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Tax Benefits*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.
To avoid missed premium payments, policyholders can enable auto-debit instructions through their eligible bank account or payment method. Automatic premium payments help maintain continuous life cover without worrying about different time zones or premium due dates while living overseas.
Note: As per the applicable provisions, GST on individual life insurance premiums has been reduced to Nil (0%) from September 2025.
Purchasing an India-issued term insurance plan while residing in Singapore 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. For professionals and families living in Singapore, an India-issued term insurance plan offers an affordable way to secure loved ones back home while managing the policy conveniently from overseas. With Ageas Federal, eligible NRIs can complete most of the purchase journey digitally while enjoying flexible payment options and comprehensive protection.
Eligible NRIs with taxable income in India may claim deductions on premiums under the applicable provisions of the Income Tax Act, subject to the prevailing tax laws and tax regime opted by the policyholder. Where applicable, benefits under the India–Singapore Double Taxation Avoidance Agreement (DTAA) may also be available for eligible individuals.
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 Singapore, a locally issued insurance policy may be considered depending on your financial goals and protection requirements.
| Factor | India-issued Term Plan (Ageas Federal) | Singapore-issued Policy |
|---|---|---|
| Currency of Cover & Payout | Indian Rupees (INR) | Singapore Dollar (SGD), as applicable |
| Premium Structure | Competitive premiums designed for the Indian market | Depends on the insurer and local market conditions |
| GST on Premium | Nil (0%) on eligible individual life insurance premiums (from Sept. 2025) | As per applicable Singapore 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 | Depends on insurer's policy conditions |
| Premium Payment Options | NRE/NRO accounts, eligible overseas remittances | Local banking and digital payment options |
| Regulatory Authority | IRDAI | Monetary Authority of Singapore (MAS) |
To purchase a term insurance plan, you may generally need the following documents:
Accepted Documents
Additional documents, including medical reports, proof of earnings, Tax Residency Certificate (TRC), or government-approved address proof, may be requested depending on the insurer's underwriting requirements. 
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on GoogleAt 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.
From application to policy issuance, the entire process is designed to be convenient, allowing you to purchase and manage your policy from Singapore.
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.
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 Singapore 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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