Living away from your homeland doesn’t mean you have to compromise on securing your family’s future. For Non-Resident Indians (NRIs), life insurance in India offers financial protection, tax benefits, and peace of mind. Let’s explore the best NRI life insurance options available and how you can choose the most suitable plan.
NRI Life Insurance refers to life insurance policies available to Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs), who live abroad but want to ensure their families in India are financially secure in their absence. These policies offer similar benefits as those for resident Indians but come with additional eligibility and documentation requirements tailored to NRIs.
Financial Protection: Your family’s future expenses (education, healthcare, lifestyle) are secured.
Affordable Premiums: Indian insurance premiums are often lower than those in foreign countries.
Investment & Tax Benefits: Many policies offer maturity benefits and Section 80C tax deductions.
Estate Planning: Helps in transferring wealth smoothly to family members.
Repatriation of Funds: Some policies allow repatriation of maturity or death benefits abroad.
Understanding the different types of life insurance can help NRIs make informed decisions. Here are the most common types:
Term insurance for NRI is a pure life cover plan where the nominee receives the sum assured if the policyholder passes away during the policy term.
Low premium with high coverage
No maturity benefit
Best suited for individuals looking for financial protection without investment
These policies offer coverage until the age of 99 or 100, and also build cash value over time.
Ideal for estate planning
Premiums may be higher than term insurance
Combines insurance with savings. If you survive the term, you get a lump sum amount.
Good for long-term savings goals
Provides both maturity and death benefits
These plans offer a mix of insurance and investment in market-linked funds.
Risk and return go hand-in-hand
Suitable for NRIs with high-risk appetite
The Life Insurance Corporation of India (LIC) is the most preferred insurer when it comes to NRI life insurance India. LIC has tailor-made policies and a dedicated LIC NRI portal to cater to the needs of NRIs.
Pure term plan available online
Sum assured from ₹50 lakhs onwards
Available for NRIs aged 18–65 years
Combines protection and savings
Offers life cover even after policy term ends
Available to NRIs during their stay in India
Whole life policy with annual survival benefits after the premium term
Ideal for long-term planning
Option to receive lump sum maturity benefit
Premium Payment Flexibility: Pay via NRE/NRO accounts, debit/credit cards, or online through the LIC NRI portal
Medical Tests: Required depending on age, sum assured, and health conditions
Policy Issuance: Can be done during a visit to India or remotely with documentation
Claim Settlement: Quick and seamless processing for NRI nominees
Whether you're residing in the US, UAE, Canada, Australia, or any other part of the world, you can easily purchase NRI life insurance in India through these steps:
Choose the Right Plan: Compare term, endowment, or ULIP plans.
Calculate Premium: Use Term insurance for NRI premium calculator available on insurer websites.
Submit Documents: Identity proof, NRI status proof, address proof, income proof, medical reports.
Complete Medicals: Either in India or from an approved foreign diagnostic center.
Pay Premium: Through LIC NRI portal, bank transfer, or card payment.
Policy Issuance: Once documentation and underwriting are complete.
Go for term life insurance for NRI if protection is the main goal.
Choose ULIPs or endowment policies if you seek investment.
Always compare premiums via a term insurance for NRI premium calculator.
Look for premium waiver options and online discounts.
LIC and other top insurers in India boast high claim settlement ratios, ensuring reliability.
Ensure the insurer supports repatriation of maturity or death benefits under RBI guidelines.
While Indian life insurance enjoys tax benefits under Section 80C and 10(10D), check for tax liabilities in your country of residence.
Brand Trust: LIC is the largest insurer in India.
Multiple Options: From term to endowment to whole life plans.
Online Services: Through the dedicated LIC NRI Portal
Global Coverage: Policy can be taken while abroad or during India visit.
Easy Claim Process: Streamlined claim process for families living in India or abroad.
Using a premium calculator helps in budget planning. Most insurance company websites and LIC's official site offer a free term insurance for NRI premium calculator.
Input your age, sum assured, policy term, and smoking status
Get a premium estimate
Adjust features like riders (accident cover, waiver of premium) to see changes
Tip: Always compare 3–4 policies before choosing.
Yes, NRIs can purchase LIC policies either during their visit to India or from abroad, subject to specific documentation and medical tests.
Medical tests are required based on age, health, and the sum assured. LIC and other insurers have tie-ups with global medical centers.
NRIs can pay via:
NRE/NRO bank accounts
Credit/Debit cards
LIC NRI portal
Yes, maturity and death benefits are repatriable subject to RBI and FEMA guidelines.
The best NRI life insurance depends on your personal goals. If you're looking for affordable protection, opt for a term plan like LIC Tech Term or HDFC Click 2 Protect. If you want a combination of savings and life cover, LIC’s Jeevan Anand or Jeevan Umang may suit you better.
Evaluate your coverage needs
Use premium calculators
Compare plans
Choose a reliable insurer like LIC
Always read the fine prin
