Step 1: Choose a Suitable Plan
The first and foremost step is to select your plan by visiting the official website of the life insurance company . Life insurance companies offer different types of life insurance plans to suit the diverse financial needs of the policyholders. It is suggested to assess your coverage needs and then choose a plan based on your coverage needs and financial goals.
Here are some suggestions on what you can do:
| Coverage and financial needs | The type of plan that suits it |
|---|
Ensuring financial support for your family in your absence
| Term Insurance
|
Create a corpus for your future financial goals without market volatility risk
| Savings plans such as money back or endowment plans
|
Create a corpus for child education, future needs, etc.
| Child insurance plans
|
To build a retirement corpus
| Annuity plans
|
Creating wealth for your financial goals with market-linked returns
| Unit Linked Insurance Plans (ULIPs)
|
Research and compare the different plans available in the market and choose the one which one aligns with your insurance needs.
Pro tip: Begin with a term insurance plan before working towards your financial goals. Term plans act as a safety net, ensuring the financial security of your family in your absence.
Step 2: Upload Documents
Once you have chosen a plan, the next step is documentation. Indian insurance companies have a specific requisition of documents from Qatar NRIs. The following shows some of the common documents required when buying life insurance online2 & 3:
- Identity proof
- Overseas address proof
- Income proof
- Copy of passport and Visa
- Medical reports, if applicable, etc.
- NRI questionnaire and Travel Questionnaire
- PIO/OCI Card is required where applicable
Some insurance companies may also ask for a health questionnaire or self-declaration to assess the risk involved and calculate the premiums. Once the documents are uploaded, you will get a confirmation, and the proposal will be sent for underwriting.
Pro tip: When uploading documents, ensure that all the documents are clear, valid and up-to-date. Double-check the file format and size to avoid delays in processing your application.
Proposal Verification
Once all details are filled and documents are attached, the proposal is verified by underwriting. If approved, further steps can be carried on.
Step 3: Schedule Online Medicals
Insurance companies might require NRIs to undergo health check-ups at the time of buying a life insurance policy. Many insurance companies offer convenient online scheduling for medical check-ups in the applicant’s country of residence, after which the applicant can send the medical reports to the insurance company. Some insurers also offer tele-medical check-ups in which you can schedule online medicals on the phone or via video call.
On the other hand, for applicants buying a life insurance policy when they visit India, they can get their medical check-ups done in India to buy an insurance plan.
Pro tip: Check with your insurer if they offer tele-medical checkups and request a detailed list of required medical tests from your insurer to ensure a smooth and hassle-free process.
Step 4: Make Payment
Once you are done with selecting the right term insurance plan and completing the application documentation process and received approval from underwriting, the last step is making the premium payment. Most insurance companies offer secure online payment gateways which accept payments through bank transfers, debit/credit cards, NRE/NRO accounts, swift transactions or even mobile banking solutions. Further, before proceeding with the payment, ensure to review the premium amount and premium payment frequency of the policy. Once the payment is made, you will receive a confirmation on your registered email with the digital receipt for your future reference.
Step 5: Get Policy PDF + Physical Copy in India
Once the insurer accepts the proposal and receives the premium, the insurance policy will be issued in electronic form. The policyholder will be given the option to request a physical policy document, and this preference must be captured in the proposal form. If the policyholder requests it, any policy issued electronically by the insurer will also be provided in physical form. All electronically issued policies will carry a digital signature. The digital copy of the policy document in PDF format is legally valid and can be used for all future claims and reference. Ensure to save the PDF format of the document in your phone.
Conclusion
These easy steps make it simple for NRIs living in Qatar to buy a term insurance policy online in India. Just select the right insurance plan, complete the application form, submit the required documents, wait for underwriting approval, once approved, pay the premium. That’s it! After the underwriting process, your policy will be issued, enabling you to secure the financial future of your family—all without leaving Qatar.
FAQs
How much term insurance coverage do I need as an NRI in Qatar?
The term insurance coverage that you should opt for depends on several factors, which include your annual income, the number of dependents in your family, your liabilities and loans, and your long-term financial goals. Ensure to factor in inflation while choosing the coverage of your term plan.
Do I have to visit India for medical check-ups to buy a term plan?
Not necessarily. Insurance companies in India provide medical examination facilities in Qatar or collaborate with diagnostic centres abroad. Depending on the sum assured and insurer, you can complete the medical check-ups locally in Qatar without visiting India. You can also check with the insurance company if they offer telemedical evaluation.
Can I pay premiums from my Qatar Bank Account?
Indian insurance companies accept payments from an NRE or NRO account in India. However, you can use international credit/debit cards, swift transaction or transfer funds to your Indian account for payment.
