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    Term Insurance for NRIs & OCI/PIO


    A term plan adds an essential layer of financial protection for your family and, in times of need, can help them obtain the necessary resources for their financial goals and commitments.

    While term plans are an important part of a Non-Resident Indian’s (NRI’s), Overseas Citizenship of India (OCI) or Person of Indian Origin (PIO) investment portfolio, their main purpose is to secure their family in their absence. Term insurance for NRIs can offer this security while you live in another country away from your family so that you need not worry about their future in case of an unfortunate incident.

    Find out more about the working of a term plan for an NRI and its numerous features and benefits.

     

    Can NRIs & OCI/PIO Purchase Term Insurance Plans in India?


    A Non-Resident Indian & OCI/PIO can purchase a term insurance plan of their choice in India. There is a wide set of options when it comes to buying term insurance in India for an NRI.
     

    • 01.

      An NRI can buy a pure term plan for their family’s security that offers extensive life cover protection with a death benefit and no maturity benefits.
      01.
      An NRI can buy a pure term plan for their family’s security that offers extensive life cover protection with a death benefit and no maturity benefits.
    • 02.

      Some others may also choose to purchase a term plan with a return of premiums. In such policies, the death benefit is paid out on the policyholder’s death, but if they survive the tenure, the total of all the paid premiums will be offered as a maturity benefit.
      02.
      Some others may also choose to purchase a term plan with a return of premiums. In such policies, the death benefit is paid out on the policyholder’s death, but if they survive the tenure, the total of all the paid premiums will be offered as a maturity benefit.
    • 03.

      To buy term insurance for an NRI, a medical check-up is a must. However, it is not mandatory for Non-Resident Indians to be present in India to buy the policy and submit the health check-up; they can do so from their country of residence through the tele or video-medical facility offered by their insurance provider.
      03.
      To buy term insurance for an NRI, a medical check-up is a must. However, it is not mandatory for Non-Resident Indians to be present in India to buy the policy and submit the health check-up; they can do so from their country of residence through the tele or video-medical facility offered by their insurance provider.
    • 04

      If an NRI wants to claim tax deductions under Section 80C of the Income Tax Act on the term plan premiums, they must also have a valid PAN card that they can apply for while they are in India.
      04
      If an NRI wants to claim tax deductions under Section 80C of the Income Tax Act on the term plan premiums, they must also have a valid PAN card that they can apply for while they are in India.
    • 05

      Lastly, to buy term life insurance for NRIs , it is necessary that you should be verified by an Indian diplomat and a notary before proceeding with the purchase.
      05
      Lastly, to buy term life insurance for NRIs , it is necessary that you should be verified by an Indian diplomat and a notary before proceeding with the purchase.

    How Does the Term Insurance for NRIs Work?


    There is quite a lot of similarity between the way a regular term plan and a term plan for an NRI works. 

    For instance, the choice of policies, the policy tenure, and premium payment options are offered for general term plans and those designed for Non-Resident Indians. 

    Moreover, the death benefits will be paid out to your beneficiaries if you pass away during the policy term, just as with a regular term plan. For term plans with a return of premium, the total of all premiums paid will be paid out on maturity.

    To purchase the term plan of your choice, you can browse through the different term insurance policies under Tata AIA Life Insurance. Go through the benefits and features of all the plans. Also, read through all the exclusions to understand what the policy does not cover.

    Choose an adequate sum assured or coverage needed to keep your family secure in case of an unfortunate event. This amount should be sufficient for all their future financial needs, including any medical emergencies.

    You can customise the policy by choosing a policy term that is most suitable for you and your family. With a longer policy term, you can ensure uninterrupted life cover protection for your family.

    Select a premium paying term, frequency and mode that helps you keep the premiums reasonable and make the payments as per your convenience. This can help you pay the premiums without feeling any financial burden.

    NRIs & OCI/PIO can make their term plan premium payments through internet banking using their foreign bank accounts, Non-Resident External (NRE), Non-Resident Ordinary (NRO), Foreign Currency Non-Resident (FCNR) Accounts.

    The policy can be further customised with optional riders^ that protect you and your family from a specific set of risks and unforeseen events such as critical illnesses, accidental death, and disability, and more. These riders can be added to the policy for an additional premium.

    The documentation is a simple but crucial part of buying term life insurance for NRI’s. Keep all the necessary documents ready at hand so that once you finalise your policy, you can easily submit the documents.

    Once all the documents are verified, we can issue the policy and the coverage for the term plan for NRIs becomes active.

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    Term Insurance for NRIs & OCI/PIO: Eligibility Criteria

    This is the eligibility criteria when you want to purchase term insurance in India for NRIs.

    1. The minimum age limit for buying a term plan in India is 18 years while the maximum age limit is between 60-65 years.

    2. The following category of people can buy term insurance for NRIs.

    3. Non-Resident Indians (NRIs): Indian citizens who hold a valid Indian passport but are temporarily living/working in a foreign country.

    4. Person of Indian Origin (PIO)/Overseas Citizen of India (OCI): Citizens of foreign countries, except for Pakistan and Bangladesh, who meet the following criteria –

      • Has previously held an Indian passport

      • Has parents/grandparents who were Indian citizens under the Citizenship Act, 1955, or the Constitution of India.

      • Is the spouse/legal partner of an Indian citizen

    5. On the other hand, foreign nationals refer to citizens of a foreign country who are currently living/working in India.

    Popular Tata AIA product for NRIs:
     

    Features of Term Insurance for NRIs
     

    • Choice of Policy Term

      Term insurance plans for NRI’s come with flexible policy terms that one can choose from. With a Tata AIA Life Insurance term plan of your choice, you can receive whole life coverage up to 100 years of age. Thus, you and your family can enjoy uninterrupted life insurance coverage for your entire lifetime and stay secure without any worries.

    • Choice of Sum assured

      Enjoy a life cover of your preference based on your family’s needs. Your insurance provider can offer a lower limit and a higher limit so that selecting coverage is easier. Be sure to understand your family’s future financial needs and other emergencies before finalising the coverage amount.

    • Premium Payment Options

      To make premium payments convenient for NRIs, term plans offer different options for planning the payments. The premiums can be paid on an annual, half-yearly, quarterly, and monthly frequency.

      You can also choose to pay regular premiums throughout the policy term (Regular Pay), for a limited number of years (Limited Pay or opt for a one-time lump sum payment under the Single Pay mode.

    • Easy Premium Payments

      Premium payments can be easy when you buy an online term plan for NRI’s. You can keep the policy coverage active with reasonable premiums by choosing a convenient premium payment mode and frequency.

      You can use internet banking of your NRO, NRE, or FCNR accounts for the payments or use foreign bank account . You can also automate payments when you use the internet banking facility.

    • Easy Documentation

      Though there are a handful of documents required to purchase a term plan for an NRI, the documentation process can be quite simple once you have the list.

      Apart from the medical check-up, this list typically includes proof of income, proof of age, a copy of your passport, and the application form, among others. The main purpose of some of these documents is to help your insurer determine your premium.

    Benefits of Term Insurance for NRIs & OCI/PIO


    Term insurance plans for NRIs are designed to protect your family against financial insecurities in your absence. When you buy a term plan, it is not only an investment to add to your portfolio in India but can also act as a layer of financial protection that your family can access in case of your untimely demise.

    These are some of the important benefits of a term plan for NRIs & OCI/PIO:

    • High Coverage at Affordable Premiums

      The premiums for term plans for NRIs can be quite reasonable even when the life cover is quite high. This can help you choose a flexible sum assured for your family’s security without having to worry about the cost of the premium payments. You can also choose the coverage based on the premium amount you need to pay.

    • Telemedical/Video-medical Check-up

      Since a medical check-up is mandatory for NRIs buying a term plan, standard life living in a standard country with in the prescribed age limit need not come over to India for the health check-up. A simple telemedical and video-medical check-up facility can be arranged for the policyholder a detailed physical MER might be required  if any medical issue is reported by the officer conducting MER at first stage and there is no compulsion to visit India to purchase a term insurance plan. We also have empanelled medical facility in 50 + foreign countries.

    • Financial Protection

      A term plan for NRI ensures that your family is secured against the financial impact of debts, other unpaid loans, and financial liabilities in your absence. In case of an unfortunate incident in your country of residence.Rider Benefits

      Your policy coverage can be easily enhanced with optional riders^ that offer protection against specific risks. Get coverage for critical illnesses, accidental death, disability, and more, just at an added nominal premium cost. One or more riders can be selected when you purchase the policy based on your needs.

    • Whole Life Coverage

      Term plans for NRIs by Tata AIA Life Insurance Tata offer whole life coverage up to 100 years of age. Understand your family’s future financial needs and choose a suitable policy term for maximum protection and life cover benefits.

    • Return of Premium

      Tata AIA Life Insurance term plans with a return of premium offer a 105% return of the total premiums paid$. Hence, if you survive the policy term, you will be eligible to receive these maturity benefits.

    • Life Stage Benefits

      Under your term insurance plan, you can opt for the Life Stage Plus option at policy inception which enables you to increase your coverage at important milestones in your life. These milestones include events like marriage and childbirth where additional coverage is necessary.

    • Tax Benefits

      As an NRI, you can claim tax deductions on your term plan in India. Under Section 80C of the Income Tax Act, you can claim the deductions on the premiums paid on the policy if you have a valid PAN card and taxable income in India.

    • How Can NRIs & OCI/PIO Purchase Term Insurance Plans?

      As an NRI , OCI/PIO, if you choose to buy a term insurance plan in India, the process of buying the policy is quite hassle-free and simple once you know how to go about it. 

      These are the two ways an NRI can buy a term plan in India.
       

      While In India

      The process of buying a term plan for NRIs in India can be simple, especially if you choose to buy it through online mode.

      • Visit the Tata AIA Life Insurance official website to buy online term insurance for NRIs

      • Go to term plans and browse the different term insurance plans. 

      • You can also contact Tata AIA Life Insurance customer service for assistance.

      • Once you find a policy that meets your needs, you can submit all the documents required for the policy.

      • You will also need to disclose your country of residence to update all your details.

      • Our sales representatives also can help you in buying the policy.

      From the Country of Residence

      The process of buying the term plan from your country of residence require no additional effort.

      While you buy from a foreign country NRI doesn't need to be present in India when they need to present their medicals. Facilities like tele or video medicals can help them verify their medical documents and check-ups without having to travel to India. Also we have emplaned medical centres in 50 + countries if there is any further investigation suggested in Video/ tele MER

    Documents Required to Purchase Term Insurance for NRIs


    The presentation of documents of the term insurance for NRIs is an important step that should be followed properly so that everything runs smoothly and smoothly in the policy purchase.
     

    • Valid passport and an attested copy of the same document of the insured & Proposer (in case both are different).

    • The policy proposal form or the application filled out online 

    • All the medical check-up reports and documents with the policyholder’s health status.

    • Proof of income and a copy of the Tax Residency Certificate (TRC).

    • Proof of age of the policyholder.

    • Proof of address could be any government approved address proof in any language with a valid address in it (eg. Driving license, Bank statement, Residence card with address etc. ) 

    • Foreign nationals should have a OCI card or its substitute otherwise should possess a valid Indian work visa

    • The first premium payment amount.

    Frequently Asked Questions (FAQs) About Term Insurance For NRIs

    Does the NRI & OCI/PIO need to be present in India while buying the term insurance plan?

    No, it is not necessary for one to be present in India while buying term insurance for NRI & OCI/PIO. Since medical check-ups can be checked and confirmed via tele or video calls, an NRI can purchase the policy from their country of residence.

    What is the mode of premium payment for term insurance for NRIs & OCI/PIO?

    As a non-resident Indian &OCI/PIO,  you can purchase a term plan for NRI and pay the premium amount by logging on to your Non-Resident External (NRE) or Non-Resident Ordinary (NRO) account or foreign bank account with swift facility. Be sure to check if your bank offers internet banking facilities so that the process is simple and hassle-free.

    Are there any tax benefits for NRIs & OCI/PIO with term insurance?    

    The tax benefits for a term plan for an NRI & OCI/PIO are the same as a resident policyholder when it comes to claiming tax deductions. You can claim tax deductions on the premiums paid under Section 80C. However, you can only claim the 80C deduction if you have a valid PAN (Permanent Account Number) card.

    What are the ways of customising the term insurance for NRIs & OCI/PIO?

    A term plan for an NRI & OCI/PIO can be customised on the basis of the policy tenure, the sum assured amount and also the premium payment frequency and mode. One can also further customise the policy by adding term plan riders^ to the policy. However, the customisation through riders may be subject to certain terms and conditions.

    Can NRIs & OCI/PIO purchase multiple term insurance plans in India?

    Yes, an NRI & OCI/PIO  can purchase multiple term insurance plans in India, provided that the premiums for all the policies are paid on time.

    What happens if I become an NRI & OCI/PIO after I buy a term insurance plan in India?

    If you have purchased a term insurance plan and then want to move abroad, let your insurance provider know about it so that the policy details can be altered accordingly. Also, mention the name of the country where you will be residing. Your insurer will get in touch with you if more information is needed.

    Can NRIs & OCI/PIO purchase term insurance plans without coming to India?

    Yes, an NRI can purchase a term insurance plan without visiting India. There are telemedical and video medical services available that enable the NRI to get their medical documents checked before the policy purchase without being present in person.

    What are the factors to consider before NRIs & OCI/PIO  purchase term insurance in India?

    It is important for an NRI  & OCI/PIO to consider the below factors before purchasing term insurance in India for NRI:

    • The policy tenure

    The policy term for term insurance for an NRI & OCI/PIO can be as less as 6 months and go up to a maximum term of 40 years. Be sure to choose a policy tenure that will cover your family for an adequate period of time. While the plan is active, you (the policyholder) should be between 18 – 65 years of age, as this is an important eligibility criterion for a term plan.

    • The policy coverage

    The sum assured or the policy coverage should be planned as per your family’s future financial needs. In your absence, the death benefit paid out to them should offer sufficient financial support to them. Consider all expenses and emergencies when planning the sum assured, including the inflation rate. You can also opt for an increasing term plan whose coverage increases every few years.

     

    Are the maturity benefits taxable for the NRIs & OCI/PIO?

    NRIs & OCI/PIO can enjoy a tax exemption on the maturity benefits of a term plan with a return of premium under Section 10(10D). These exemptions are, however, subject to policy terms and conditions.

    How can an NRI & OCI/PIO  make a term insurance claim?

    To file a term insurance claim in India, the NRI & OCI/PIO should ensure that they have a valid term plan and all the necessary documents to file a claim. One can reach out to Tata AIA Life Insurance through any of the below channels:

    • Email us at: customercare@tataaia.com

    • Call our helpline number - 1860-266-9966 (local charges apply)

    • Walk into any of the Tata AIA Life Insurance Company branch offices

    • Write directly to us at:

    • The Claims Department,

    • Tata AIA Life Insurance Company Limited

    • B- Wing, 9th Floor,

    • I-Think Techno Campus,

    • Behind TCS, Pokhran Road No.2,

    • Close to Eastern Express Highway,

    • Thane (West) 400 607.

    • IRDA Regn. No. 110

    Is medical examination mandatory for the NRIs & OCI/PIO to buy term insurance in India?

    Yes, it is mandatory for an NRI & OCI/PIO to undergo a medical examination in their country of residence and provide the results to the insurer in India. They can send over the documents via courier or also opt for the telemedical or video-medical option.

    Can the NRIs & OCI/PIO transfer the term insurance policy to another person?

    Yes, NRIs & OCI/PIO can transfer or assign the term insurance policy to someone else. However, the insurance provider should be informed about the transfer so that the due process is followed and the transfer is smooth and hassle-free. From here on, the new owner of the policy will have to start paying the policy premiums.

    Disclaimers

    • L&C/Advt/2023/Aug/2776

    • The complete name of Tata AIA Sampoorna Raksha Supreme is Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN:110N160V03) - A Non-Linked Non-Participating Individual Life Insurance Plan

    • $Under Life Plus Option, an amount equal to the 105% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier

    • Tata AIA Sampooorna Raksha Supreme plan offers pure risk premium option under Life Option and return of premium benefit under Life Plus Option along with other benefits. Please refer sales brochure for complete details.

    • This product is underwritten by Tata AIA Life Insurance Company Ltd. This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.

    • Insurance cover is available under this product. For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale.

    • In case of sub-standard lives, extra premiums will be charged as per our underwriting guidelines. Buying a Life Insurance policy is a long-term commitment. An early termination of the policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.

    • *Applicable for specific plan options. Please refer brochure for additional details.

    • ~Applicable for specific plan options. Please refer brochure for additional details. 

    • #Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you. 

    • +Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess, if any will be charged extra as per prevailing rates. The Tax Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.

    • ^Riders are not mandatory and are available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/Intermediary/ branch.

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