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Tax Benefits*Term insurance for NRIs in Canada 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.
For Indians living, working, or studying in Canada, an India-issued term insurance plan helps secure financial responsibilities that continue back home, such as supporting parents, repaying loans, or funding a child's future. Ageas Federal Term Insurance is designed to help NRIs living in Canada 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 and 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.
Applicants should have a stable source of income earned either in Canada or India. Financial eligibility helps determine the appropriate sum assured. Salary slips, employment details, income documents, or recent bank statements may be requested during the application process.
In certain cases, individuals residing in India but working remotely for Canadian employers and receiving their salary in foreign currency may also be considered for NRI term insurance, subject to the insurer's underwriting guidelines and additional documentation requirements.
Every application is evaluated based on factors such as occupation, lifestyle habits, medical history, country of residence, and overall risk profile. Applicants working in specialised or higher-risk occupations may be asked to provide additional information.
Depending on the insurer's underwriting requirements, applicants may also be required to submit details related to their residency status, employment in Canada, or travel history. Medical examinations, where applicable, can generally be completed through approved diagnostic centres or authorised medical facilities in Canada.
Honest disclosure of all relevant details helps ensure smooth policy approval and hassle-free claim settlement in the future.
NRIs residing in Canada 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 Canada 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 Canada 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 Canada may also benefit from the provisions of the India–Canada Double Taxation Avoidance Agreement (DTAA), wherever applicable, subject to prevailing tax regulations and individual financial circumstances.
Whether you are living in Toronto, Vancouver, Calgary, Ottawa, or any other part of Canada, you can conveniently pay your premiums through eligible online banking channels, NRE/NRO accounts, or approved international remittance methods, helping you keep your policy active without interruption.
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 Canada, a locally issued policy may be more suitable for certain circumstances.
| Factor | India-issued Term Plan (Ageas Federal) | Canada-issued Policy |
|---|---|---|
| Currency of Cover & Payout | Indian Rupees (INR) | Canadian Dollar (CAD), 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) | As per applicable Canadian tax and insurance regulations |
| Digital Purchase | Online application and remote processing available | Depends on the insurer |
| Coverage After Returning to India | Continues without requiring a new policy, subject to policy terms | May depend on the insurer’s conditions |
| Premium Payment Options | NRE/NRO accounts, eligible overseas remittances | Canadian banking channels and local payment options, depending on the insurer |
| Regulatory Authority | IRDAI | Applicable Canadian federal or provincial insurance regulator |
To purchase a term insurance plan, you may generally need the following documents:
Accepted Documents
Individuals who are eligible under the India–Canada Double Taxation Avoidance Agreement (DTAA) may claim applicable tax relief by submitting the prescribed documents, including Form 10F and a valid Tax Residency Certificate (TRC)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 Canada. 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.
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.
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.
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.
If you are residing in Canada on a work permit, permanent residency, study permit, or any other valid immigration status, ensure that your residency details and supporting documents are accurately shared during the application process to facilitate smoother underwriting.
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.
Wherever required, medical examinations can generally be completed through authorised medical centres in Canada or via approved remote medical assessment processes, 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 Canada.
Pay premiums conveniently through your NRE/NRO account or eligible international remittance channels, 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.
Whether you are living in Toronto, Vancouver, Montreal, Calgary, Ottawa, Edmonton, or any other city in Canada, our digital-first servicing model helps you manage your policy conveniently from anywhere in the country.
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 Canada 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.
Depending on the insurer's process, you may also be able to complete identity verification and documentation online, making it convenient to purchase a policy without travelling to India.
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