Individual
Term Insurance for NRI in Singapore
Like any other individual, it is important for NRIs living in Singapore to have a financial safety net to protect their family and ensure their peace of mind. NRI Term Insurance for non-resident Indians based in Singapore al
lows such individuals to insure themselves to provide life coverage benefits so that the life insured individual’s loved ones are financially secure in the case of unexpected situations.
Term insurance plans designed for NRIs offer an affordable way to secure your family's future financial needs in the case of your unexpected death. Even while living abroad, coverage can be easily managed and even customized. This gives the NRIs the opportunity to access complete life insurance benefits in a very easy manner, ensuring the financial protection of their loved ones in India with having a comfortable life overseas.
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Disclaimer: ~4Subject to submission of all documents required for GST waiver.
What is Term Life Insurance for Singapore based NRI?
Term insurance for NRIs is a type of life insurance offered to non-residents including those residing in Singapore. This type of plan offers financial protection to the life insured’s family in the event of their absence. It works by providing a pre-determined payout to the family if the life insured individual dies during the policy term. This payout, also known as the life cover benefit, can help the policy beneficiaries cover daily expenses, repay outstanding debts, or meeting other financial needs to ensure their family's future financial security.
NRI Term Insurance in Singapore provides a dependable and affordable method of protecting their loved ones back home, thereby ensuring their financial backing. Term Insurance Plans for NRIs in Singapore are pure protection plans, hence there is no survival or maturity benefit associated with these policies.
How Do NRI Term Life Insurance Plans Work?
NRI Term Insurance Singapore provides life cover for a predetermined policy term, offering financial security to the policyholder’s family. Here’s how it works:
Benefits of Term Insurance Plans for NRI in Singapore
Term life insurance offers NRIs a practical way to protect their families; financial future. Here are the key benefits:
● Adequate Financial Coverage
Term insurance provides a high sum assured at a low premium, ensuring that your family is financially secure if anything happens to you. Since an NRI term plan is a pure protection plan with no investment component, the premiums are cheaper than the other types of life insurance policies.
● Flexibility
Term plans for NRIs offer flexible policy terms, premium payment options, and add-ons like critical illness or accidental death coverage. Premium payment can be done till the end of the policy cover or for limited period like 10 or 15 years. Along with this, NRI can choose to pay all the premiums in one go and enjoy the benefits of term insurance throughout the policy tenure.
● Convenient Payment Methods
Many insurers allow NRIs to pay premiums in foreign currency or Indian Rupees, offering flexibility with online payment options. Also, one can pay via UPI, credit cards, debit cards, and internet banking etc.
● Hassle-Free Experience
Buying a term plans as an NRI is straightforward, with online application processes and minimal paperwork. When done online, the steps are considerably easy and few, and take the minimum time to activate your policy.
● Tax Benefit
NRIs can benefit from the provisions mentioned in section 80C, 80D and 10(10D) of the Income Tax Act, to claim deductions for the premiums made towards life cover, health-related riders, and upon the receipt of sum assured, respectively. As per current tax rules, this can be claimed as tax deduction against the NRI’s income in India only and if the taxpayer has opted for the old tax regime. While the premiums paid come with a ceiling of Rs 1.5 lakhs that can be claimed as deduction as per current tax rules, the life cover payout is exempt from Indian income tax under Section 10(10D) of the Income Tax Act.
Who is Eligible to Buy Term Insurance for NRI in Singapore?
The following persons are eligible to purchase a term insurance for NRI in Singapore:
What are the Documents Required for Term Insurance Plans for NRI?
NRIs need to provide specific documents when applying for a term insurance plan in India. Here is a detailed list:
1. Current passport
2. PAN Card
3. Online application or policy proposal form
4. Medical examination reports
5. Proof of earnings and Tax Residency Certificate (TRC) from the country of their residence
6. Age proof
7. Government-approved address proof (driver's license, bank statement, or residence card)
Note: This is not an exhaustive list and additional documents may be required as per the applicable norms of the life insurance company.
How to Buy Axis Max Life NRI Term Insurance Policy?
You can buy Axis Max Life Term Insurance for NRI in Singapore easily via the Axis Max Life Insurance website or NRI helpdesk. Below are the key steps:
Step 1:
If choosing the online mode, simply go to the website, fill in the online application form with your name, date of birth, annual income and email address. Click to proceed with the ‘Check Premium’ button.
Step 2:
Next you will be asked about your nicotine/tobacco usage habits, gender, occupation and education. After these details have been provided, you will be presented with options to choose your life cover amount, tenure and the premium payment frequency. You’ll also be asked to choose applicable add-ons/riders, to enhance the protection benefits offered.
Step 3:
Once all customisations have been selected, you will be presented with your policy summary or policy quote which contains key details such as the premium payable as well as various terms and conditions of coverage. Go through it carefully and only then should you go ahead with paying the first premium in full.
Step 4:
Post payment, your policy shall processed and may involve submission of key documents for verification as well as an in-person medical test or video medical test, as per the insurer’s norms.
Step 5:
Once your application is processed and all details are found to be in order, you will be notified of the policy being in effect and receive your policy documents. Do keep such documents safely as they might be needed at a later date in case you need to make a claim or update key policy details such as nominee, contact details, etc.
Note: The above steps provide generic details for illustration purposes only and may differ to some extent from one insurer to another as well as on a case by case basis.
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