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Term Insurance for NRIs

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22 Jun, 2023 by  Ram


I am an NRI, living outside of India for 10+ years now. I am in age bracket of 40-45 years, with no medical history or condition at the moment. I am looking for pure vanila term insurance options in India, sum assured of around 2Cr+. Few questions:

  • Is there any preference on Insurance company - LIC Vs Kotak Vs Max Vs anyone else?
  • For the medical requirements, some companies seem to be okay with tests getting conducted outside India. How to go about it. and the info is very "agent-dependent".
  • What are the pitfalls I should be aware of. Agents may be over-eager and may help in getting the insurance but how should I ensure that they dont fill in any information which may backfire for me or my family later.
  • Lastly, an agent has shared that Max Life is providing up to 3CR term insurance for NRIs without medical tests. Couldn't find it on Max's website. How to find the legibility of such campaigns.


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1 Answer

11 Jul, 2023

Hello Ram,

It's great that you're planning to buy a term insurance plan for your family's financial security. Here are the answers to your questions -

  1. You can compare the plans you mentioned, along with other top term insurance plans in the market on Beshak⭐Ratings. It allows you to objectively compare plans based on 100+ parameters, helping you make an informed purchase decision.
  2. Some insurers do offer the option of undergoing tests outside of India. However, it's important to note that there may be an additional cost associated with this service, which you would need to pay to the insurer. And, after undergoing the medical tests, you would need to send the test reports to the insurer in India.
  3. Your concern is genuine. Any incorrect declarations could impact future claims. To avoid this, it's recommended that you purchase the policy through a reputable and experienced financial advisor. You have the option of filling out the proposal form yourself or seeking assistance from a trusted financial advisor. In either case, it's important to thoroughly review the details before proceeding with the application. If you're looking for a trusted financial advisor, you should check out our free 1-to-1 consultation service, where you can connect with curated financial advisors across the country. 
  4. Generally, insurers don't issue a term insurance plan without medical tests, especially after the Covid-19 pandemic. However, to get a clear understanding of the specific requirements and any exceptions, you should consult with an experienced financial advisor who can provide you with detailed information on such intricacies.

Our free 1-to-1 consultation service is powered by Beshak's unbiased analysis and research. You can choose an advisor of your choice and discuss your requirements in depth with them. They will help you with any specific questions or concerns you may have, and assist you in narrowing down on a term plan that best suits your and your family's needs.

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