I am currently an NRI and would like to have a term insurance. What are the options available for me ?
Most Life Insurers allow NRIs to buy Term Insurance. You will be required to fill a detailed NRI questionnaire that's part of the proposal form + submit your income proof documents + fill the FATCA form.
Additionally, you should be in India while buying Term Insurance as the Insurer will want you to undergo a pre-policy medical check. Have a good 15-20 days at hand in India as the Insurer may also ask you to undergo tests more than once depending on your proposal form declaration & initial reports.
Hope this helps.
Thank you for the response.
What are the exclusions or conditions in Term insurance for NRI?
Is it going to be expensive as compared to non NRI term insurance?
Hello Kamal jee,
Premium will be same for RI and NRI, the premium is increased/loaded on the basis of medical underwriting if any adversity is found.
There are no special exclusions or conditions for NRI term insurance, policy terms and conditions remain the same.
Additional NRI annexure as mentioned above has to be filled as mentioned above, rest everything remains the same.
Gurleen Kaur Tikku
Taking this question further, are there any restrictions in issuing policy to NRI based out of Benin, Africa?
Term insurance is available to NRI and one can buy in other country through online as well as offline channel . In India , medical cost is borne by insurer but proposer has to bear the cost of medicsl if you are seeking insurance from abroad .
NRI questionnaire is a must
Premium rates are same for NRI or RI .
You can pay the premium amount through foreign currency but claim will be paid in Indian rupees only in a bank account in India .
Benin is a small amd friendly cpuntry without anyrisk of internal strife hence proposal shpuld be acceptable.