Life Insurance for NRI’s

What is Life Insurance?

Life Insurance is a contract between an insurance company and a policy holder wherein the insurance company promises to pay a lump sum to the policy holder in exchange for regular premiums, upon the death of the insured person or after the maturity of the policy. There are different types of life insurance policies including term insurance, ULIPs, and retirement plans.

Can NRIs Buy Life Insurance in India?

Yes. Regulatory frameworks ensure Indians abroad can secure financial protection for dependents without physical presence. You can complete the entire process digitally, by submitting the required documents. Coverage extends globally, protecting your family regardless of location.

What are the documents required for purchasing a Life Insurance Policy?

While documentation required for purchasing a life insurance policy varies based on the choice of the insurer and the insurance product, common documents include (but not limited to):

• Passport
• FATCA form
• Bank Statement
• PAN Card

How can an NRI pay premiums for the Life Insurance Policy?

NRIs can pay the premiums in foreign currency or INR through the following modes:

• Credit card standing instruction
• Electronic Clearing Service (ECS)
• Cheque
• Debit Card
• Net Banking
• NEFT/RTGS/SWIFT

Benefits of buying Life Insurance from India

NRIs get the following benefits of purchasing life insurance in India:

1. Tax Savings under Sec 80C & 10(10D) (depending on the policy)
2. GST Waiver on premiums paid in foreign currency
3. INR payout credited to NRE/NRO accounts
4. Support for family back home
5. Higher cover at lower premiums compared to global policies

Kotak Life Insurance options for NRIs

Kotak Life offers specialized life insurance solutions for NRIs, including Kotak Gen2Gen and Kotak e-Term Plan. While these are the trending options, you can check out the complete list of offers on the Kotak Life website.

Kotak Gen2Gen Protect

A Non-Participating Non-Linked Life Insurance Individual Savings Product that safeguards your future while simultaneously ensuring you receive a maturity benefit along with a free life cover for your child till retirement.

This plan ensures a Two-Generation cover where not only you have financial protection, but your child is protected too. It is designed for those who want to meet their family's needs and ensure their aspirations are fulfilled, providing peace of mind about your family's financial future even in your absence.

Features of Kotak Gen2Gen Protect

• Return of Premium: Life cover throughout the policy term and receive your premiums back on maturity as Sum Assured on Maturity
• Two Plan Options: Flexibility to choose between Life ROP Option and Legacy ROP Option, which suits your varied protection needs
• Dual Generation Plan: Cover two generations under one single plan with Transfer of Basic Sum Assured under Legacy ROP Option
• Additional Benefit for Female Lives: Additional Death Benefit of 5% is applicable for Female Lives
• Inbuilt Wellness Benefits: Access wellness benefits without any additional cost
• Offers the following riders for enhanced protection:

• Kotak Permanent Disability Benefit Rider: 120% of the Rider Sum Assured payable over 5 years
• Kotak Critical Illness Plus Benefit Rider: Rider Sum Assured payable on admission of a claim on any one of the 37 covered critical illnesses
• Kotak Accidental Death Benefit Rider: Lump sum benefit paid on accidental death in addition to Death Benefit under the base plan

• Tax Benefits: As per applicable laws amended from time to time

For the entire list of features, and terms and conditions, please visit us at Kotak Gen2Gen.

Kotak e-Term Plan

A Non-Participating Non-Linked Life Insurance Individual Pure Risk Product, the plan provides a high level of protection at affordable premiums and offers special premium rates for non-tobacco users and women.

Features of Kotak e-Term Plan

• Low-Cost Insurance: Ensures extensive coverage at budget-friendly rates
• Multiple Plan Options: Choose between Life, Life Plus or Life Secure Option to ensure ideal cover for your family
• Three Payout Options as per your family’s requirement. You can go for an immediate payout of 100% of the sum assured on death or a 10% lumpsum plus 6% of sum assured every year for 15 years. Vist the Kotak Life website for the entire list of options.
• Option to increase /decrease your life cover based on various life stages*
• Customize Protection with Riders: Enhance coverage with Kotak Critical Illness Plus Benefit Rider and Kotak Permanent Disability Benefit Rider
• Option to Exit at Age 60 Years: Get your total premiums back at age 60 through Special Exit Value
• Inbuilt Wellness Benefits (Without Any Additional Premium): Telemedicine Consultation, Personal Medical Care, Lifestyle Management Programs, Emergency Response Service, Home Health Care, Pharmacy Access, and Free Medical Checkup every 5 years (accessible through the Wellbeing App)

For the entire list of features, and terms and conditions, please visit us at Kotak e-Term Plan.

Conclusion

Life insurance provides essential financial protection for NRIs across borders. With simplified online processes, flexible payments options, and regulatory safeguards, these policies offer comprehensive and convenient security.