3 crore term insurance

3 Crore Term Insurance for NRIs: Everything You Need to Know

Are you an NRI looking for a term insurance plan in India? Well, let me walk you through everything you need to know about getting a 3 crore term insurance plan specifically designed for NRIs. In this blog post, we will discuss everything about 3 crore term insurance for NRI.

Why is it Important for NRIs to Have Term Insurance?

As an NRI, it’s crucial to secure your family’s financial future. Especially, if you have loved ones back in India who rely on you, it will be even more difficult. But, don’t worry. With a 3 crore term insurance plan, you can save your family from the unfortunate event of your demise. 

Not only does it provide financial security, but it also offers customizations and payout options to meet your specific needs.

Many insurance companies in India offer term insurance plans specifically tailored for NRIs. 

The process of purchasing these plans is simple and efficient. Sometimes, most of them are available for online purchase. This means you can conveniently buy a term plan from the comfort of your own home.

But, if you want to be eligible for an NRI term plan, there are a few criteria you must fulfill. 

  • First and foremost, you must possess an Indian passport. 
  • Additionally, either your parents or grandparents must be Indian citizens. 
  • Next, you must be married to an Indian citizen. 

These requirements ensure that NRIs with strong ties to India can avail themselves of the benefits of a term plan.

Common Concerns of NRIs Regarding 3 Crore Term Insurance Plan

Now, let’s address some common concerns that NRIs often have when considering a 3 crore term insurance plan. 

One of the most frequently asked questions is whether NRIs can buy term plans in India. 

The answer is yes! 

According to the Foreign Exchange Management Act (FEMA), NRIs are eligible to purchase term plans, regardless of their country of residence.

However, it’s important to note that the premium you pay will depend on your country of residence. 

Note: keep in mind that certain countries may have limited or no insurance services available.

Another concern that NRIs often have is whether they need to be physically present in India to buy a term plan. 

The good news is that it’s not mandatory! 

You can easily purchase a term plan online, even if you’re not currently in India. 

However, it is advisable to consider purchasing the plan during your visit to India. 

The verification process can be more streamlined when conducted through the Indian embassy. And, you can avoid additional costs for medical examinations done outside India.

Features of a 3 crore term insurance plan for NRIs

3 crore term insurance plans for NRIs typically offer a policy term ranging from 6 months to 25 years. 

The minimum entry age is 18 years, while the maximum age can be up to 60 or 65 years. It is basically depending on the specific plan you choose. 

The sum assured amount can be customized based on your needs, starting from a minimum of ₹2 lakhs. 

It will allow you to opt for a high sum assured value of ₹5 crores or even more.

Moreover, when it comes to payments, insurance companies offer flexibility to NRIs. 

You can choose to pay your premiums in Indian currency through an NRO account or in foreign currency through an NRE bank account. 

Keep in mind that it will be depending on the currency specified in the insurance policy. 

This ensures ease and convenience for NRIs in managing their payments.

Documents required to Buy a 3 crore term insurance plan for NRIs

  • You will need to provide an attested copy of your passport, 
  • A duly filled and signed proposal form, 
  • Medical reports confirming your health condition, 
  • Income proof along with a TRC certificate, 
  • Age proof, and address proof in both India and your current country of residence. 

Other documents such as an employment ID copy, entry-exit stamp from your last visit, bank statements for the past 6 months, and salary slips for the past 3 months may also be required.

Benefits of 3 crore term insurance plan for NRIs

  • Firstly, you get high coverage at affordable premiums. This means you can secure your family’s financial future without breaking the bank. 
  • Secondly, these plans offer flexibility in premium payment, allowing you to choose a mode that suits your convenience. 
  • Additionally, you can enhance your coverage with riders, which provides additional benefits tailored to your specific needs. 
  • And let’s not forget the tax benefits you can enjoy as per the Income Tax Act.

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