Planning for the future has always been a prominent trait of Indians, regardless of where they live. Saving for uncertain circumstances and securing the family in case of any unforeseen situations are charted well in their financial planning. This is the reason why term insurance has been an important part of an average NRI’s investment portfolio. Regarded as the purest form of life insurance plan, term insurance shields one’s family against financial adversity in case of the unfortunate demise of the breadwinner. This is an important plan for NRIs as several of them stay away from their families just to ensure a better future and a robust financial safety net for their dear ones.
However, the various pandemic waves and subsequent threat of infection made purchasing a term insurance policy tad more complex. Covid gave way to stricter underwriting norms and also lower cover policies in the market. Not just this, buyers had to undergo a physical medical examination before the issuance of a policy. This became especially difficult for NRIs who were unable to do the same because of travel restrictions and safety concerns. Now that the world is gradually resuming its pre-pandemic form, norms are being relaxed across the world. The same applies to term life policy purchase and the good news is that this plan is now more accessible to NRIs with video medical check-ups.
Cost-effective plans catering to the needs of NRIs
Buying term insurance in India should undoubtedly be on an NRI’s radar for two reasons- this policy, when compared to other countries, is more cost-effective in India. Secondly, this cost-effectiveness comes along with adequate benefits aptly tailored as per their needs. For instance, when an NRI purchases term insurance in other countries, they would pay a considerable 50–60 per cent higher premium than in India. Keeping in view the entire policy period, the lower premium amount helps save significantly. Also, apart from being affordable, now there’s another reason to buy the plan in India. Relaxed norms are now making the purchase even more accessible through telemedical or video check-ups.
As an NRI, planning a visit solely for the purpose of purchasing an insurance policy will hardly ever be a possibility. Telemedical check-ups would make sure that you no longer have to delay it to a time when you would be visiting the country, especially with COVID-19 still around. As we have witnessed in the past two years, telemedicine has got a substantial impetus during the pandemic. Thus, if you are a non-resident Indian, you can now buy a term plan from anywhere in the world by simply searching for it online, selecting it, and filling out the application form. The premium can be paid effortlessly online using comfortable payment modes such as net banking or credit/debit cards. Post this, a video or telemedical check-up is scheduled based on your medical history and documentation of pre-existing medical problems and chronic diseases. Once the report is submitted and a green check is given, the application will be accepted, and your desired policy will be issued to you.
Breaking barriers with telemedical/video check-up
Geographical boundaries are no longer an obstacle if you want to avail the benefits of buying the term plan in India. Telemedicals in insurance are simple as the firm follows the process of tele-underwriting under which the authorized doctor from the insurance company makes a call to understand the customer’s current medical history and state. The medic will then ask basic questions to gauge the health conditions and lifestyle habits. The client, in response, has to share accurate information and make a declaration about their health conditions to the appointed medic over the phone or a video call. Following this step precisely and smoothly is crucial as it aids during the claim settlement.
To summarize, if you are an NRI or OCI, having term insurance purchased in India that is affordable and offers guaranteed benefits regardless of your home country will financially protect your family completely. So, with benefits galore for a significant Indian population spread across the globe, checking a term plan and its features online is recommended. Also, read the terms and conditions carefully before signing the policy papers.
The author is Head – Term Life Insurance at Policybazaar.com. The views expressed are that of the author.
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