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A stable financial future for your family should be the universal cornerstone of your financial planning, no matter where you live in the world. Because of this, having a strong term insurance policy is essential regardless of one’s location or demographic.
A term life insurance plan is the kind of financial planning that not only offers assurance during one’s lifetime but also gives crucial financial support for a struggling family. The insurance sector is constantly working to improve the appeal and significance of term insurance for non-resident Indians, or NRIs, in recognition of this vital need.
Life insurance companies have started offering 18% goods and services tax (GST) return on plans purchased from India to NRIs since 2021 as a way to encourage them to purchase term insurance policies. This is a significant step in the direction of making term plans even more available, reasonably priced, and alluring to non-resident Indians. Despite having relocated for better opportunities, they nevertheless owe it to their Indian heritage to provide for their family while they are abroad.
These are the specifics and the justifications for why NRIs should take full advantage of it.
Higher Savings with GST Refund
A person’s term life insurance policy premiums might be significantly reduced if they are eligible for an 18% GST refund. In order to receive this advantage, the non-residential external bank account (NRE) or Indian expat needs to purchase the policy through it.
For the policyholder to be qualified for the return, they must also provide documentary evidence, such as an NRE account statement and proof of address. In addition, if the premium is paid annually, NRIs will be qualified for an extra 5% reduction. Through this easy process, people can receive up to 23 percent more in monetary benefits in addition to taking the crucial step of safeguarding their family’s future.
Policies best suited for Indian needs
India’s term insurance market is developing quickly. Modern goods like term plans for independent housewives or free premium returns attest to the fact that goods are being made to fit the needs of all Indian customer segments.
Therefore, you don’t have to give up on your requirements for term insurance just because you decide to relocate away from India. Term plans created and established in India are intended to cater to Indian customers, no matter where they may be.
A variety of term plans are available for selection, and users can add any riders they expressly want or modify them to suit their needs. In accordance with family size, liabilities, or any other preference, they can also raise or lower the amount of their coverage.