Know More About NRI Term Insurance
An insurance plan for life that is specifically made for Non-Resident Indians NRIs is known as NRI term insurance. Those who are citizens of India yet live abroad are known as NRIs. In the case of an unexpected death during the policy term, NRI term insurance products offer financial security to the policyholder's beneficiaries
Features Of the NRI Term Insurance Plan
In the event of the policyholder's passing during the policy term, NRI term insurance provides a set amount guaranteed (death benefit) to the nominee/beneficiary. The policyholder chooses the level of coverage when they buy the policy.
Policyholders must continue to make regular premium payments to keep their NRI term insurance coverage active. Depending on the terms of the policy and the choices offered by the insurance company, premiums may be paid annually, semi-annually, quarterly, or monthly.
The coverage of a policyholder's NRI term insurance plan may be increased by selecting extra riders or benefits. The following riders are frequently used, disability riders, waiver of premiums, critical sickness coverage, and accidental death benefit.
For the promised amount to be paid out in the event of the policyholder's passing, the beneficiary must be named. Any individual the policyholder chooses may serve as the nominee, including family members and close friends.
As long as applicable tax laws and regulations are followed, NRI term insurance plans provide tax advantages on premiums paid and death payments received.
Inclusions And Exclusions In NRI term insurance