Hundreds of thousands of Indian residents leave their homeland every year, yet they keep their bank accounts and insurance policies the same.
NRIs (Non-Resident Indians) and anyone of Indian heritage can purchase a life insurance plan under the Foreign Exchange Management Act, regardless of where they reside.
Prior to purchasing a term insurance policy, NRIs must take into account both premium costs and costs for a medical checkup.
Before purchasing a term insurance plan in India, NRIs are traditionally expected to undergo a medical checkup in another country and provide the results to the insurer in India. Because of this, they are responsible for the expense of a medical checkup.
The use of telemedicine examinations by several insurers has eliminated the need for this stage.
As a result, the overall cost to NRI clients has decreased significantly because the medical cost has been eliminated.
The advantages of purchasing insurance from Indian insurers
Term insurance from an Indian insurer has the added benefit of being less expensive, in addition to being a flawless transaction.
It is estimated that term insurance in developing countries will cost between 50 and 60 percent less than in developed countries. Term insurance in developing countries will cost between 50 and 60 percent less than in developed countries.
The premiums that NRIs must pay are determined by a variety of factors, including their age, health, and country of residence. A family's demands and lifestyle will dictate the size of the cover.
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