRIs?

Wide Range of Options

Worldwide Coverage with 24x7 Claim Assistance

Tele/Video Medical Check-Ups

High Claim Settlement Ratio

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Low Premium Rates

GST Refund Benefit

How does term insurance for NRIs work?

Documents required for term insurance plans for NRIs

Eligibility criteria for buying term insurance plan for NRIs in India

How do you purchase term insurance for NRIs in India?

Term Insurance Plans from Bajaj Allianz Life

Why Bajaj Allianz Life Insurance ?

Claim Settlement Ratio~

Get 1 Day Claim Approval%

Stable Rating by CARE$$

Assets Under Management (AUM)***

Number of Lives Covered##

Solvency Ratio of 359%^^^

FAQs on Term Insurance for NRIs in India

1. Is an NRI eligible to buy term insurance?

2. What are the factors to be considered while buying term plans for NRIs in India?

3. Is it necessary for NRI to be present in India to purchase term insurance?

4. Why should NRIs invest in insurance in India?

5. How can NRI claim term insurance in India?

6. Are there any tax benefits in NRI term plans?

7. Can NRIs purchase term insurance without medical examination?

8. Can NRIs transfer the term insurance policy to another person?

9. Can PIOs (Persons of Indian Origin) purchase term insurance in India?

10. Can OCIs (Overseas Citizens of India) purchase term insurance in India?

11. What happens to your existing insurance when you become an NRI?

12. What are NRE and NRO accounts for Non-Resident Indians?

13. Does term insurance cover outside India?

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Claim Settlement Ratio^~

Get 1 Day Claim Approval^%

Stable Rating by CARE^$$

Assets Under Management (AUM)^***

Number of Lives Covered^##

Solvency Ratio of 359%^{^^^}