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    Guide for NRI’s to buy term Insurance | PNB MetLife

    Last Updated On 25-02-2020

    Life is full of uncertainties, which makes the purchase of a life insurance policy has become highly imperative. India has emerged as an important global contributor in the world, and despite Indians staying abroad, they may have family or home here. Considering this, the context of life or term insurance for NRIs has become as critical as it is for resident Indians. Besides, NRIs are great investors in the Indian market and go a long way in its development and growth.


    What is Term Insurance?
    We move through life like a roller coaster with numerous ups and downs. Insurance pays a huge role to ensure our families are always financially looked after. Term insurance is a form of life insurance where you have to pay premiums regularly for a fixed period or term so your beneficiaries can claim a specific sum assured at the time of any unfortunate eventuality. Since term insurance offers a higher death benefit at relatively lower premium payouts, many people opt to buy term insurance as opposed to other forms of life insurance policies.

    Term Insurance for NRIs
    The term insurance industry in India has evolved significantly and allows even NRIs to be eligible and buy term insurance. Term insurance for NRIs can be offered to them, depending on their respective needs and requirements.

    Some of the pointers to keep in mind when you buy term insurance are mentioned below:

    1. If you are an NRI, you can opt for either of one of the two alternatives: •    Either you opt for term insurance when you come to India and execute the same formalities as an Indian citizen would; or
      •    You purchase term insurance from your current place of residence abroad by doing mail order. This would attract a detailed verification which would be done by the Indian embassy and a notary.
    2. You can opt for numerous options and plans available when you buy term insurance for NRIs. You can choose for a sum assured amount ranging from Rs.2 lakhs to Rs.1 crore and pay the premium on a pre-decided frequency dependent on your age, health, and terms. The duration of the term insurance for NRIs ranges anywhere between 5 years to 30 years. 
    3. As an NRI, you can make premium payment online but need to open an account in one of the specified banks as stated by the insurance provider. Further, you can also make remittance in the currency of your choice through an NRO or NRE account. The death benefit would be payable into this selected account. 
    4. It is comforting to state that if the risk involved is similar, there would be no difference in the premium paid by an NRI or an Indian citizen. 

    Factors to consider before buying term insurance for NRIs
    It is imperative that you carefully study your term insurance plan prior to opting for it online. 

    1. Term Insurance Cost –
      There are numerous insurance providers available in India. Therefore, before buying the first plan you come across, you should carefully study it. Calculate your premium using the online premium calculator for term insurance and compare the same with other plans as well as the premium value if you opt for a provider from your resident country. See which plan is more affordable and is better valued; prior to making the right choice for you. 
    2. Tax Implications –
      Term insurance for NRIs, like those for resident Indians, provide you with tax benefits. However, this amount may not be 100% tax-free. Evaluate and research on these tax implications and advantages before you opt for your provider. 
    3. Claim Settlement Ratio –
      This is the ratio of how many claims have been positively settled by the insurance company against the number of claims filed. Higher the claim settlement ratio, higher the comfort you will derive from the insurer. Understanding which insurance provider has a higher claim settlement ratio along with the duration they take to settle the claim will help you make the right call. 

    Term insurance is not only an attractive tool but also an effective one and should be opted for, whether you are an NRI or not. Submit the relevant documents as specified on the insurer’s websites and keep your family financially secured! Browse the website to know more about Long Term Savings, Term Insurance and the various Term Plans offered by PNB MetLife

    *Tax benefits are subject to conditions and other provisions of the Indian tax laws and are subject to amendments made thereto from time to time.


    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife India Insurance Company Limited, Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka.
    IRDAI Registration Number 117. CI No: U66010KA2001PLC028883. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale.
    The marks “PNB” and “MetLife” are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969.. Phone: 080-66006969, Website:, Email: or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203


    • IRDAI is not involved in activities like selling policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.


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    Collapsed Expanded

    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at or You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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