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Term Insurance for NRIs in Oman

₹1 Crore life cover starts @₹510/Month*

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What is term insurance for NRIs in Oman?

Term insurance for NRIs in Oman 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 is designed to provide financial security to your loved ones by paying the chosen sum assured if the life assured passes away during the policy term. Ageas Federal Term Insurance enables NRIs living and working in Oman to safeguard their family's future in India while continuing to enjoy uninterrupted coverage, even if they relocate to another country or permanently return to India after purchasing the policy.

Types of Term Insurance Plans for NRIs in Oman

NRIs residing in Oman can choose from different types of term insurance plans depending on their financial responsibilities, future goals, and long-term protection needs.

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 and inflation 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.

What Are the Eligibility Criteria for Buying NRI Term Insurance in Oman?

Citizenship
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.
Entry and Maturity Age
Most term insurance plans are available to applicants aged 18 years and above, with the maximum entry age generally extending up to 65 years, depending on the chosen plan. Coverage may continue up to 85 years, while certain plans may offer protection up to 99 years, subject to the product terms and underwriting guidelines.
Income
Applicants should have a stable source of income earned in Oman or India. Financial eligibility helps determine the appropriate sum assured that can be offered. Depending on the insurer's requirements, applicants may be asked to submit salary slips, employment details, income proof, or recent bank statements during the application process.
Oman-Specific Underwriting
Every application is evaluated individually based on factors such as occupation, lifestyle habits, medical history, country of residence, and overall risk profile. Applicants employed in specialised or higher-risk occupations may be required to provide additional information during underwriting. Depending on the applicant's profile, age, and sum assured, medical assessments may be completed through approved medical centres in Oman, tele-medical consultations, video medical evaluations, or during a visit to India, wherever permitted by the insurer. Providing complete and accurate information helps facilitate smoother policy issuance and hassle-free claim settlement in the future.

How can NRIs pay term insurance premiums while living in Oman?

Affordable Premiums

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.

Worldwide Coverage

Your policy remains valid even if you relocate from Oman to another country or decide to return to India, provided you inform the insurer about your updated residential status in accordance with the policy terms and applicable guidelines.

Flexible Death Benefit Options

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.

Optional Riders

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.

Tax Benefits

Eligible NRIs with taxable income in India may be able to claim tax deductions on qualifying premiums under the applicable provisions of the Income Tax Act, subject to the prevailing tax regime and statutory conditions. Eligible policy proceeds may also qualify for tax exemptions as per applicable laws. Additionally, relief under the India–Oman Double Taxation Avoidance Agreement (DTAA), wherever applicable, may help avoid double taxation depending on your individual tax status.

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 tax implications applicable to your situation.

Benefits of Buying Term Insurance from India as an NRI in Oman

Purchasing an India-issued term insurance plan while residing in Oman offers financial protection, convenience, and long-term value. Many NRIs continue to support their families, manage financial commitments, or plan future investments in India. An INR-denominated term insurance plan helps align your life cover with these responsibilities while offering affordable premiums and flexible policy servicing. With Ageas Federal, eligible NRIs can complete most of the purchase journey digitally while enjoying comprehensive protection and convenient premium payment options.

Affordable Premiums
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.
Worldwide Coverage
Your policy remains valid even if you relocate from Oman to another country or decide to return to India, provided you inform the insurer about your updated residential status in accordance with the policy terms and applicable guidelines.
Flexible Death Benefit Options
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.
Optional Riders
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.
Tax Benefits

Eligible NRIs with taxable income in India may be able to claim tax deductions on qualifying premiums under the applicable provisions of the Income Tax Act, subject to the prevailing tax regime and statutory conditions. Eligible policy proceeds may also qualify for tax exemptions as per applicable laws. Additionally, relief under the India–Oman Double Taxation Avoidance Agreement (DTAA), wherever applicable, may help avoid double taxation depending on your individual tax status.

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 tax implications applicable to your situation.

Should You Buy Term Insurance in India or in Oman?

The ideal choice depends on where your long-term financial responsibilities are based. If your family, dependants, outstanding loans, or future financial commitments are primarily in India, an India-issued term insurance plan can provide protection that aligns well with your financial goals. However, if your financial obligations and dependants are permanently based in Oman, you may also consider evaluating locally issued insurance solutions based on your individual needs.

FactorIndia-issued Term Plan (Ageas Federal)Oman-issued Policy
Currency of Cover & PayoutIndian Rupees (INR)Omani Rial (OMR) or as applicable under the local insurer
Premium StructureCompetitive premiums designed for the Indian marketDepends on local insurer and market conditions
GST on PremiumNil (0%) on eligible individual life insurance premiums (from Sept. 2025)As per applicable regulations in Oman
Digital PurchaseOnline application and remote processing availableDepends on insurer
Coverage After Returning to IndiaContinues without requiring a new policy, subject to policy termsMay depend on insurer conditions
Premium Payment OptionsNRE/NRO accounts, eligible overseas remittancesLocal banking options
Regulatory AuthorityIRDAIApplicable insurance and financial regulatory authorities in Oman

Get insured in minutes with Ageas Federal

Step 1 – Share your details

Step 1 – Share your details

Provide your age, income, NRI status, and the desired life cover.
Step 2 – Select your plan

Step 2 – Select your plan

Choose the term insurance option that best matches your financial goals, including available coverage options and riders.
Step 3 – Complete online verification

Step 3 – Complete online verification

Submit the required documents, complete digital KYC formalities, and undergo medical assessment through approved remote or physical processes, wherever applicable and as required by the insurer.
Step 4 – Receive your policy digitally

Step 4 – Receive your policy digitally

Once underwriting is successfully completed, your policy is issued electronically, allowing you to stay protected wherever you are.

What Are the Documents Required to Buy NRI Term Insurance in Oman?

Identity Proof

Proof of your identity as per government records.

All Required

Photo Guidelines

  • ✓ Valid Passport
  • ✓ Oman Resident Card (Resident Permit) or other valid residency documents issued by the Sultanate of Oman
  • ✓ PAN or Form 60
  • ✓ Completed Proposal Form
  • ✓ NRI & Foreign Travel Questionnaire
  • ✓ FATCA/CRS Declaration with Tax Identification Number (TIN)
  • ✓ Income proof and supporting financial documents
  • ✓ NRE/NRO bank statement, wherever required
  • ✓ Supporting documents, if requested by the insurer

All of the above valid documents is required

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“I've been a customer of Ageas Federal Life Insurance for several years now, and I couldn't be happier with their service. One of the aspects that truly stands out to me is their seamless renewal payment process.”

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Pune, Maharashtra

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“My experience with Ageas Federal has been nothing short of exceptional. From the moment I reached out to inquire about their policy, I was met with a smooth and efficient process that left me feeling assured. ”

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Dharmendra Rathod

Bangaluru, Karnataka

Things to check before buying a term insurance plan for NRIs in Oman

Buying a term insurance plan is an important long-term financial decision, especially when you are living and working in Oman while your family and financial responsibilities continue to be based in India. Before selecting a plan, it is essential to evaluate a few key factors that can influence both your coverage and your family's claim experience in the future.

Choose an adequate sum assured
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.
Select the right policy term
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, existing medical conditions, and country of residence honestly during the application process. Complete and accurate disclosure helps facilitate smoother underwriting, 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.

Why choose Ageas Federal Life Insurance as an Oman-based NRI?

At Ageas Federal Life Insurance, we understand the unique financial priorities of Indians living and working in Oman. Our term insurance solutions are designed to help eligible NRIs protect their loved ones in India through a simple, reliable, and digitally enabled insurance journey.

GLOBAL CLAIM SUPPORT

Claims are processed in India, with dedicated assistance provided to nominees and beneficiaries. Since India-issued term insurance policies are generally settled in Indian Rupees (INR), having an Indian bank account can help ensure a smooth claim settlement process for eligible beneficiaries.

Eligible applicants can complete KYC formalities and medical requirements through digital or approved remote processes, reducing the need for travel.

From submitting your application to receiving your policy document, the entire journey is designed to be convenient, allowing eligible NRIs in Oman to purchase and manage their policy with minimal paperwork and without travelling to India, wherever applicable.

Pay premiums conveniently through your NRE/NRO account or eligible overseas remittance channels, subject to applicable regulatory guidelines and the insurer's accepted payment options.

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 dedicated NRI servicing model is designed to simplify every stage of your insurance journey, from policy purchase and servicing to claim assistance, helping you stay connected to your financial protection while living in Oman.

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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.

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FAQs about Term Insurance for NRIs in Oman

Yes. Eligible NRIs residing in Oman can purchase an India-issued term insurance plan remotely. Depending on the insurer's underwriting guidelines, the application, document submission, KYC, medical requirements (where applicable), and policy issuance can generally be completed through digital or approved remote processes.

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Ageas Federal Life Insurance Company Limited is an IRDAI-regulated life insurer. Investment-linked insurance plans are subject to the terms and conditions of the respective policy.

For Unit Linked Insurance Plans (ULIPs), the investment risk in the investment portfolio is borne by the policyholder. ULIPs are subject to a mandatory five-year lock-in period. Past performance is not indicative of future performance.

Any figures generated through online calculators are illustrative in nature and should not be considered as guaranteed returns.

Tax benefits, GST provisions, and benefits under applicable laws are subject to amendments in tax regulations and individual eligibility. Customers are advised to consult qualified financial and tax professionals before making investment decisions.

Please read the sales brochure and policy document carefully before purchasing any insurance product.

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