The best term plans for NRIs are often flexible, allow for easy payments and transactions with minimal paperwork and are from a reputed insurer. Looking for these critical factors when buying term insurance for NRIs will ensure your family is adequately secured against life's uncertainties.
Term insurance for NRIs is vital, considering the dual responsibilities they bear. Whether you are currently living in India or staying overseas, it ensures your family in India is financially secure in the case of any eventualities. The death benefit amount can act as a form of income replacement to help your family in their time of need.
However, to ensure your family is paid their dues when the time comes, you need to ensure you buy the right term plan for NRI.
How to Choose Term Insurance as an NRI?
Online Presence and Easy Payments
While offline plans and purchases may be fine when residing in India, online term plans and insurers take precedence for NRIs. This is because online service channels will be your only mode of communication with the insurer while overseas.
You also want to go for insurers that accept payments via online payment options for a seamless and secured online payment process.
Quick Claims Process
A quick and streamlined online claims process that ensures secure financial transactions is pivotal. This is often the first thing you should check once you have decided on a term plan as an NRI.
Check if the insurer explains the claims process clearly on their website and check if the claims settlement can be filed online.
Flexible and Customizable Plans
The best term plans for NRIs come with flexible premium payment modes and frequencies along with other options to modify your plan's coverage.
For example, at Tata AIA International, you can opt for premium payment frequencies of monthly, quarterly, half-yearly or annual and payment terms like single, limited, or regular when you buy our term insurance for NRIs.
Conclusion
Term insurance is a vital asset for all individuals, but even more so for NRIs. They often bear dual responsibilities and most tend to have dependents in India relying on them for income. So, buying term insurance for NRIs makes sense under these conditions.
They offer a way to financially secure your family in India from life’s uncertainties in the event of your death. The benefit payout can help cover your family’s living expenses while maintaining their current standard of living.
We at Tata AIA International, we offer term insurance plans to NRIs, OCIs and foreign nationals that allow all transactions in US dollars, thereby circumventing any currency or exchange rate fluctuations. Our plans satisfy all of the factors stated above, so you can rest assured your family is in good hands.
10 mins read
