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Tax Benefits*Term insurance for NRIs in Australia is a pure protection life insurance plan issued by an Indian insurer and regulated by the Insurance Regulatory and Development Authority of India (IRDAI). It provides a financial safety net for your family by paying the chosen sum assured if the life assured passes away during the policy term. Ageas Federal Term Insurance is designed to help NRIs living and working in Australia protect their loved ones in India while continuing to enjoy uninterrupted coverage, even if they relocate back to India or move to another country after purchasing the policy.
Level Term Insurance:A standard term insurance plan where the sum assured remains unchanged throughout the policy duration, providing consistent financial protection for your beneficiaries.
Increasing Term Insurance:Under this option, the sum assured increases during the policy term by a predetermined amount or percentage, helping you keep pace with growing financial responsibilities over time.
Decreasing Term Insurance:The sum assured gradually reduces during the policy term. These plans are commonly selected alongside loans, as the decreasing life cover generally aligns with the reducing outstanding loan balance.
Term Insurance with Return of Premium (ROP):Unlike traditional term insurance plans that offer no maturity benefit, this option refunds the eligible premiums paid during the policy term if the life assured survives until maturity, subject to the policy terms and conditions.
Applicants should qualify as a Non-Resident Indian (NRI), an Overseas Citizen of India (OCI), or a Person of Indian Origin (PIO). They must possess a valid passport, and their residential status should comply with the Foreign Exchange Management Act (FEMA) and applicable Reserve Bank of India (RBI) regulations.
Most term insurance plans are available to applicants between 18 & 65 years of age. Depending on the selected plan, the maximum entry age may extend up to 85 years, while coverage can continue up to 85 or even 99 years, subject to the product terms.
NRIs residing in Australia have multiple convenient options to pay premiums for their India-issued term insurance plans. Depending on your banking preference, you can choose the payment method that best suits your financial arrangements while ensuring uninterrupted policy coverage.
Premiums can be paid directly in Indian Rupees (INR) through your NRE or NRO bank account in India. This remains one of the most preferred payment methods as it offers smooth processing without the need for additional currency conversion. These accounts also support policy-related financial transactions efficiently throughout the policy term.
Purchasing an India-issued term insurance plan while residing in Australia offers financial security, convenience, and long-term value. Since many NRIs continue to support families and fulfil financial commitments in India, a rupee-denominated life cover provides practical protection that aligns with their financial responsibilities. With Ageas Federal, eligible NRIs can complete most of the purchase journey digitally while enjoying flexible payment options and comprehensive protection.
Term insurance plans issued in India offer comprehensive life cover at competitive premiums, making long-term financial protection accessible without placing a significant burden on your finances.
Your policy continues to remain valid irrespective of where you live. Even if you relocate from Australia to another country or return to India, your life cover continues, provided you keep your insurer informed about your updated residential status.
Depending on the plan selected, beneficiaries may receive the claim amount as a lump sum, periodic income, or a combination of both, helping families manage both immediate and future financial needs.
Coverage can be strengthened by choosing available riders at an additional premium, such as accidental death benefit, critical illness benefit, disability benefit, or terminal illness cover, subject to product availability.
Eligible NRIs with taxable income in India may claim deductions on premiums under the applicable provisions of the Income Tax Act, subject to the tax regime and prevailing laws. Eligible policy payouts may also qualify for tax exemptions. NRIs residing in Australia may also be eligible to claim relief under the India–Australia Double Taxation Avoidance Agreement (DTAA), wherever applicable, subject to prevailing tax laws.
Disclaimer: Tax laws are subject to change and depend on individual financial circumstances. Ageas Federal Life Insurance does not provide tax advice. Please consult a qualified tax advisor to understand the benefits applicable to your situation.
The right choice depends on where your financial responsibilities are centred. If your family, dependants, loans, and future obligations are primarily based in India, an India-issued term insurance plan offers protection that matches your financial needs. However, if your long-term financial commitments and dependants are permanently based in Australia, a locally issued policy may be more suitable for certain circumstances.
| Factor | India-issued Term Plan (Ageas Federal) | Australia-issued Policy |
|---|---|---|
| Currency of Cover & Payout | Indian Rupees (INR) | Australian Dollar (AUD), as applicable |
| Premium Structure | Competitive premiums designed for the Indian market | Depends on local insurer and market conditions |
| GST on Premium | Nil (0%) on eligible individual life insurance premiums (from Sept. 2025) | Subject to applicable Australian taxation and insurance regulations |
| Digital Purchase | Online application and remote processing available | Depends on insurer |
| Coverage After Returning to India | Continues without requiring a new policy, subject to policy terms | May depend on insurer conditions |
| Premium Payment Options | NRE/NRO accounts, eligible overseas remittances | Australian banking and payment options, as offered by the local insurer |
To purchase a term insurance plan, you may generally need the following documents:
Accepted Documents
Note: Individuals earning income in Australia may also be eligible to claim relief under the India–Australia Double Taxation Avoidance Agreement (DTAA), wherever applicable, subject to prevailing tax laws. Easy Of Buying: Buying a term insurance plan is a long-term financial decision, especially when your family and financial commitments are based in India while you live and work in Australia. Before choosing a plan, make sure you evaluate the essentials that can influence both your coverage and future claim experience. Your life cover should comfortably meet your family's future expenses, including household needs, children's education, outstanding loans, and other long-term financial responsibilities.
Flexible To Choose:Ideally, your coverage should continue until your major financial obligations are fulfilled or until your planned retirement age, ensuring your family remains financially protected throughout that period.
Provide accurate information:Disclose your occupation, health condition, smoking or tobacco habits, travel history, and existing medical conditions honestly during the application. Complete and accurate information helps ensure smooth policy issuance and hassle-free claim settlement.
Understand the insurer's NRI servicing capabilities.:Choose an insurer that offers dedicated support for NRIs, digital servicing, remote documentation, convenient premium payment options, and an efficient claim process for beneficiaries residing in India or overseas.
At Ageas Federal Life Insurance, we understand the unique financial responsibilities of Indians living overseas. Our solutions are designed to help NRIs secure their loved ones in India through a simple, reliable, and digitally enabled insurance experience.
Claims are processed in India, with dedicated assistance provided to nominees and beneficiaries for a smoother claim experience.
Eligible applicants can complete KYC formalities and medical requirements through digital or approved remote processes, reducing the need for travel. Where required, medical examinations may be completed through approved diagnostic centres in Australia or via telemedical and video medical assessments, subject to underwriting requirements.
From application to policy issuance, the entire process is designed to be convenient, allowing you to purchase and manage your policy from Australia.
Pay premiums conveniently through your NRE/NRO account or eligible international remittance channels, including accepted overseas bank transfers from Australia, subject to applicable guidelines.
With over a decade of experience, Ageas Federal Life Insurance provides protection, savings, pension, investment, annuity, and health solutions designed to support customers through every stage of life.
Our servicing model is built to simplify the insurance journey for NRIs by offering guidance throughout policy purchase, servicing, and claims.
For all your needs, we’re here with expert assistance
AGEAS FEDERAL LIFE INSURANCE
Endorsed by Life Insurance Experts
At Ageas Federal Life Insurance, we are dedicated to creating meaningful insurance solutions that help individuals build a secure and confident future. With over a decade of experience, we offer a wide range of plans across protection, pension, savings, investment, annuity, and health, designed to support evolving financial needs at every stage of life.
Yes. Eligible NRIs residing in Australia can purchase an India-issued term insurance plan remotely. The application, document submission, KYC, medical requirements (where applicable), and policy issuance can generally be completed through digital processes, subject to the insurer's underwriting guidelines.
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