Why your Indian term plan still has relevance abroad Leaving abroad typically comes with lifestyle modifications, differences in salary, and priorities in spending money. However, your Indian term plan remains one of the cheapest methods for securing your family's financial future. Unlike the majority of foreign life insurance policies, Indian term plans usually offer greater coverage at a lesser premium. As long as your dependents are in India, this policy assists them in fulfilling long-term expenses, such as education, home loans, or retirement expenses, without breaking their backs.
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How to keep making premium payments from abroad Even going to a different county doesn't require you to stop your term plan premiums. All major Indian insurers offer the facility of online payments, via which you can make payments through net banking, debit/credit cards, or foreign payment methods. Going in for automatic payment makes sure you miss none of the due dates. Remember, a single missed payment after the grace period makes your policy null and void, leaving your family members without the financial security they need.
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Notify your insurer of your relocation You need to notify your insurer of your relocation when you relocate. Some insurers demand new contact details, overseas address proof, and nominee updates. In certain high-risk countries you move to, extra documentation or underwriting might be required. Having your insurer informed keeps your policy ongoing and claims, where required, in full course without any interruptions. It is necessary to do so for a hassle free claim and settlements.
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Understand claim settlement beyond borders One of the larger questions for NRIs is whether their families are eligible for the policy benefits if they are abroad. Most Indian insurers settle claims on NRIs just like they would on residents, provided the policy was sold while you were in India and premiums are paid. Claims can be made from anywhere in the world, and the payment will be to the nominee's Indian bank account, so the process is hassle-free for your loved ones.
Think of further cover in your new country While your Indian term plan is a wonderful beginning, it may not include cost of living and medical in the foreign country completely. Depending on your budget, you may choose to take an additional policy in your home country. It will make sure you receive adequate worldwide coverage while keeping your inexpensive Indian plan for long-term family coverage in your home country.
