Term insurance plans for NRIs: Ensure policy offers global coverage

Verify insurer's claim settlement ratio, review sum insured limits, and check if medical examination can be done over video

Term insurance purchases by non-resident Indians (NRIs) have doubled on Policybazaar’s platform over the past two years. Many are turning to plans from India to safeguard their families, with those from the United Arab Emirates (UAE) and other Gulf Cooperation Council (GCC) nations leading the trend.

 

Attractive premiums 

Lower premium rates are a major draw. “Term insurance plans purchased from India are 30–50 per cent more affordable compared to similar covers abroad,” says Varun Agarwal, head of term insurance, Policybazaar.com. This enables NRIs to secure higher cover for the same cost.

 

Claim settlement is also easier for nominees. “Since beneficiaries