If you are an NRI who’s been working abroad for the last many years, it’ll be a good idea for you to buy a term cover in India. This, of course, will depend on , whether you come to India on a regular basis. This is because you’ll need to get your medicals done here along with other aspects like filling the application and going through the underwriting process giving the requisite documents.
Indian insurers generally provide only a term life insurance plans to NRI’s subject to a maximum of 1 crores as Sum Assured.
Because of the simple reason that your family is here and they need income replacement in case you meet with an untimely demise. There are the lifestyle expenses like paying the school fees of children and paying off the home loan EMI’s and the utility expenses etc. In addition, since you are working in a foreign country, your family will incur a lot of expenses in terms of the funeral costs. This would require them to have a steady source of income or access to a substantial sum of money. In addition, if you have ageing parents in your family, their medical expenses etc need to be taken care of. In such a situation, it is better that you buy a term insurance in India. In case of your unfortunate demise, your family can make a claim and receive the Sum Assured.
So, if you are an NRI, generate a quote for a term insurance plan in India and buy one. It’ll help your family when you are not around to support them financially.