Want to purchase term insurance plan from USA, working in USA

[ag35]

I am working in USA. I want to purchase term insurance plan.
1- What is the procedure for purchase plan?
2- Is term plan cover if anything happen to me in USA?
3- Can I purchase from here (USA)?

[Expert]

I am working in USA. I want to purchase term insurance plan.
1- What is the procedure for purchase plan?
Life Insurance Plans are only available for NRIs. Two options available -
A- NRIs are allowed insurance on their visit to India where all formalities are completed during their stay in India. In such cases they would be treated on par with Indian Lives for the purpose of allowing insurance.
B- NRIs may also obtain insurance cover from their present country of residence where all formalities are completed in their present country of residence and this process is called ‘Mail Order Business’

NRIs may obtain insurance cover under our Non-Medical (Special) scheme subject to certain restrictions, some of which are listed below:

Applicable if insurance is obtained during visit to India or through Mail Order Business when LIC Agents visits the country of residence of NRI for completing the necessary formalities.
Maximum age at entry would be 45 years
Plans with high risk cover and term rider benefits would not be allowed.
The proposer should be employed in Government or reputed commercial firm or should be a professional such as Chartered Accountant, Doctor, Teacher, Lawyer, Accountant, Engineer, etc.
This scheme is applicable to those NRIs who are residing in Group VI, VII and VIII countries only. ( See Annexure-V for group details).


The main papers required to obtain insurance cover would be -

Prescribed proposal form depending on the type of policy selected.
NRI Questionnaire. (Annexure-II)
Medical Report (not applicable if the proposal is under non-medical scheme)
Special questionnaire (if proposal is under ‘Mail Order Business’ and if the agent does not visit the country of residence of proposer)- Annexure-III
Special Medical Reports, if called for.
Attested copy of Passport.
Proof of age and income.
Initial Deposit equivalent to Installment Premium under the proposed plan of insurance.




2- Is term plan cover if anything happen to me in USA?

LIC Term plans are not available for NRIs.



3- Can I purchase from here (USA)?
Yes, check answers to Q1.

[ag35]

Thanks for answering my queries!
Is only LIC offering such plans, or do we have any other pvt. company offering the same?

[Expert]

Thanks for answering my queries!
Is only LIC offering such plans, or do we have any other pvt. company offering the same?
You can check -
ICICI Pru Life (http://www.iciciprulife.com/public/Others/NRI-Corner.htm)
Met Life (http://www.metlife.co.in/MetLifeKCenter_FAQ_NRI.aspx)
Kotak Life (http://insurance.kotak.com/nri-centre.php)

And lots more, just google.