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Term Insurance for NRI in US
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What is Term Life Insurance for US based NRI?
Term life insurance for NRIs is a pure protection life insurance policy that gives financial support to family members if the insured NRI individual passes away during the policy term. This type of insurance can offer significantly large life cover pay out at affordable cost since it only covers the risk of life loss for a limited term, without any maturity or survival benefits.
Additionally, NRIs in US also get the option to customise their NRI term plans with various add-ons and riders. Opting for these may involve payment of an additional premium, however, these can provide additional financial protection to the policyholder and/or policy beneficiary in the case of events such as diagnosis of a terminal/critical illness, accidental death/dismemberment, etc.
How Do Term Insurance for NRI Plans Work?
US NRI Term Insurance functions similarly to standard term plans in India. Here is how a term plan for NRI in US usually works:
Benefits of Term Life Insurance for US based NRIs
Term life insurance offers NRIs several important benefits viz., thereby providing peace of mind and financial protection for them and their families:
1. High Life Cover
2. Tax Benefits
3. Return of Premium
4. Customisations Options
Who is Eligible to Buy Term Insurance for NRI Residing in the US?
Term insurance is available to various categories of Indians living abroad who want to secure financial protection for their families. Eligible individuals include:
What are the Documents Required for Term Insurance Plans for NRI?
NRIs in US need the following documents to apply for term insurance from India:
How to Buy Axis Max Life Term Insurance for NRI in US?
To buy Axis Max Life Term Insurance as an NRI in USA, the following steps must be adhered to:
US NRI Term Insurance is a vital financial protection tool for the Non-Resident Indians as well as the PIOs/OCIs residing in the US and seeking to protect their families residing in India. With various plan options tailored to different needs, such as renewable, convertible, and decreasing term plans, NRIs can find the right coverage that fits their financial situation.
By securing a US NRI Term Insurance policy, NRIs can ensure their loved ones are protected financially, providing peace of mind regardless of where they reside.
Term Insurance FAQs
ARN: Dec24/Bg/14K