Yes, NRIs (Non-Resident Indians) can buy term insurance from Indian insurers. Many NRIs prefer Indian policies because premiums are significantly lower than equivalent covers in countries like the US or UK.
Eligibility
- Must be an Indian citizen (PIOs and OCIs may have restrictions with specific insurers)
- Must have dependants or financial ties in India
- Age limits: typically 18–65 years
How to apply
Most major insurers now accept NRI applications online. Some require a medical examination at an approved clinic in your country of residence.
FEMA compliance
Premium payments and claim payouts are governed by FEMA. Premiums can be paid from NRE/NRO accounts. Claim amounts can be repatriated to foreign accounts, subject to applicable limits.
Key documents required
- Indian passport (valid)
- Visa and work permit copies
- Proof of overseas address
- Income proof (foreign salary slips or ITR if income is declared in India)
- NRE/NRO bank account details
Country of residence restrictions
Some insurers restrict cover for NRIs in high-risk countries. Always declare your country of residence accurately — travelling to a restricted country without informing the insurer can void cover.
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