Non-resident Indians (NRIs) should compare various term insurance policies online, considering their features, available riders, and claim settlement ratios, before purchasing a comprehensive insurance plan.
Financial planning for future security is a natural instinct for most Indians, regardless of their location. This is understandable given that India does not have a centralized social security system, so it is important to prepare for any unexpected events.
The global pandemic has highlighted the importance of financial planning for future security, as it has made the previously distant possibility of death feel more imminent.
For NRIs, especially those who are living away from their families, having a robust term insurance policy is an important investment to provide financial stability in the event of their absence.
Due to travel restrictions and health risks, NRIs were previously unable to purchase a term insurance policy from India. However, as the world has returned to a state of normalcy, the requirements for buying term insurance have been relaxed for NRIs, and it is now possible to obtain a policy through telemedical check-ups. In addition, buying term insurance from India is more affordable for NRIs.
There are a few reasons why buying term insurance from India may be more beneficial for Non-Resident Indians (NRIs):
1. Term insurance premiums in India are generally lower than in other countries, especially for younger policyholders. This means that NRIs can get more coverage for their money by purchasing a policy in India.
2. Many term insurance policies in India offer additional coverage for accidental death and disability, which can be particularly useful for NRIs who may be working or traveling in high-risk environments.
3. NRIs can continue to pay premiums and maintain their term insurance policy even if they move abroad, as long as they continue to meet the policy's eligibility criteria.
4. Term insurance policies in India are generally easy to purchase and can be done entirely online, making it convenient for NRIs to get coverage from anywhere in the world.
5. Some term insurance policies in India also offer the option to include riders, which are additional coverage that can be added to a policy for an additional premium. This allows NRIs to tailor their coverage to meet their specific needs and budget.
So what are your waiting for? Get in touch with Team Navnit Insurance Broking Pvt Ltd today and get your Term Insurance policy !
