NRI Term Insurance Calculator
What’s This?
This calculator estimates term insurance premiums for Non-Resident Indians (NRIs), helping you plan financial security for your loved ones from abroad.
How to Use
1. Enter your age, gender, annual income, and smoking status.
2. Input your desired sum assured and policy term.
3. Select payment frequency and provide contact details.
4. Click "Calculate" to view your premium, tax benefits, and personalized tips.
5. Use the WhatsApp button for a free quote from Twins Consultancy.
How It Works
The premium is calculated as: Annual Premium = Max(₹5,000, Base Premium × Gender Adjustment × Term Adjustment × Health Adjustment × Income Adjustment).
- Base Premium: (Sum Assured × Base Rate) / 1,000
- Base Rate: Age ≤ 30: 0.5, 31-40: 0.7, 41- first: 1.0, >50: 1.5 (per ₹1,000 sum assured)
- Gender Adjustment: Female: 0.9, Male: 1.0
- Term Adjustment: 1 + (Policy Term - 10) × 0.05
- Health Adjustment: Non-Smoker: 1.0, Smoker: 1.5
- Income Adjustment: 1.0 if Sum Assured ≤ 15 × Income, 1.2 if higher
- Frequency Premium: Yearly, Half-Yearly (/2), Monthly (/12)
- Tax Benefit: Min(Annual Premium, ₹1,50,000) under Section 80C
Top 20 FAQs
1. What is NRI term insurance?
Term insurance for NRIs offers life coverage with premiums payable from abroad via NRE/NRO accounts.
2. Who is eligible for NRI term insurance?
Indian citizens living abroad with a valid passport can purchase it.
3. What factors affect the premium?
Age, gender, sum assured, policy term, smoking status, and income level.
4. Is the premium tax-deductible?
Yes, up to ₹1.5 lakh annually under Section 80C in India.
5. What is the policy term?
10, 20, or 30 years, based on your needs and eligibility.
6. Can my family claim the sum assured?
Yes, nominees in India or abroad can claim upon the policyholder’s death.
7. Does it cover critical illness?
Optional riders for critical illness can be added—consult Twins Consultancy.
8. Can I cancel my policy?
Yes, within the free-look period (15-30 days) for a refund.
9. Is there a lock-in period?
No lock-in; premiums are paid as per the chosen frequency.
10. How do I choose the right sum assured?
Aim for 10-15× your annual income; use this calculator for guidance.
11. Can I pay premiums via NRE/NRO accounts?
Yes, both account types are accepted for payments.
12. What documents are required?
Passport, visa, income proof, address proof, and medical reports if needed.
13. Is the policy valid if I return to India?
Yes, inform the insurer to update residency status.
14. What happens if I miss a premium?
A grace period (15-30 days) applies; lapses may void coverage.
15. Are there discounts for non-smokers?
Yes, non-smokers pay lower premiums—select “Non-Smoker” above.
16. Is coverage valid worldwide?
Yes, but confirm specific terms with the insurer.
17. How long does approval take?
Typically 7-15 days, depending on medical underwriting.
18. How does smoking affect premiums?
Smokers pay 50% higher premiums due to increased risk.
19. Can I increase the sum assured later?
Possible with some plans—discuss with Twins Consultancy.
20. How do I file a claim?
Submit a death certificate and policy details; we assist with the process.