If you are a non-resident Indian (NRI), you can purchase term insurance plans designed specifically for people who reside outside India. You can purchase a plan which would secure the future of your loved ones and protect them in your absence.
Term insurance are offered to the NRIs. Most of the policies are available online and do not require you to undergo medical tests. Term Insurance plans are pure protection plans. Most term policies can be purchased by Non-Resident Indians. Some companies have streamlined their process to issue the term insurance to the NRIs.
This is a type of life insurance that or years or a certain period of time. If the insured dies during the period when the policy is active, then death benefits will be paid to nominee.
Term insurance is much less expensive than permanent life insurance. It has no cash value. There are different types of policies available. They differ in terms of policy periods and premiums payable.
The premiums remain same for a set number of years, after which it increases considerably. Most of the policies can be converted to a permanent policy regardless of the change in the insured’s health.
Insurance is meant to provide the dependents with enough money to replace the policy holder’s income, if the policy holder dies. When choosing the sum assured, the policy holder must take into account the basic expenditure the family will incur, major expenses like education and other liabilities. If the insurance benefits doesn’t cover the essential financial needs, the whole purpose of the life insurance policy is defeated.