If you an NRI looking to purchase a policy, do you need to be physically present in India? Not necessarily. An NRI can easily go for any policy abroad. However, in some cases, it is preferable to purchase any NRI insurance plans whilst you’re in India. Thanks to theForeign Exchange Management Act that makes it possible for NRIs and Person of Indian Origin (PIOs) now to purchase insurance products in India. This blog covers a brief understanding of the advantages and implications of the various NRI insurance services in India and how they can be availed of.
If you’re an NRI, you don’t have to be physically present in India to buy life insurance, and it doesn’t matter even when you stay abroad. However, in order to get your medical examination done, depending on the insurance agency, you’re applying for, usually, there are two ways to take the medical test: one is to travel to India and give the medical examination, providing your insurer pay entirely for the expenses whatever. The second way is to perform the medical examination abroad with a report provided to the insurance company being applied for. There are cases where the insurance is developed specially for NRIs; insurance company in India could partner with their foreign counterparts.
Many a time, if you’re an NRI, your family back home can oversee and ensure the premiums are being remitted through banks in India. You can pay the premium through Non-resident ordinary (NRO) or NRE/Foreign Currency Non-Repatriable (FCNR) account type. If you’ve purchased the insurance policy using foreign currency, then you can pay through the FCNR or NRE account.
Watch out if you’re living in a country that is prone to a lot of political turbulence, also termed as High-risk countries; you could turn out to be a greater liability to your insurer and therefore, will have to pay a greater premium amount for insurance for NRIs in India. If the country you live is politically stable, you needn’t pay a higher premium, and would usually be comparatively less.
Should an NRI buy insurance in India?
An insurance for NRI in India can be used to safeguard his/her family in case of an unexpected or emergency situation. Life, with its many ups and downs, is full of uncertainties in terms of financial security, and with an NRI insurance policy in place, you will be able to provide your family comprehensive protection in your absence. Also, your family in India can explore and discuss new avenues and opportunities for getting insured easily.
The first thing, you, as an NRI, of course, should try to do is to understand the various policies, and select the one that suits you the best. Make a comparative study of some of the various life insurance policies provided by NRI insurance services and NRI insurance plans in India before making an informed decision on the best term insurance for NRI.
We are an expert for NRI insurance services in India and provide insurance for NRI in India that actually meets the needs and wants of NRIs and their families. All said and one you can do some research, and then decide on the best NRI insurance services in India to meet the different requirements of you and your family at various stages of life.