Life is full of uncertainty and dealing with emergencies isn’t easy in the absence of proper financial support. Having a suitable life insurance plan will ensure that you and your family members are financially independent, even at the most critical times of your life. Here’s a list of insurance plans that are best for NRIs who have returned to India.
1. Kotak Life Insurance
Kotak Life Insurance provides two different types of plans for NRIs – Kotak Preferred Term Plan and Kotak Term Plan. Kotak Preferred Term Plan offers a minimum sum assured of ₹25 lakhs for a policy term for 5 to 40 years. The major benefits of this plan include tax benefits, flexible options for premium payment, option for immediate payout, and option to change the cover as per your needs.
On the other hand, Kotak Term Plan comes with a minimum sum assured amount of ₹3 lakhs and up to ₹25 lakhs with a policy term period of 5 to 30 years. It offers several benefits, such as tax benefit, exceptional rates for women, and options for adding rider plans, like critical illness benefit, accidental death benefit, and disability benefit.
2. Birla Sun Life Insurance
The Vision Life Income Plan by Birla Sun Life Insurance is designed keeping in mind the needs of NRIs. This insurance plan ensures a stable income, along with life cover. Any NRI aged 1 to 60 years is eligible for this plan.
It comes with a minimum sum assured of ₹2 lakhs and the minimum premium for this plan is ₹18,000. You will get 5% of the sum assured and a bonus after you have completed paying the premiums for your policy term.
3. Max Life Savings & Income Plans
If you are looking for a stable income option by disciplining your savings, Max Life Savings & Income Plans is a great option. It creates a corpus for taking care of your family’s future needs and comes with tax benefits and the option to choose various riders to increase coverage even further.
Moreover, the plan lets you withdraw money in case of emergencies. You can choose various plans, such as Max Life Guaranteed Income Plan, Max Life Monthly Income Advantage, etc.
4. ICICI Pru iProtect Plan
One of the most popular term insurance plans among NRIs is ICICI Pru iProtect. It provides attractive benefits for NRIs aged 20 to 60 years. The plan can be purchased for a term of 10 to 30 years. With affordable premiums starting at ₹2,000, you can also choose to add various riders, such as critical illness benefit and disability benefit, says an article on CAClubIndia.
It is a smart insurance plan that ensures financial stability for your family, in your absence.
While buying an insurance policy, check the details carefully, such as premium amount, policy term, maturity period, payout frequency, and other benefits, such as riders, tax benefits, etc. If you are still confused, do not hesitate to contact the company to have all your questions answered.