Term Insurance Validity Outside India - How Does It Work, Impact & Conditions

Is Term Insurance Valid Outside India?

How Term Insurance Works for People Moving Abroad?

What’s the Impact on Validity of Term Insurance for People Moving to Another Country?

What Are the Conditions That Impact Term Insurance for People Moving Abroad India?

What Is the Process of Getting Term Insurance When Moving Outside India?

What Are the Benefits of Term Insurance for Indians Living Abroad?

Things to Consider for People Moving Abroad before Buying Term Insurance in India?

FAQs About Term insurance Validity Outside India

What will happen if a person becomes an NRI after purchasing term insurance? up-arrow

If you already have an existing plan, you have to inform your insurance provider about your moving abroad and ask if they can keep your plan active. You will also have to inform them about the country to where you are moving. Most insurers will let you continue with the plan and avail of the benefits.

What are the documents required for buying term insurance for people moving outside India? up-arrow

Usually, the insurers ask for documents such as application forms, copies of the applicant's passport, proof of income, age proof, copies of medical records, proof of residence, nominee details etc. from NRI applicants. However, the document requirements may differ for different providers.

Is term insurance valid outside India if the policyholder defaults on the premiums? up-arrow

Most insurance providers keep the term insurance policy active for only as long as you make the payments on time. This applies to Indians as well as people who have moved to foreign countries.

Can NRIs change the frequency of premium payments for term insurance after buying the policy? up-arrow

In most cases, insurers allow you to change how often you want to pay the premiums. However, you may have to wait till the annual renewal of your policy to make the switch. Make sure to confirm about the requirements of your insurance provider before you opt for the change in payment frequency.