Term Insurance for NRI in Canada

The NRI term insurance operates in the same way as a term insurance plan would. You, as an NRI, have to pay the insurance company the agreed premium in exchange of the life cover. This sum assured is guaranteed by these premiums, and is payable to the appointed beneficiary/nominee if the life insured individual dies. It is important for the beneficiary to inform the insurance company of the incident and apply for the claim, so that the payout is made in time. Such a payout has the potential to provide much needed financial assistance to the bereaved family by at least partially compensating for the loss of income occurring due to the death of the life insured.

Additionally, term plans for NRIs in Canada may also provide additional benefits such as the return of premium. If this feature is opted, the policyholder gets the option to surrender the policy at a future date and get a refund for all the due premiums that have been paid for the term plan. Subsequent to providing the refund, the policy terminates.

The following are the prime advantages once can benefit from when buying a Term Life Insurance for NRIs:

Eligibility criteria for purchasing term insurance for NRIs typically include the following:

The below-mentioned is a detailed list of the documents required for NRI term insurance plans in Canada:

The following are the detailed steps for buying NRI term insurance in Canada: