Term insurance offers several benefits to NRIs, ensuring that their family’s financial future is secure regardless of their location. Here are some key benefits:
Global coverage: Term insurance policies generally provide worldwide protection, ensuring that NRIs are covered no matter where they live.
Affordable premiums: Indian term insurance plans typically offer more affordable premiums compared to international policies, making them a cost-effective choice for NRIs.
Tax benefits: NRIs can still enjoy tax benefits under Section 80C of the Income Tax Act for premiums paid on term insurance policies, lowering their taxable income.
Customisable policies: Term insurance policies offer various riders such as critical illness or accidental death benefits, allowing NRIs to customise their coverage based on personal needs.
Peace of mind: The assurance that your family will receive financial support in case of your demise provides peace of mind for NRIs working or living abroad.