At this point, you might be thinking about the process of buying life insurance for NRI and may have a lot of questions in mind. Let us learn ma more about NRI life insurance in India.
Does the NRI need to be present in India while buying a life insurance plan?
It is not necessary for an NRI to be present in India to buy life insurance. However, every insurance company has its terms and conditions, which you should check before considering a plan. To find the best NRI life insurance plans, compare all available plans online from the country you live in. Most insurers allow you to buy a life insurance plan online from wherever you are. The only condition is that if a pre-policy medical check-up is required, the cost of the medical tests done outside India must be borne by the policyholder and is an additional cost.
Being present at the time of buying a life insurance plan is advantageous in many ways. When you are present in India, you are treated as an Indian resident, you don’t have to bear the costs of medical tests, and the verification process is simpler comparatively. With the increasing demand for life insurance from NRIs, many insurance companies have started setting up offices in foreign countries for ease of documentation, verification and medical examination processes.
Does the Residential Country affect the Premium Amount of NRI Life Insurance Policy?
Yes, life insurance companies keep a watch on the government and political scene of a country. A country where the government is not stable, or there are political disturbances may be considered high risk due to internal issues. If your country of residence is a high-risk country, your life insurance application may not be accepted or you will be charged a higher premium. A country with proper law and order, and stable government is considered low-risk, applications from NRIs from such countries are easily accepted.
