A complete guide for NRIs on choosing the right term life insurance policy – ​​ThePrint – ANIPressReleases

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Temporary insurance provides essential financial support to your family in India and enables them to continue their lives in comfort, dignity and independence. Let’s learn more about choosing the right term insurance plan for your needs as an NRI.

What you should pay attention to when buying the right term life insurance policy

Here are some things to look for with term life insurance:

1. Broad coverage

It is essential to choose a plan that offers wide coverage for NRIs in different countries. This ensures that no matter where you live, the policy will provide arrangements for your loved ones in your absence.

2. Easy payments

You should look for a plan that allows premium payments anywhere in the world through online payment options. Additionally, you can choose a plan with flexible payment schedules, such as annual, semi-annual, quarterly, or monthly payments. These can help you tailor the plan to your salary schedule.

3. Easy documentation

It’s important to choose a plan with a simplified, digital documentation process that can be completed online. Fast verification and seamless submission of documents will make the process smoother. In such a case, you do not have to physically visit India to purchase a subscription. Instead, you can take out insurance in the country where you live.

4. High sum insured

If your family depends on your foreign income, which may be higher due to currency conversions, it may be helpful to select a plan with a higher coverage amount. This way you can be sure that your family can cover the costs during your absence. Therefore, when looking for term life insurance, you can shortlist plans that offer a high sum assured at relatively affordable rates so that you are financially prepared.

5. Extra riders

When selecting term life insurance, it is essential to consider additional riders that can improve your coverage. Many insurance companies offer optional extras such as an accidental death benefit, which provides an additional benefit in the event of death as a result of an accident. Additionally, you may want to consider a critical illness rider for additional financial assistance if you are diagnosed with a specific critical illness.

Term life insurance also offers a premium rider waiver, which ensures that if the policyholder becomes disabled, all future premiums are waived and coverage continues. Finally, you may want to consider a terminal illness rider who offers a lump sum payment if diagnosed with a terminal illness.

Including these additional insurance policies can significantly increase the coverage of your policy and provide you with greater peace of mind.

Reasons to get term life insurance as an NRI

Here are some reasons why having one term insurance plan is an absolute must for NRIs:

1. Fulfill family responsibilities

One of the most important reasons to get term life insurance as an NRI is to ensure that your family gets the support they need in your absence. Term life insurance can help you meet your financial responsibilities and adequately care for your loved ones.

2. Tax benefits

Term insurance premiums are eligible for tax deduction under Section 80C of the Income Tax Act, 1961. This can help you reduce your annual taxable income in India and save money every year. In addition, the death benefit awarded to your beneficiaries is subject to the terms of section 10(10D).

3. Peace of mind

Working and living in another country can be financially rewarding, but is often accompanied by uncertainties. In your absence, your family may experience difficulty maintaining their daily lifestyle. The constant worry about their well-being can also be overwhelming.

Purchasing term life insurance can give you a sense of security knowing that your loved ones will be financially protected in the event of an unfortunate event.

Conclusion

Term insurance is a necessity for NRIs who live away from their loved ones. With streamlined documentation and convenient payment options, purchasing term life insurance is easier than ever before. Don’t wait any longer and take the important step to secure your family’s future.

(ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI is in no way responsible for its content)

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