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Term Insurance For NRI
Term insurance of NRI (Non-Resident Indian) provides financial protection to the NRI's family in case the NRI passes away. ...Read More
1 Crore Term Insurance@ Rs.21/day***
To delay is to regret
You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.
:1800-266-9777
What is Term Insurance for NRI Plans?
Table of Content
1. Features of NRI term insurance
2. What are the benefits of term insurance for NRIs?
3. Why should NRIs purchase a term plan from India?
4. Why Choose the NRI Term Insurance Plan Offered by HDFC Life?
5. What are the Riders* Offered with NRI Term Insurance?
6. How Do Term Insurance Plans For NRI Work in India?
7. Why Sum Assured is an Important Factor When it Comes to Term Insurance?
8. When should an NRI buy a term insurance plan?
9. Can NRIs Buy Term Plans in India?
10. What Are the Documents Required for Term Insurance Plans for NRI in India?
11. Who is Eligible to Buy Term Insurance for NRI in India?
12. How can I purchase NRI term insurance in India in 2025?
Regardless of which foreign country you currently reside in, whether it's the US,UK or Canada, term insurance plans for NRIs can indeed be crucial to secure your family’s future, at least financially.The term plan for NRI protects your family's financial future in the unfortunate event of your untimely death. Through the insurance cover amount, your family can pay off any liabilities like home loans, car loans, or credit card dues, continue to cover their daily costs and maintain their standard of living.
To simply put, term insurance meaning refers to a life insurance policy where the policyholder pays premiums for a fixed period to secure a financial cover. Term insurance plans for NRIs work the same way as other term plans in India. To get the assured cover amount, the policyholder pays the premium timely whenever required. The nominee, who can be your family member or other loved ones, receives the sum assured in the unfortunate event of the policyholder passing away during the tenure of the term insurance for NRIs in India.
Features of NRI term insurance
Easily pay without any trouble
Choosing the amount of life insurance coverage you want
Adjust the policy term according to your needs
Simplified Documentation
Tax Benefits
If you purchase the best term insurance plan for NRI online, paying the premiums can be simple. To make payments, NRIs can use a foreign bank account or the internet banking feature of your NRO, NRE, or FCNR accounts. The features of term insurance include flexible payment options and affordable premiums.
NRIs can conveniently choose a term life insurance plan whose cover amount suits their family’s needs. Depending on your existing assets, liabilities and expenses, NRIs can choose the coverage amount for term insurance for parents that is likely to be enough for their family's financial future.
Big insurance companies in India, like HDFC Life, provide flexibility in term insurance for NRIs in India to adjust the policy term. NRIs can select from a variety of flexible policy tenures with term insurance plans, such as 10 years, 20 years, 40 years,and so on. NRIs can nowadays even select the best term insurance plan for NRI that offers coverage till the age of 100.
Purchasing term insurance for NRI requires a few documents. In addition to the physical examination, this list usually consists of the application form, a copy of your passport, proof of age, and proof of income. Some of these documents are primarily meant to assist your insurer in calculating your premium. Using a term insurance calculator, you can get an estimate of your premium based on these details before submitting your documents, helping you make an informed decision.
When it comes to paying premiums, deductions under 80C and for other optional riders (depending on the riders chosen), NRIs are eligible for tax benefits. Section 10(10D) of the Income Tax Act, 1961, specifies the conditions under which the insurance payout is exempt.
What are the benefits of term insurance for NRIs?
The benefits of term insurance for NRI are manifold. Here are some of them:
1. Advantages from taxes
For the term insurance premium paid under Section 80C and the premium paid for other optional riders (depending on the riders chosen), NRIs are eligible for income tax benefits. Income Tax Act of 1961's Section 10(10D) specifies the conditions under which the payout for the term plan for NRI is exempt from taxes.
2. Death benefits
Term insurance policies provide a sum assured in the event that the policyholder experiences an unfavourable event. According to the guidelines outlined in Section 10(10D) of the Income Tax Act of 1961, this is given to the nominee and is tax-free.
3. Staying financially secure
For NRIs, term insurance can be a very reliable source of financial protection for their family’s future. NRI term plans can be a cost-effective way to cover your loved ones' future expenses through the assured cover amount, thus letting NRIs live with mental peace. In case being an NRI you have multiple financial dependents in India as well as aboard then you can opt for 2 crore term insurance for a comprehensive financial protection.
4. Choose how you want to get paid
Several payout options are available for term insurance for NRI in India, including lump sum, regular income, lump sum plus regular income, & increasing cover over time. Depending on your family's preferences and lifestyle requirements, you can choose anyone.
5. Long Term Coverage
Term insurance for NRI in India provides only death benefit, i.e., the nominees will receive a lump sum in the event of untimely demise of the insured within the policy term. If the insured survives the term, the policy will expire, and the coverage ceases.
The policy offers complete coverage.. It provides the policyholder and their family with financial stability. The long-term coverage eliminates the ordeal of frequent renewals.
6. Limited Pay Benefits
This option in term insurance for NRI is the best way to save money while keeping the coverage intact. Under this benefit, the insured can pay regular premiums for a specific period determined at the time of policy purchase. They need not continue with premium payments after the period. However, the policy will remain in force for the entire tenure.
Why should NRIs purchase a term plan from India?
NRIs should purchase a life insurance policy from India to secure their family’s financial future for several reasons. Some of them are:
A Large Number of Insurers Available in India
A large number of players in the market offering term insurance for NRI promote competition. Customisable premiums, flexible payment options, better features, and service are the advantages. They can avail of a tailored plan with customisable amounts to suit their specific needs. They can get complete coverage with flexible options for their family’s financial security.
Pre-approved cover
The sum assured for the term plan for NRI is determined at the time of purchasing the policy without any of the mandatory requirements like medical check-ups, proof of income, KYC, etc. It makes the whole insurance buying process seamless and straightforward without the need for elaborate documentation.
Worldwide Cover With 24x7 Claim Assistance
Under the term insurance for NRI, the insured is eligible for coverage worldwide without restriction on country of residence. Claims can be raised from any corner of the globe. The assurance that the family can apply for the claim without any bar on time zone or location gives the insurer peace of mind.
Tele/Video Medical Check-ups Video or Tele Medical Check-up
To purchase the term insurance for NRI, the prospective buyer does not need to be in India. Medical check-ups can be done online by making a call with the doctor instead of a physical examination. Details like existing health issues, family medical history, and prescription medicines for the existing condition have to be declared during the conversation. Suppression of information during the policy purchase can result in rejection of claim settlement.
Claim Settlement Ratio
This is a very important factor to be considered while purchasing a term insurance plan for NRI. Claim settlement ratio reflects an insurer's reliability, indicating the percentage of claims paid. Higher ratios suggest trustworthiness when choosing or renewing an insurance policy.
Easy Claim Process
The claim process for term insurance for NRI in India will be more straightforward in case of the death of the policyholder. The beneficiaries need not travel to the country of residence for claim settlement. It can be done in India which makes the whole process simple and seamless.
Low Premium Rates
Non-resident Indians can avail themselves of the best term insurance plan for NRI at much more affordable rates than international term insurance plans. It will be around 50% to 60% less than the international term plans.
Special Exit Options
Generally, term insurance plans offer life coverage for a specific period, and if the policyholder survives the term, no benefits or returns are provided. However, the special exit options available in term insurance for NRI give the benefit of returning all the premiums paid if the policyholder exits the policy before maturity.
GST Refund
If the NRIs pay the premium for the term plan through an NRE account in easily convertible currency or through Foreign inward remittance certificate, according to Government of India guidelines, they are eligible for the 18% GST Refund by providing required documents such as Tax ~ residency certificate for NRIs, address proof of the foreign country of residence, NRE account statement and such other documents as required, Extra Discount On Annual Payment Method
Instead of paying the premiums in monthly instalments, if the policyholder opts to pay the premiums for the best term insurance plan for NRI, he/she is eligible for a discount on the premium payable. The discount percentage extended depends on the insurance provider chosen.
Why Choose the NRI Term Insurance Plan Offered by HDFC Life?
Term insurance for NRI in India offered by HDFC provides extensive coverage and ensures financial security for the policyholder’s family, even when living abroad. The flexibility of premium payments and policy tenure is an added advantage. NRIs can consider their family’s future needs and monetary objectives to decide the sum assured. They are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act 19613, making the plan economical.
The add-on* benefits like critical illness riders and accidental death benefit riders enhance the coverage. With the facility to apply for the term plan online and global protection, it provides peace of mind to NRIs, it is a reliable and accessible option for the security of their family’s future.
What are the Riders* Offered with NRI Term Insurance?
The riders offered with term plan for NRI are:
Accidental Death Benefits
NRIs can opt for add-ons* such as accidental death benefit riders to the base plan. An additional payout along with the death benefit in case the policyholder dies in an accident enhances financial protection.
Terminal Illness Benefits
The terminal illness benefits riders* added to the term insurance for NRI provide a lump sum payout if the policyholder is diagnosed with a terminal illness.
Cover Against Critical Illness
By opting for critical illness, riders* Non-Resident Indians (NRIs) get coverage against critical illnesses like heart disease, kidney failure, cancer, etc. The insurer provides a pre-determined lump sum if the policyholder is diagnosed with any of the critical illnesses listed under the plan.
Waiver of premiums on Disability
Adding the waiver of premium on disability riders to the base plan will help if the policyholder is permanently disabled due to an accident and loses a job during the policy term. The future premiums will be waived while keeping the policy active.
How Do Term Insurance Plans For NRI Work in India?
For NRIs, term insurance plans in India work in the same way as regular term plans. There is no big difference that can become a cause of worry for NRIs. When the policyholder keeps paying the NRI term insurance premium in a timely and full manner, the assured sum is given to the nominee if the policyholder dies during the tenure of the Life Insurance for NRI Policy. Also, if the policyholder survives the tenure of the insurance policy, NRIs may choose the return of premium (ROP) option, in which the entire amount of premium payment is returned to the NRI policyholder at maturity. Furthermore, NRIs can expand the coverage of their plan by adding more optional riders or add-ons.
Why Sum Assured is an Important Factor When it Comes to Term Insurance?
Choosing the right sum assured in your term insurance plans is essential for your family's financial security. This sum provides crucial protection in case of unexpected events, giving you peace of mind. A higher sum ensures your loved ones are well-supported, covering debts, education costs, and income replacement. Selecting the right amount is key to ensuring their future is secure. To explore the best term life insurance options and find the ideal sum assured for your needs, click the tabs below.
ARN - ED/02/25/21047
When should an NRI buy a term insurance plan?
One of the most common sum assured preferred among term insurance buyer is 1 crore. Premium for term insurance increases with age thus it is recommended that as an NRI you opt for a term plan as early as possible to avoid high premiums. You can also opt for additional rider like critical illness and term insurance with return of premium -
Age |
Policy Term |
Monthly Premium (Rs.) |
Monthly Premium with Critical Illness Rider (Rs.) |
Monthly Premium for Return of Premium option (Rs.) |
20 |
40 |
692 |
711 |
1581 |
30 |
40 |
1176 |
1286 |
2592 |
40 |
40 |
2343 |
2885 |
4775 |
Disclaimer – ...Read More
Can NRIs Buy Term Plans in India?
Yes, they surely can. If they meet the relevant term insurance eligibility criteria set by a life insurance company, non-resident Indians (NRIs) can indeed be eligible to buy term insurance in India to secure their family’s financial future with the assured cover.
What Are the Documents Required for Term Insurance Plans for NRI in India?
The documents required for a term insurance plan for NRI in India are:
Passport and Identification Documents
A valid passport of the policyholder. Wherever the insured and the proposer are different, an attested copy of the insured and the proposer’s passport should be submitted. Documents issued by the government with a valid address, such as a driving licence, residence card, and bank statement, can be submitted as identity proofs.
Application or Proposal Form
An online application or a proposal form duly filled and signed.
Medical Examination Reports
All medical examination reports concerning the applicant’s current health condition and pre-existing illnesses.
Proof of Earnings and Tax Residency Certificate (TRC)
Revenue proof like salary slips or Income Tax Returns and a photocopy of tax residency certificate.
Proof of Age
A valid passport or birth certificate is accepted as proof of age.
Address Proof Documents
The documents accepted as address proof are valid passports or government-approved documents like a driving licence, residence card, and bank statement.
Requirements for Foreign Nationals
Foreign nationals require a valid Indian work visa along with the OCI card or its substitute.
Who is Eligible to Buy Term Insurance for NRI in India?
Individuals eligible to invest in term insurance for NRI in India are:
Non-Resident Indians
Indian citizens holding a valid passport and residing or employed or carrying out a business abroad for 182 days or above are considered Non-Resident Indians, and they can buy term insurance for NRI in India.
Persons of Indian Origin (PIO) & Overseas Citizens of India (OCI)
Individuals with Indian ancestry and Indian citizenship residing abroad (OCI).
Former Indian Passport Holders
Citizens of foreign nations except Bangladesh and Pakistan who held a passport issued in India in the past.
Ancestral Connection
Citizens of foreign countries except Bangladesh and Pakistan whose parents or grandparents are considered Indian Citizens according to the Citizenship Act 1955 or the Constitution of India.
OCI Eligibility for Spouses of Indian Citizens
A foreign national married to an Indian Citizen comes under the OCI category.
How can I purchase NRI term insurance in India in 2025?
There are two scenarios wherein NRIs can purchase term insurance in India in 2024:
a. While in India
It's simple and quick to buy the best term insurance plan for NRI. All the NRI has to do is locate a preferred insurer and request to buy the policy. After the procedures are finished, the policy is regarded as a typical term plan that Indian nationals have purchased. However, NRIs are required to reveal where they currently reside. The majority of insurers have a list of nations in which they will not provide coverage. Additionally, the NRI might pay higher premiums if they reside in an area with political unrest.
b. From the country in which you currently reside
Buying term insurance for a non-resident alien (NRI) from overseas is a little more difficult. They are required to purchase the policy by mail. The process necessitates that an Indian diplomat and a notary verify the NRI. For verification, the majority of NRIs need an official from the Indian embassy. Indian students pursuing their studies overseas may request assistance with the verification process from their dean or supervisor.
How can NRIs in India claim term insurance in 2025?
In the case of term insurance plans for NRI, a claim can be made in India in 2024 by taking two major steps. The first is to notify the insurance company of the policyholder's death. The second is to understand and complete the paperwork, such as the submission of claim forms, original policy documents, death certificates, medical certificates (if required), employer certificates, post-mortem reports, etc.
FAQs on Term Insurance for NRIs in India
Q. Is NRI eligible for term insurance?
Yes of course. NRIs are eligible for term insurance in India if they fit into the eligibility criterion of big insurers in India such as HDFC Life. NRIs who fall into the required age bracket and provide the relevant documents and forms are eligible for buying term life insurance in India in 2024.
Q. Does the NRI need to be present in India while buying a term insurance plan?
No, it is not usually necessary for NRIs to be physically present in India to buy term plan. Many insurers offer the facility wherein NRIs can buy term life insurance while living abroad. In such cases, NRIs are required to purchase the policy through mail order. The process necessitates that an Indian diplomat and a notary verify the NRI.
Q. Can NRI continue term insurance in India?
If you had earlier bought term insurance in India and then went abroad and became an NRI, you can still continue with the existing term insurance. To be sure about it, contact your insurance provider to enquire if they can keep your existing term insurance plans for NRI active. Generally, most insurers allow NRIs to continue with the term plan purchased in India.
Q. Why do NRIs invest in insurance in India?
NRIs who are living far away from their family and wish to secure their financial future, choose to invest in 1 crore term insurance in India. Investing in this type of NRI term insurance for your family residing in India not only helps secure their future through the assured cover amount but also enables NRIs to live with mental peace, knowing their family’s financial future is not in jeopardy.
Q. What are NRE and NRO accounts for Non-Resident Indians?
For NRIs, the NRE (Non-Resident Rupee) account is an Indian rupee-denominated account which offers complete security. NRE accounts can be in the form of savings, recurring deposits, current accounts, or FDs (fixed deposits). The foreign currency you deposit into the NRE account is converted to Rupees.
On the other hand, NRO (Non-Resident Ordinary Rupee) account is a savings or current account held by NRIs to handle the income earned in India. NRO account-holders can both deposit and handle their accumulated rupee earnings easily. But keep in mind that the NRO account enables you to receive funds in both Indian and foreign currency.
Q. What happens to insurance when you become NRI?
If you report to the insurer in writing about the change in status, the plan may remain the same or be modified according to the country of residence in the case of a term insurance plan. However, in the case of a life insurance plan, the life cover will remain the same irrespective of your geographical location.
Q. Can OCI take term insurance?
Yes. An OCI can buy term insurance in India. The term plan serves as a financial safety net for the policyholder’s family when they pass away.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
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^ Available under Life & Life Plus plan options
#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved
##Individual claim settlement ratio by number of policies as per audited annual statistics for FY 23-24
***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V07), Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of 622/30=20.7).
**7% online discount available on 1st year premium only
~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.
3. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961, and are subject to changes in tax laws.Please consult your tax advisor for more information.
*Add-Ons / Riders are subject to payment of additional premium.
ARN- ED/03/25/22509