Digit Glow Term Life Insurance

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Written By

Fathima Tabasum

Reviewed By

Ashok Manwani

Term Insurance for NRIs Online in India

People often move abroad for career opportunities to improve their overall financial well-being. However, living in a foreign country comes with its fair share of risk and can leave your family in a big fix in case of an unfortunate incident, and you happen to be the only earning member.

Thus, having term insurance for NRIs is an absolute must to ensure that your family gets financial protection even in such unforeseen situations.

Let’s dive deeper!

Insights on Term Insurance Plan for NRIs in India

Here is an overview of term insurance for NRIs:

Applicant Age	18 years to 65 years
Applicant Type	Non-Resident Indian (NRI), Person of Indian Origin (PIO), and Overseas Citizen of India (OCI)
Policy Tenure	5 years to 99 years
Payout Mode	Lump sum payment, regular income, increasing cover with time, and lump sum with regular income.
Premium Payment Options	Monthly, quarterly, half-yearly, annually, premium payment for a limited number of years or one-time lump sum payment.
Riders Available	Waiver of Premiums on Disability, Accidental Death Benefits, Critical Illnesses Coverage, Terminal Illness Benefits, etc.

What are Term Insurance Plans for NRIs?

Term insurance plans for NRIs provide Non-Resident Indians (NRIs), Persons of Indian Origin (PIO), and Overseas Citizens of India (OCI) with the opportunity to financially protect their loved ones through a life insurance plan.

This coverage is available worldwide and enables the nominees to get a death benefit in the form of a lump sum payment, regular income or both, which enables them to cover their expenses abroad, relocate back to India, pay off debt, and more.

How Do Term Insurance Plans Work?

Term insurance plans are a type of life insurance designed to provide coverage for a specified period, typically ranging from 10 to 30 years. Here’s how they generally work:

Choosing A Policy

Applicants can browse different term policies with their preferred policy provider. They can learn the features and benefits of the policies, along with the exclusions, to know what they do not cover.

Selecting the Sum Assured and Policy Term

Choose a sum assured that meets your family’s future financial needs. Then, select a policy term—longer tenures offer more sustained life cover.

Setting the Premium Terms and Payment Methods

Choose a premium term, payment frequency, and mode that suit your budget. NRIs, OCIs, and PIOs can pay via internet banking using NRO, NRE, FCNR, or foreign accounts.

Availing Riders and Add-ons

NRI applicants can enhance their coverage by adding riders for risks like accidental death, disability, or critical illness, for an extra premium.

Submitting Documents

NRI applicants must submit all the required documents when purchasing a term plan. After all the documents are verified, the insurance company issues the policy, and the applicant's life coverage becomes active.

Can NRIs Buy Term Insurance Plans in India?

Yes, NRIs can purchase any term insurance plan in India that aligns with their requirements. They have many options for securing their families with a term plan.

NRIs can choose a pure term insurance plan. This plan provides a death benefit in case of the holder’s demise within the policy tenure, but does not offer maturity benefits.

They can also choose a term plan with a return-of-premium rider. Such policies provide a death benefit in case of the holder’s demise and a maturity benefit equal to the total of all the premiums paid if the insured individual survives the policy tenure.

What NRIs Should Keep in Mind Before Buying Term Insurance in India?

Now, a medical check-up is mandatory to buy term insurance for NRIs. However, the applicant does not have to be present in India to purchase the policy and attend to the health check-up requirements. They can easily fulfil such obligations from their country of residence via tele or video medical facilities offered by their preferred insurance providers.

Furthermore, to buy a term plan in India, NRI applicants need to be verified via an Indian diplomat and a notary before they can proceed with the purchase.

Benefits of Term Insurance Plan for NRIs

Check out the benefits of term insurance for NRIs below:

Tax Deductions on Premiums Paid and Death Benefit

NRIs can avail tax benefits for their term insurance premium payments up to ₹1.5 Lakh within a financial year under Section 80C. However, they need to be present in India and have a valid PAN card to get this deduction.

Also, there is a complete tax exemption on the death benefit under Section 10(10D) (subject to specific conditions).

Offers Financial Security to Loved Ones

The death benefit from term plans for NRIs is an ideal way to financially secure the future of an individual’s loved ones in the event of their untimely death. Funds received in this regard can be used for any type of expense. Under Section 80C, NRIs can avail of tax benefits for their term insurance premium payments up to ₹1.5 Lakh within a financial year of relocations, household costs, debt, medical bills, and more.

Choice of Payout Mode

A term insurance plan for NRIs also enables the applicant to choose the payout mode according to their family’s financial requirements. For instance, they can opt for a lump sum payment, regular income, increasing cover with time, or lump sum with regular income, depending upon their preferences.

Options for Return of Premium

Applicants can also get a maturity benefit if they survive the policy term by opting for a return of premium rider. In this case, if they live past the policy tenure, the insurance company pays back the sum total of all the premiums paid as a survival benefit.

What are the Features of NRI Term Insurance?

Here are some of the salient features of term insurance for NRIs:

Flexible Policy Tenure

Individuals can choose a policy tenure, usually between 5 years to 99 years, per their requirements. Higher tenures provide longer life cover to the applicant’s nominees but usually come with greater premiums.

Option to Choose a Desired Sum Assured

Insurance companies allow applicants to select a sum assured according to their financial requirements. This enables them to ensure that the policy coverage will be enough to meet their financial needs in the event of their untimely demise.

Premium Payment Options

Term insurance plans for NRIs come with flexible premium payment options. Individuals can pay them regularly (throughout the policy term) on a monthly, quarterly, half-yearly, or annual frequency.

They can also choose to pay the premium for a limited number of years or make a one-time lump sum payment.

Ease of Premium Payments

NRIs can make premium payments via their NRE, NRO, FCNR, or foreign bank accounts. They can also automate payments when using the Internet banking facility.

Minimal Documentation

Term insurance plans for NRIs require only a handful of documents. It generally consists of a copy of the applicant’s passport, identity proof, age proof, income proof, medical certificates, and application form.

Complimentary Wellness Benefits for Digit Life Customers

At Digit, we believe life insurance should do more than just protect you from the unexpected; it should also help you live a healthier and happier life. That's why we offer Wellness Benefits to support your overall well-being. These programs are designed to improve your physical, mental, and emotional health through various resources and activities.

With Digit Life Insurance, you gain exclusive access to wellness perks that make living well more achievable and affordable. These benefits are part of our life insurance plans and aim to enhance your holistic health and wellness. Some of these great benefits include -

Unlimited 24×7 Teleconsultations with General Physicians

Get expert medical advice anytime, anywhere.

Mental Health Consultation & Services

Speak to top specialists in Mental Health, Women’s Health, Diet & Nutrition, and more, at flat 50%!

Diagnostic Tests & Health Check-Ups

Stay ahead of health concerns with affordable screenings and lab tests.

Specialist Teleconsultations

Speak to top specialists in Mental Health, Women’s Health, Diet & Nutrition, and more, at flat 50%!

Women's Health Care Programs

Pregnancy Care Programs, access to Mum Support Group, PCOS/PCOD Care Programs, Maternity Support and much more!

Physiotherapy Sessions

Stress and Pain relief covered with exclusive discounts on Physiotherapy consultation and session bookings.

Dental Consultation Offers

Avail unlimited, free dental consultations and exclusive discounts on dental treatments.

Sexual Wellness

Get flat 15% discount on Sexual Wellness Programs!

Chronic Care Support Programs

Personalized assistance for long-term health conditions.

99.53% Claim Settlement Ratio For Digit’s Life Insurance - FY'25

When life takes an unexpected turn, every second matters. With a 99.53% Claim Settlement Ratio (CSR), Digit Life Insurance stands as a pillar of trust and reliability. This isn’t just a statistic; it’s a promise to our policyholders.

Every claim tells a story. Whether it was a salaried parent overcoming loss, a child’s future hanging in the balance, or a spouse seeking stability, we acted fast to bring peace of mind to grieving families.

That’s why we are committed to settling genuine claims swiftly, transparently, and with compassion, ensuring that your loved ones receive the support they need when it matters most.

₹2.88 Billion Worth Claims Paid in FY'25

At Digit, we don’t just talk about protecting families; we actually do it. In the last financial year, we paid ₹2.88 billion to families who lost a loved one. That’s a big jump from ₹351.52 million a few years ago, showing how much we have grown and how seriously we take our promise.

Every payout represents a family supported, a future safeguarded, and a promise fulfilled. We make sure claims are settled quickly and clearly, with zero confusion, so families don’t have to worry during tough times.

15,000+ Claims Settled in FY'25

At Digit, numbers aren’t just metrics; they are milestones of real lives touched. We are proud to share that the number of families we have supported through life insurance has soared from just 600 to 15,596 – a 25x growth that reflects the deep trust people place in us. That means thousands more families received the support they needed during life’s toughest moments. It shows how more and more people are choosing Digit to stand by them in their most vulnerable moments.

Solvency Ratio for Digit's Life Insurance in FY'25 is 3.85

At Digit, being financially strong isn’t just a goal; it’s how we earn your trust. Our solvency ratio has grown from 2.07 to 3.85, which means we are more than ready to keep every promise we make.

This number shows we have more than enough funds to pay claims and support families, even in tough times. In fact, our ratio is nearly double the required limit, giving you extra peace of mind.

Because when you choose life insurance, you are not just buying protection; you are trusting us with your family’s future. And we take that seriously.

Disclaimer: Claims numbers include all variants filed under different product categories since inception.

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Why Should NRIs Buy Term Plans from India?

Following are the reasons why NRIs should avail term plans in India:

Availability of Numerous Insurers in India

There are around 57 insurance companies in India, enabling NRIs to browse multiple plans and choose one that best aligns with their requirements.

Pre-Approved Cover

Applicants can get a pre-approved cover on specific plans without undergoing any medical tests and a hassle-free application process.

Global Coverage with 24x7 Claim Assistance

Term insurance for NRIs enables applicants to get life coverage worldwide. Also, most insurers provide 24/7 claim assistance, allowing nominees to file a claim as and when necessary.

Tele/Video Medical Check-ups

Individuals can easily buy term insurance for NRIs in India online by opting for a tele/video medical check-up in their country of residence.

This not only makes it easier for the insurer to comply with their underwriting requirements but also makes it convenient for the applicant as they do not have to travel to India just for the sake of the medical test.

Claim Settlement Ratio

A claim settlement ratio represents the percentage of claims paid by the insurance company to the number of outstanding claims within a financial year. In FY 2022-23, the overall claim settlement ratio in the Indian insurance industry was 98.64%.

The higher the claim settlement ratio, the greater the chance of your policy claim being accepted by the insurer.

Easy Claim Settlement Process

Suppose the insured individual’s family is in India. In that case, they can easily contact the insurance company and fulfil all the obligations related to claim settlement without travelling from their country of residence.

Lower Premium Rates

Term insurance premiums in India are approximately 40% to 50% lower than that of international term life insurance policies available in developed nations. For instance, the premium rates for a ₹2 Crore term insurance policy in India start from as low as ₹820 per month*.

*Subject to change across insurers and based on parameters like applicant’s age, health stats, etc.

Options for Special Exit

Term insurance plans for NRIs often come with a special exit option enabling policyholders to terminate the plan and get back all the premiums paid after a certain stage in their life. This is especially beneficial for those who are uncertain about their retirement age or when their dependents will become financially independent.

GST Waiver

Individuals making NRI term insurance payments through their NRE accounts get a GST waiver of 18%.

Additional Discount on Annual Premium Payments

NRIs can claim an extra 5% discount on term insurance premiums paid through the annual mode.

Waiver of Premiums on Disability

Waives off the remaining NRI term insurance policy premiums in case the insured individual loses their job due to permanent total disability in the event of an accident during the policy period.

Accidental Death Benefits

This rider provides an additional sum assured to the nominees if the holder dies during the policy period in the event of an accident.

Critical Illnesses Coverage

With this rider, holders can get coverage for treatment costs and medical bills if they are diagnosed with specific critical illnesses during the policy tenure.

Terminal Illness Benefits

This rider provides the holder with a lump sum payout in case they are diagnosed with any terminal illness during the policy period.

Eligibility Criteria to Buy Term Insurance for NRIs in India

The eligibility criteria to purchase term insurance for NRIs are:

Age	18 years to 65 years
Applicant Type
Non-Resident Indian (NRI)	Needs to be an Indian citizen with a valid passport who is currently employed abroad or temporarily residing in a foreign country.
Person of Indian Origin (PIO) and Overseas Citizen of India (OCI)	Citizens of foreign countries (except Pakistan and Bangladesh) who: Formerly possessed an Indian passport Had parents or grandparents who were Indian citizens as per the Indian Constitution or the Citizenship Act of 1955 Is a legal partner or spouse of an Indian citizen

Documents Required to Buy a Term Life Insurance Policy

When buying a term life insurance policy, you must provide several important documents. Here's a list of the key documents typically required:

Identity Proof

Age Proof

Address Proof

Income Proof

Photographs

Medical Reports

How Can NRIs Purchase Term Insurance Plans Online in India?

To purchase a term insurance plan for NRIs, follow the steps given below:

1. Visit your preferred insurer’s website and click ‘Term Insurance for NRIs’.

2. Provide the required information, such as name, gender, country of residence, etc.

3. Enter your smoking and tobacco chewing habits and other relevant details.

4. Press ‘View Plans’ and find a policy that best suits your needs.

5. Pay the premium amount.

Other Term Plans Tailored to Your Needs

Choosing the right sum assured is crucial for selecting the best term life insurance plan to protect your family’s financial future. Here are the available options for sum assured amounts that might suit your needs:

25 Lakh

Term Insurance Plan

50 Lakh

Term Insurance Plan

75 Lakh

Term Insurance Plan

Recommended

1 Crore

Term Insurance Plan

5 Crore

Term Insurance Plan

10 Crore

Term Insurance Plan

Conclusion

Now, when choosing the sum assured for your term insurance for NRIs, it is customary to consider inflation. By doing so, you can ensure that even in case of a significant price rise in the upcoming years, your loved ones will have enough to cater to their expenses stress-free. You can also use a term insurance calculator to determine the appropriate coverage amount.

If you're an NRI looking to safeguard your family's future, exploring 1 crore term insurance plans can provide substantial coverage and peace of mind. Also, make sure to read the policy’s terms and conditions carefully. This will help you know what is not covered, so there are no surprises later.

FAQs about Term Insurance for NRIs

All

Understanding Term Insurance for NRIs

Buying & Managing the Policy

Policy Benefits, Claims & Taxation

What is term insurance, and why is it important for NRIs?

Term insurance enables the nominees of an insured individual to get a lump sum payout in case of the latter’s death within the policy period. Such plans are important for NRIs as they enable the policyholder’s loved ones to cover the expenses of living abroad, relocating back to the country, or any other cost without having to look for an immediate alternative income source.

Who is eligible to purchase term insurance for NRIs?

All applicants belonging to the category of Non-Resident Indian (NRI), Person of Indian Origin (PIO), or Overseas Citizen of India (OCI) (except Pakistan and Bangladesh) and aged between 18 years and 65 years are eligible to purchase term insurance for NRIs.

Can NRIs buy term insurance in India?

Yes, NRI, PIO and OCI applicants aged between 18 years and 65 years, and having a stable source of income are eligible to purchase term insurance for NRIs in India.

What are the tax benefits of term insurance for NRIs?

NRIs can avail a maximum tax deduction of ₹1.5 Lakh within a financial year under Section 80C on their term insurance premium payments. Also, the death benefit of such plans enjoys complete tax exemption under Section 10(10D) (subject to specific conditions).

How can NRIs pay premiums for their term insurance policies?

NRIs can pay their term insurance premiums through the Internet banking facility in their NRE, NRO, FCNR or foreign bank accounts. Regarding the payment frequency, they can go for a monthly, quarterly, half-yearly, or annual frequency. Also, they can pay the premium for a few years or go for a one-time lump sum payment.

What documents are required for NRIs to apply for term insurance?

To apply for term insurance for NRIs, applicants must submit a copy of their current passport and visa, latest entry/exit stamp, online policy application form, medical reports, income proof, address proof, employment ID proof and latest passport size photographs.

Can NRIs add riders to their term insurance plans?

Yes, NRIs can add riders to their term insurance plans, such as waivers of premiums on disability, accidental death benefits, critical illness coverage, terminal illness benefits, and more.

How does the claim process work for NRIs?

Most insurers offer 24/7 claim settlement for term insurance for NRIs. However, the insured individual’s family must be present in India to submit the required documents.

Are there any restrictions for NRIs when choosing beneficiaries?

An NRI can assign any family member or any other member as a nominee to their term insurance plan without any restrictions. The individual can reside in India or any other country.

What happens to the term insurance policy if the NRI moves back to India?

In case the NRI moves back to India, the term insurance plan will continue to be valid as long as the individual continues to pay the premiums.

Can NRIs use their foreign income to pay for term insurance premiums in India?

Yes, NRIs can use their foreign income to pay for their term insurance premiums via settlement payment in foreign income, along with their NRE and FCNR accounts.

What is the best term insurance plan for NRIs?

The best term insurance plans for NRIs offer adequate sum assured for their families to cater to their expenses, with affordable premiums and flexible payout options.

Are there any special features of term insurance specifically for NRIs?

Term plans for NRIs in India offer special features like pre-approved cover, global coverage with 24x7 claim assistance, tele/video medical check-ups, special exit options, and GST waivers.

Can NRIs modify their policy coverage or add riders after purchasing the plan?

Yes, NRIs can modify the coverage of their active term plans by opting for riders and add-ons.

Do NRIs need to be present in India to buy term insurance?

No, NRIs do not need to be present in India to buy a term insurance plan. They can easily apply for a policy via their preferred insurer’s website and opt for a tele/video medical check-up in the country in which they are residing.

What are the customisation options for term insurance for NRIs?

NRIs can customise the policy duration, sum assured and payment option before purchasing the plan. Later on, they can modify the policy coverage by opting for riders and add-ons.

Can NRIs purchase multiple-term insurance policies in India?

Yes, NRIs can buy numerous term insurance plans in India to increase their overall coverage.

What to do if I become an NRI after buying a term plan in India?

You simply need to inform the insurer and state the name of the country in which you will be residing. They will make the required changes in the policy papers.

What factors should I consider before purchasing term insurance for NRIs?

When purchasing term insurance for NRIs, you must consider factors like the policy duration, sum assured, and available riders and add-ons.

Are the maturity benefits of term insurance for NRIs taxable?

NRIs can enjoy a complete tax exemption on the maturity benefits of a term insurance plan with a return of premium rider under Section 10(10D). However, this exemption is subject to the policy’s terms and conditions.

How do you claim a term insurance plan for NRIs?

You can claim a term insurance plan for NRIs by contacting the insurer and submitting the requisite documents.

Are medical check-ups mandatory for term insurance for NRIs?

Other than term plans with pre-approved cover, medical check-ups are mandatory in the case of term insurance for NRIs. However, thanks to tele or video-medical facilities, applicants can complete such requirements from the country where they reside.

Can I transfer a term insurance policy for NRIs to another individual?

Yes, you can transfer your term insurance policy for NRIs to another individual by informing the insurance company. After that, the new policy owner has to start paying the premiums.

Why do NRIs buy term insurance in India?

NRIs buy term insurance in India due to benefits like the availability of numerous insurers, lower premiums, pre-approved cover, global coverage with 24x7 claim assistance, tele/video medical check-ups, high claim settlement ratio, easy claim settlement process, GST waiver, additional discount on annual premium payments and options for special exit.

What happens when premiums for NRI term insurance plans are not paid on time?

You are given a grace period if you do not pay the premium for an NRI term insurance plan within the due date. If you fail to complete payment within this timeline, you must pay a late fee. Further delays in this regard can lead to a lapse of the policy.

Can I buy term insurance for NRIs even if I accept citizenship in another country?

Yes, you are eligible to buy term insurance for NRIs even if you accept the citizenship of another country. Under such circumstances, you must submit your OCI or PIO card while purchasing the policy.

Can I designate nominees outside India for my NRI term insurance plan?

Yes, term insurance plans for NRIs enable you to designate nominees residing in both India and abroad.

Will term insurance for NRIs cover my nominee even if they change countries?

Yes, your term insurance for NRIs continues to cover your nominees, even if they relocate to a different country.

Can OCI/PIO card holders purchase term insurance for NRIs in India?

Yes, citizens of foreign countries (except Pakistan and Bangladesh) who have an OCI/PIO card, formerly possessed an Indian passport, had parents or grandparents who were Indian citizens as per the Indian Constitution or the Citizenship Act of 1955 or are a legal partner or spouse of an Indian citizen can purchase term insurance for NRIs in India.

Is the death benefit from term plans for NRIs applicable globally?

Yes, the death benefit for the term insurance plan for NRIs is applicable irrespective of which country the policyholder was present at the time of their demise.