1. If I choose to shift to a new country, will my life insurance still be valid?

Yes, the life insurance you have remains valid even when you shift to a new country like Saudi Arabia. However, as a conscious individual, you must inform your insurance provider about your shift to a new country.

2. Why is life insurance so important?

A life insurance policy is a promise to your family that they will be financially covered even in the absence of the breadwinner. Even when the earning member of the family is no longer around, the family will not have to struggle financially. That's one of the biggest reasons why life insurance is important!.

3. How can I purchase the right life insurance policy?

There are a few things that you must consider before purchasing a life insurance policy. Your family's financial needs, long-term financial needs, inflation in the future, current financial obligations, the required coverage, country of residence, etc.

4. Can NRIs living in Saudi Arabia buy life insurance plans in India?

NRIs residing in Saudi Arabia can purchase life insurance plans from Indian insurers through online or offline channels, utilizing NRE or NRO accounts and completing the required documentation and medical verification remotely.

Life Insurance Plans for NRIs in Saudi Arabia

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Calling us from INDIA	+91 20 6712 1212
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As discussed above, a life insurance policy can take different forms. Depending on the coverage and features offered, the policy differs. Below, we discuss some popular life insurance policies NRIs in Saudi Arabia can consider purchasing. These are:

Here are the different types of life insurance plans in India ^{[5] and [8]}:

1. Term insurance plan

One of the basic life insurance plans that provides coverage for a fixed period. These plans usually don’t offer any maturity benefits, making them more affordable. However, if you choose the refund of premiums option, the premiums paid are returned on maturity. Term plans provide life coverage and pay a death benefit if the life assured passes away during the policy term. NRIs in Saudi Arabia can also buy term plans in India at lower premiums and enjoy the benefit of rupee-based investments while protecting their families.

2. Endowment policy

This is a savings-oriented life insurance plan that covers the risk of premature death and offers a maturity benefit. If the life assured passes away during the policy term, a death benefit is paid. On the other hand, if the life assured is alive at maturity, a maturity benefit is paid.

3. Unit Linked Insurance Plan (ULIP)

This plan offers dual benefits—life insurance coverage and wealth building. Premiums are split between life cover and investment, allowing the policyholder to participate in the financial market and earn market-linked returns. There are also the flexible benefits of partial withdrawals and switching. ULIPs are popular among NRIs as these plans allow investments in market-linked funds alongside providing life insurance cover and tax benefits under Indian tax laws.

4. Money Back Policy

Similar to an endowment policy, but with periodic payouts during the policy term. These survival benefits are distributed over the policy's duration.

5. Whole Life Policy

This insurance policy offers coverage for the life assured's entire life. The policy covers the life assured up to 99 or 100 years of age. In case of death during the coverage term, a death benefit is paid. However, if the life assured survives the tenure, a maturity benefit is paid.

6. Child Plan

Child plans to secure a child's financial future often include an inbuilt premium waiver, where the insurer covers premium payments if the parent passes away, ensuring the plan continues.

7. Annuity

Annuity Plans accumulate premiums as assets and pay them out as regular income (an annuity) or as a lump sum after retirement, based on the policyholder's preferences.

Buying a life insurance plan for NRIs in Saudi Arabia is a straightforward and structured process that enables you to protect your family in India while you reside abroad. Here’s how you can complete the entire process digitally.

Step 1 – Compare and Choose the Right Policy

Identify your financial goals, such as financial protection, savings, or market linked investment. Compare different plans such as term, endowment, and ULIP plans offered by Indian insurers. Focus on plans that provide global coverage, affordable premiums.

Step 2 – Verify NRI Eligibility

Before applying, confirm that your residency and nationality meet the insurer’s eligibility criteria. Most Indian insurers accept applications from NRIs, Overseas Citizens of India (OCIs), and Persons of Indian Origin (PIOs) residing in Saudi Arabia.

Step 3 – Prepare Required Documents

Gather the essential identification and financial documents requested by the insurer. This includes submitting a duly filled proposal/application form along with the required declarations. Medical information or examination reports must also be provided if requested during the underwriting process.

Step 4 – Complete medical requirements (if needed)

Medical tests (if required) can be conducted at approved centers in Saudi Arabia, with reports sent directly to the insurer. Some insurers may also offer telemedical assessments.

Step 5 – Premium payment

The Life Insurer will review the documents and communicate decision of acceptance or rejection and final premium details for the selected life insurance plan, you can confirm the terms and make the premium payment. Payments can be made through NRE/NRO/FCNR accounts, swift transactions or through permitted foreign remittance options.

Step 6 – Receive Policy Documents

After successful payment of the premium, the insurer issues the policy documents. Once issued, the life insurance coverage applies worldwide, including Saudi Arabia, and the policy benefits are payable in the currency specified in the policy document.