For Non-Resident Indians (NRIs), financial planning is more important than ever. While living abroad provides global exposure and higher earning opportunities, it also brings financial responsibilities toward family members living in India. One of the most crucial steps in this planning journey is choosing the right term insurance for NRI.
At MyGoldenRetire, in alliance with Bajaj Life, we help NRIs select the best term insurance for NRI needs—ensuring long-term financial security, tax efficiency, and peace of mind.
What Is Term Insurance for NRI?
Term insurance for NRI is a pure life insurance plan designed specifically for Indians residing outside India. It provides a high life cover at an affordable premium, ensuring that your family is financially protected in case of an unforeseen event.
Unlike investment-linked policies, term insurance focuses solely on risk protection, making it one of the most effective and economical insurance solutions for NRIs.
Why NRIs Need Term Insurance in India
Many NRIs wonder whether buying life insurance in India makes sense when they live abroad. The answer is yes, and here’s why:
1. Financial Security for Family in India
Most NRIs have dependents—parents, spouse, or children—living in India. A term plan ensures their financial stability even in your absence.
2. Lower Premiums Compared to Overseas Plans
Indian insurers like Bajaj Life offer competitive premiums compared to international insurance providers.
3. Coverage in Indian Rupees
Policies are denominated in INR, making it easier for beneficiaries in India to manage expenses.
4. Tax Benefits
NRIs can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, subject to prevailing rules.
Key Features of the Best Term Insurance for NRI
When choosing the best term insurance for NRI, look for the following features:
- High sum assured (₹1 crore and above)
- Flexible policy term
- Worldwide coverage
- Multiple premium payment options
- Option to add riders (critical illness, accidental death, waiver of premium)
- Hassle-free claim settlement
- Strong insurer credibility (like Bajaj Life)
Eligibility Criteria for NRI Term Insurance
NRIs can easily apply for term insurance in India if they meet the following criteria:
- Indian citizen with valid passport
- NRI / PIO / OCI status
- Age typically between 18 and 65 years
- Income proof (salary slips, bank statements, ITR if applicable)
- Medical tests (may be required based on age and sum assured)
Best Term Insurance for NRI from Bajaj Life
Through MyGoldenRetire, NRIs can access Bajaj Life term insurance plans that are tailored for global Indians.
Why Bajaj Life?
- Strong claim settlement ratio
- Global medical examination support
- Flexible premium payment modes (NRE/NRO accounts)
- Customizable coverage options
- Long-term policy stability
Bajaj Life offers term plans that provide comprehensive protection, whether you reside in the UAE, USA, UK, Canada, Australia, or any other country.
How NRIs Can Buy Term Insurance in India
Buying term insurance as an NRI is simple with expert assistance from MyGoldenRetire:
- Consultation: Understand coverage needs based on income, dependents, and liabilities
- Plan Selection: Choose the best term insurance for NRI from Bajaj Life
- Documentation: Submit KYC, income proof, and passport details
- Medical Examination: Conducted either in India or abroad (if required)
- Policy Issuance: Policy is issued after underwriting approval
Our team ensures a smooth and transparent process from start to finish.
Documents Required for NRI Term Insurance
- Passport (with visa pages)
- Overseas address proof
- Indian address proof
- Income proof (salary slips / bank statements)
- Recent photographs
- Medical reports (if applicable)
Premium Payment Options for NRIs
NRIs can pay premiums using:
- NRE account
- NRO account
- FCNR account
- International bank transfer
Premium frequency options include monthly, quarterly, half-yearly, or yearly.
Claim Process for NRI Term Insurance
The claim process for NRI term insurance is straightforward:
- Nominee informs insurer
- Submission of claim form and documents
- Verification by insurer
- Claim settlement to nominee’s bank account
With Bajaj Life, claim settlement is known to be efficient and transparent, offering peace of mind to policyholders and families.
Common Mistakes NRIs Should Avoid
- Underestimating required coverage
- Not disclosing correct health or residency details
- Choosing investment plans instead of pure term insurance
- Delaying insurance purchase due to location concerns
Why Choose MyGoldenRetire?
MyGoldenRetire specializes in retirement and insurance planning for NRIs. In alliance with Bajaj Life, we provide:
- Expert NRI-focused financial advice
- Personalized term insurance solutions
- End-to-end policy support
- Transparent guidance with no hidden agenda
Our goal is to help NRIs build long-term financial security while staying globally mobile.
Conclusion
Choosing the best term insurance for NRI is one of the smartest financial decisions you can make. It ensures your loved ones in India remain financially protected, regardless of where life takes you.
With MyGoldenRetire and Bajaj Life, NRIs get access to reliable, cost-effective, and high-coverage term insurance plans designed for global Indians.
Secure your family’s future today with the right term insurance for NRI.