The thrilling and stable returns offered by the Indian investment market have long captivated Indians living abroad — PIOs, NRIs, and Expats. Over the last few years, the diverse range of investment opportunities accessible in India has remained the highlight.
Investors are flocking to the Indian market because of the technology-enabled banking facility, as well as safe payment options and flexible nation rules. Digital paperwork, such as FATCA (Foreign Account Tax Compliance Act) and KYC/video-based verification, are also driving investors to make the most of the worth of their home country’s currency.
Premium sums received through proper banking channels from outside India are legitimate and classified as ‘Freely Convertible Foreign Exchange,’ according to Reserve Bank of India standards.
If you’re an NRI looking to purchase a protection or term insurance plan, India has a variety of possibilities. In reality, as compared to other nations, term plans in India are far less expensive.
Another key reason for those living outside of India to get term insurance in India is that their family/nominees may live in India or may move there in the future. If something bad happens to them, God forbid, their Indian families would be put through emotional and financial strain.
When you acquire a term life insurance plan in India, you have confidence and trust that the brand would be available in your home country and that your family will be able to complete the claim processes there. You may financially safeguard the future of your loved ones and help them stay covered even when you are not around with a term life insurance plan in India.
You can get a huge cover sum like Rs 1 crore for a little monthly cost like Rs 500.
When NRIs visit India, it is one of the simplest and most expedient ways to get term insurance. People who travel to India at least once or twice a year are most likely to be able to do so. Those who are unable to purchase a policy while in India can do it online through a variety of portals. All that is necessary is that you apply for the term plan of your choice online.
After you’ve completed the application and paid the premium online, the insurer may request a telemedical or physical exam based on your medical history, in addition to the required documentation. The insurer may consider the nation you live in when processing your application, and if everything is in order, the application is accepted and a policy is provided to the client.
Life insurance is unquestionably one of the most effective methods to financially secure your loved ones’ future in the event of your death. Even if you are an NRI living outside of India, you should get a term insurance plan in India as soon as possible since term insurance policies in India are the lowest in the world.
It is crucial to recognise that the loss of the family’s breadwinner may be a severe setback for the dependents, and it is critical to have a safety net in place to ensure that your family members live a respectable life in peace.
Donald G. is the Principal Consultant at NRI Money+. He specialises in creating personalised financial plans for NRIs (Non-Resident Indians) and HNI (High Net-worth Individuals).
