Benefit 1: Affordable Premiums
Life insurance protection in affordable and cost-effective premiums, making it accessible to NRIs without compromising on coverage or benefits. For NRIs living in Dubai, Abu Dhabi or other global locations, managing finances is crucial, particularly when it comes to buying a life insurance policy. Life insurance policies provides comprehensive coverage at competitive premium costs. Further, NRIs can also pay the premiums in Indian currency through the NRE/NRO accounts or swift transactions, which makes buying the policy easier.
Another factor which makes premiums affordable is the exchange rate. The UAE Dirham (AED) is stronger than the Indian Rupee (INR). This makes life insurance premiums, denominated in INR, more affordable to NRIs earning in AED.
So, with affordable premiums, NRIs can choose an adequate sum assured and give optimal financial security to their family members in their absence.
Benefit 2: Online Onboarding & Hassle-Free Process
Life Insurance Plans provides a fully digital and simple onboarding process, perfect for NRIs in Dubai and Abu Dhabi. The application for the life insurance policies can be filled online anytime, from anywhere. You can visit the Insurers website or download their app if available for online services, including the Onboarding Process.
The onboarding process is secured and user-friendly, including uploading documents digitally and e-KYC verification.
Further, the customer support service is also available online and over the phone to assist throughout the Onboarding process. This hassle-free digital experience enables NRIs to buy and manage their life insurance smoothly without any location barriers.
Benefit 3: Global Coverage
Life Insurance Plans provide worldwide coverage, ensuring you remain financially protected no matter where life takes you. Whether you're based in Dubai, Abu Dhabi, or travel frequently across continents, your life insurance policy continues to offer uninterrupted protection irrespective of the country of residence or the place where the claim arises.
In the event of your demise during the policy term or any other event, even when you were not in India, your family would receive the benefits.
Benefit 4: Claim Settlement
For NRIs with family residing in India, having a claim settlement facility in India makes it easier and faster for nominees to access claim benefits. Your nominees can file the claim online or at the insurer’s office and get it settled in INR for quick usage.
Many insures also offer a 24/7 claim helpline number that can help your nominees get resolutions for their queries for faster claim settlements.
Benefit 5: Smart Add-Ons
Add-ons, called riders, offer additional financial protection at a fraction of the premium. You can choose riders that meet your coverage needs, add them to your policy (depending on availability with the plan), and enhance its scope of coverage.
Some of the most popular riders include –
- Accidental death and disability benefit rider – Pays an additional benefit in the case of accidental deaths or disablements
- Critical illness rider – Covers specified critical illnesses and pays a lump sum benefit if the life assured is diagnosed with any covered illness
- Waiver of premium rider – Waives the premium in the case of unforeseen contingencies like death, disability or critical illness.
Conclusion
Life insurance plans can be the right choice for NRIs living in Dubai or Abu Dhabi because of the benefits available. You can choose plans like term plans for financial security, endowment plans for creating a corpus for your goals.
So, while you build your career and look for opportunities in the UAE, ensure that your loved ones back home are secured in the case of emergencies.
FAQs
Is my claim valid, if the life assured has died outside India?
Yes, life insurance plans cover death occurring anywhere in the world. So, irrespective of the place of death, your claim would be valid.
What is the mode of premium payment?
NRIs can pay the premiums for their life insurance policies online through their NRE or NRO bank accounts or through swift transactions. Online wire transfers are also accepted.
