For non-resident Indians (NRIs), securing their Indian family’s financial future is paramount, especially if they are the main breadwinners. Term insurance plays a crucial role in providing this protection, ensuring that loved ones are financially secure even in the absence of the NRI.
Advantages of Purchasing in India
While NRIs have the option to buy term insurance either in India or their country of residence, several factors make opting for Indian plans more advantageous. Firstly, Indian term plans are tailored to suit the needs of the Indian population, aligning well with the requirements of NRIs. Additionally, affordability is a significant advantage, with premiums in India being substantially lower compared to abroad. NRIs can save up to 50-60% on premium costs by purchasing from India, with the added benefit of a GST waiver, saving them 18% in taxes.
Accessibility and Customization
Accessibility has also improved for NRIs, who can now purchase term plans from India while residing abroad through streamlined processes like e-KYC and tele-medical examinations. Customization options are available, allowing NRIs to tailor plans to their specific needs by opting for add-on covers at affordable rates. Claim processing is also convenient, with payouts delivered without hassle to their family in India, and the option for repatriation of the sum assured if nominees reside abroad.
Ensuring Ease of Claim Processing
Purchasing a term plan from India ensures ease of claim processing for NRIs’ beneficiaries, as navigating claims in a foreign country can be challenging. By choosing an Indian plan, NRIs can simplify the process for their loved ones, ensuring they receive the financial support they deserve without unnecessary complications.
In conclusion, opting for term plans in India offers NRIs affordability, accessibility, customization, and ease of claim processing, making it a prudent choice for securing their family’s financial well-being.
