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Can NRI buy term insurance?
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25 Sep, 2021
by KAMAL Gugliani
I am currently an NRI and would like to have a term insurance. What are the options available for me ?
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26 Sep, 2021
KAMAL Gugliani
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08 Oct, 2021
CEO, Insurance Samadhan
Dear Kamal
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.
Best wishes
Shailesh@insurancesamadhan.com
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Hi Kamal,
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.
Asad Akbar