Importance of Life Insurance for NRIs
Going by the interest rates that are being offered in India, NRIs have enough scope to capitalize on their investments as compared to their work countries. There is standard strategy or specific portfolio that can be used universally for NRIs to invest in.
Life insurance undoubtedly plays a significant role in an NRI’s life. For example - If you are an NRI who has two young children, a wife and your parents are living in India and they are all financially dependent on you, your portfolio needs to cover –
- Regular guaranteed income for parents
- Life cover for the financial security of your family
- Wealth maximization for your spouse and yourself
- Income to meet children’s education
In order to fulfill your need of life cover for the financial security for your loved ones you can opt for the term plans that are available. They ensure that your family would not suffer financial crisis after your sad and unfortunate sudden demise.
Children plans proposed by many banks and financial institutions may serve handy while you wish to keep a provision to meet the education needs of your children. In the event when you are not there, the education of your children would continue uninterrupted. In this type of plan the family gets a lump sum upon the death of the parent and the future premiums of the policy are paid by the life insurance company on behalf of the policy holder.
Insurance Companies and Plans offered to NRIs – Following is the list of companies that offer insurance plans that may prove beneficial for you. However, it is always advised to read the fine prints of the policy and analyze your insurance requirements in advance before you plan to opt for a policy. You may also compare the different polices and then opt for the plan that gives you maximum benefit.
ICICI Prudential Life Insurance
- ICICI Pru Premier Wealth
- ICICI Pru Assure Wealth
- ICICI Pru LifeTime Maxima
- ICICI Pru Pinnacle
- ICICI Pru LifeStage Wealth
- ICICI Pru ACE
- ICICI Pru SmartKid Maxima
- ICICI Pru SmartKId Regular Premium
- ICICI Pru SmartKid Assure
- Lifetime Care- Bajaj Allianz Whole Life Policy
- Invest Gain- Bajaj Allianz Endowment Policy
- Unit Gain - Bajaj Allianz Unit Linked Whole Life Policy
- Cash Gain- Bajaj Allianz Money Back Policy
- Swarna Vishranti- Bajaj Allianz Differed Annuity Policy
- Child Gain- Bajaj Allianz Money Back Policy for Kids
- State Bank of India Insurance Plans
- Kotak Life Insurance
- Axis Life Insurance
- HDFC Standard Life Insurance
- Max Life Insurance