Cover Offered by NRI Life Insurance Policies Purchased in India
Life insurance policies purchased in India offer similar cover to both NRIs and resident Indians. NRIs can choose a policy payment term of their choice as per available options offered by the life insurance company. The sum assured can also be chosen by the NRI applicant as per applicant’s requirement and the policyholder’s income criteria which can differ to some extent from one insurer to another. Others factors to keep in mind are the enhanced cover options provided through policy add-ons like critical illness cover, accidental death or dismemberment benefit, terminal illness cover, etc. Last but not the least, NRI life insurance policies also offer the option of choosing different death benefit payout options such as lump sum payout, installment payouts or a combination of the two depending on the applicant’s understanding of the expected future financial needs of the policy beneficiaries.