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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.
NRIs residing in the United States 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 the United States offers financial security, convenience, and long-term value. Since many NRIs continue to support families, maintain investments, 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. Compared to many life insurance products available in the United States, India-issued term insurance plans are often more cost-effective for NRIs seeking protection for financial obligations in India.
Your policy continues to remain valid irrespective of where you live. Even if you relocate from the United States 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, while relief under the India–United States Double Taxation Avoidance Agreement (DTAA) may be available wherever applicable.
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 the United States, a locally issued policy may be more suitable for certain circumstances.
| Factor | India-issued Term Plan (Ageas Federal) | United States-issued Policy |
|---|---|---|
| Currency of Cover & Payout | Indian Rupees (INR) | US Dollars (USD) |
| 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 US federal and state 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 | Local banking options |
| Regulatory Authority | IRDAI | Applicable insurance regulator in the relevant US state |
Proof of your identity as per government records.
To purchase a term insurance plan, you may generally need the following documents:
For an OCI/PIO applicant, provide a foreign passport and valid OCI/PIO card, while a green card helps establish US permanent-resident status and I-94 records lawful admission and authorised stay.
Confirm plan availability and applicable cross-border requirements.
Select the life cover, term, payout option and riders.
Submit the proposal, FATCA declaration, supporting documents and required medical tests.
Pay through an approved channel and access the policy digitally from the United States.
Note: FATCA/CRS disclosure is required for US-based applicants. The declaration generally captures the US tax jurisdiction and US TIN, such as SSN or ITIN.
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on GoogleYour life cover should comfortably meet your family's future expenses, including household needs, children's education, outstanding loans, and other long-term financial responsibilities. If you have financial commitments in both India and the United States, ensure your coverage adequately accounts for your obligations in India while complementing your broader financial plan.
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. For NRIs in the United States, it is also beneficial to choose an insurer that supports remote onboarding, overseas medical examinations (where applicable), and digital policy servicing throughout the policy tenure.
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. Depending on underwriting requirements, medical examinations may also be completed through authorised medical centres in the United States or other insurer-approved assessment methods.
From application to policy issuance, the entire process is designed to be convenient, allowing you to purchase and manage your policy from the United States.
Pay premiums conveniently through your NRE/NRO account or eligible international remittance channels, subject to applicable guidelines. Eligible policyholders may also use accepted international banking channels, including SWIFT transfers, wherever applicable.
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.
Indian citizens, Overseas Citizens of India (OCIs), and Persons of Indian Origin (PIOs) residing in the United States, subject to the insurer's eligibility criteria, underwriting guidelines, and documentation requirements, can apply for an Ageas Federal Term Insurance plan.
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