Most of the life insurance companies in India allow non-resident Indians (NRIs) to buy life insurance coverage in India. It is entirely up to you to choose life insurance either in India or in the country of your residence. If you have decided to buy it in India, you can contact the company through phone or email and proceed with the purchase. You may also get in touch with the company’s NRI center and enquire them about your options.
Term plans are better options for NRIs compared to other savings plans. However, if your family is still in India, you may take any kind of plan depending upon their requirements. When it comes to payment of premiums, you may choose to pay the money either in Indian currency or in foreign currency. If you have NRE or NRO accounts, you may pay the premium amount on your own through online transactions. You may also choose to pay the premium through your family members living in India.
Consider this scenario for example. Mrithula is an NRI living in London for the last four years. She already had a term plan with LIC while staying in India. Now, she is planning to get an endowment policy to save money for her future. She has no plans of relinquishing her Indian citizenship in the future since her entire family is in India. Once her employment is over, she plans to return to India in a few years.
In this scenario, any term or endowment plan will be suitable for Mrithula since she has no intention of relinquishing her Indian citizenship. If someone is planning to move to another country, it is always better to choose the insurance plans offered in the country of residence.
Life insurance provides global coverage for policyholders. In other words, life insurance provides compensation even if the policyholder dies in another country. This applies to both term plans as well as other maturity plans. If the family members are living abroad, they can repatriate the compensation amount to the extent paid in foreign currency. Considering all these factors, NRIs still have a lot of options for life insurance coverage in India.