Bajaj Life Term Insurance Plans for NRIs [2026]

Overview

Bajaj Life allows eligible Non-Resident Indians (NRIs) to purchase term insurance while living abroad or during a visit to India. Bajaj Life term insurance plans for NRIs include plans such as eTouch II, which offer financial security to your family back home.

Features and Benefits

Worldwide Coverage: Life cover continues globally, subject to policy conditions and applicable exclusions.
Tele or Video Medicals: Eligible applicants may complete medical assessments remotely.
Cost Advantage: Indian term insurance premiums may be comparatively lower than similar international policies.
Discounts and Tax Benefits: Eligible policyholders may receive first-year premium discounts, and tax benefits depend on applicable laws.
Optional Riders: The insurer offers riders that provide additional protection.

Eligibility and Documentation

Age Restriction: 18 years to 60 years, depending on the policy chosen.
Documents: Applicants require documents like a valid passport and proof of income. Exact requirements can vary by product and country of residence.

According to India’s Ministry of External Affairs, over 17.76 million Indians live abroad. For NRIs supporting families back home, geographical distance should not mean financial vulnerability. Bajaj Life offers a way to create a high-value financial safety net from abroad, with digital application journeys and global coverage options.

This guide breaks down the plans offered by Bajaj Life for NRIs, eligibility, costs, claim process, and considerations to help you make an informed decision.

What Are Bajaj Life Term Insurance Plans for NRIs?

Bajaj Life term insurance offers NRIs an affordable way to protect their family financially through a pure life cover. You pay regular premiums, and if you die during the policy term, your nominee receives the chosen sum assured as a lump-sum payout.

Every step from policy issuance to claims settlement is done in Indian Rupee (INR). This makes an active Indian bank account for the nominee useful for smoother claim processing and fund transfer.

Can NRIs Buy Bajaj Life Term Insurance Plans From Abroad?

Yes. Eligible NRIs can purchase a Bajaj Life term insurance plan from abroad, subject to the insurer’s eligibility, underwriting, and documentation requirements. Depending on the plan and cover amount, the application and medical assessment may be completed digitally through video or telemedical processes.

Bajaj Life Term Insurance Plans for NRIs: Options Worth Considering

1) Bajaj Life eTouch II

Bajaj Life eTouch II is a comprehensive term insurance plan offering life cover along with benefits such as terminal illness protection. It comes in three variants: Life Shield, Life Shield Plus, and Life Shield ROP. Depending on eligibility, customers can also add riders such as Critical Illness Benefit and Accidental Permanent Total or Partial Disability Benefit.

2) Bajaj Superwoman Term Plan

Bajaj Superwoman Term Plan is designed specifically for women and is based on the eTouch II Life Shield variant. It includes a mandatory Critical Illness Rider covering 60 illnesses, along with optional child protection benefits and built-in health management services designed for women.

3) Bajaj Life iSecure II

Bajaj Life iSecure II may be relevant for self-employed NRIs who do not have conventional income documents such as salary slips or income tax returns. Bajaj Life considers alternatives such as bank statements, investment portfolios, vehicle Insured Declared Value and credit-card limits. Final eligibility and cover remain subject to underwriting.

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Sample Premiums Across Profiles

The annual premiums are illustrative for non-smoking NRIs residing in the United States, earning $80,000 annually (₹76.16 lakh) with nominees residing in Delhi 110010. The illustration assumes life cover until age 70, without any first-year discounts.

Profile	₹5 Crore	₹10 Crore
25-Year-Old, Male	₹39,586	₹79,172
25-Year-Old, Female	₹38,042	₹76,083
30-Year-Old, Male	₹51,125	₹1,02,250
30-Year-Old, Female	₹41,584	₹83,168
35-Year-Old, Male	₹67,029	₹1,34,058
35-Year-Old, Female	₹55,218	₹1,10,436

Note: There may be a premium difference between NRI customers and domestic customers due to a geographical loading charge, which reflects additional risk based on the country of residence, premium frequency, policy term, premium-paying term and sum assured. In practice, it may often be around ₹500 to ₹1,000, depending on the applicant and policy.

NRIs may need a higher sum assured than resident Indians, depending on their income, family dependency, loans and financial commitments across countries.

At Ditto, our advisors dedicate ample time to understanding your liabilities, income, dependents and long-term goals before discussing the right term cover. You can also use our online cover calculator to get an initial estimate and understand how much protection you may need.

Eligibility Rules for NRIs Buying Bajaj Life Term Insurance

Eligibility Criteria for eTouch II

Parameter	Details
Entry Age	18 years to 60 years
Maximum Sum Assured	₹25 crore
Educational Qualification	12th and above
Premium Payment Term	Regular pay and limited pay
Riders Available	All applicable add-ons are available, while the Critical Illness Rider is offered in selected countries, subject to a maximum cover of ₹50 lakh and underwriting.
Minimum Income	₹20 lakh per annum for applicants who have completed Class 12th, while graduates and those with higher qualifications are eligible for an annual income of ₹10 lakh

Documents an NRI Needs for a Bajaj Life Term Plan

Foreign Account Tax Compliance Act (FATCA) Form: A completed FATCA declaration is required.
Passport: Submit the first and last pages along with the latest immigration page.
Proof of Income: Recent salary slips, employment contracts, overseas bank statements, or tax returns filed in the country of residence may be accepted as income proof.
Signed Self Declaration: A signed declaration may be required as part of the application.
Foreign Tax Identification Number (FTIN): Provide a soft copy of your FTIN. If unavailable, the applicant can email the insurer’s helpdesk explaining the situation.
Foreign Address Proof: This is not usually mandatory for the application, although the insurer may request it in certain cases as part of the underwriting process.

Medical Tests and Tele-Medicals for NRIs Applying From Abroad

For NRIs applying from abroad, the insurer first reviews the application form and asks relevant questions about income, occupation, health and lifestyle. A Video Medical Examination Report (VMER) may then be conducted. For eligible applicants, higher life cover can often be cleared after VMER without requiring physical medical tests.

However, underwriting thresholds still apply. For example, a 25-year-old earning ₹10 lakh annually may be eligible for up to ₹2 crore sum assured through VMER. If the same applicant seeks ₹3 crore cover with the same income, the insurer may require additional medical tests and underwriting before approving the higher cover.

Note: If the NRI is in India, the insurer bears the medical examination cost. For applicants in GCC countries, Bajaj Life arranges the medicals without any charge. For non-GCC countries, Bajaj Life bears the physical medical cost only for annual payment modes with a minimum premium of ₹50,000.

It can be a good time to schedule your term-insurance medicals as well. At Ditto, we recommend coordinating the application and medicals with your India visit, making the overall underwriting and application process smoother and more efficient.

Paying Premiums From an NRE or NRO Account and the GST Position

NRIs can generally pay term insurance premiums through Non-Resident External (NRE), Non-Resident Ordinary (NRO), or Foreign Currency Non-Resident (FCNR) accounts. Depending on the insurer, international debit or credit cards and approved foreign bank transfers may also be accepted.

Some insurers such as ICICI Prudential also allow payments through regular Indian savings accounts using Unified Payments Interface (UPI), net banking or online banking, subject to applicable insurer and banking compliance requirements.

Note: GST on term insurance has been removed from individual policies in India from September 22, 2025. For NRIs buying Bajaj Life term insurance from abroad, this can reduce the overall premium outgo, subject to applicable policy and tax rules.

How a Nominee in India Claims a Bajaj Life NRI Term Policy

Intimate the Claim

The nominee should inform Bajaj Life as soon as possible through its website, email, branch office, or customer support channels.

Submit Documents

Typically, the nominee will need the claim form, policy document, death certificate, identity proof, bank details, and relevant medical or hospital records.

Overseas Documentation

If the death occurred abroad, additional verification, attestation, or translation of overseas documents may be required, depending on the circumstances.

Claim Assessment

Bajaj Life reviews the policy terms, information disclosed during purchase, and submitted documents. Overseas deaths may require additional verification based on the country and cause of death.

Claim Payout

Once the claim is approved, the death benefit is generally transferred to the nominee’s Indian bank account, subject to applicable Reserve Bank of India (RBI) and Foreign Exchange Management Act (FEMA) requirements.

Bajaj Life: Performance Metrics

Metric	Average (FY 2024-26)	Industry Average
Claim Settlement Ratio	99.32%	99.00% (Mean)
Amount Settlement Ratio (Average FY 2023-25)	93.42%	94.83% (Mean)
Annual Business Volume	₹12,791.02 Crore	₹3,778.58 Crore (Median)
Volume of Complaints (Per 10,000 Claims)	2.77	13.10 (Median)
Solvency Ratio	3.52x	2.00x (Median)
Annual Death Claims Paid	₹828.11 Crore	₹237.24 Crore (Median)

Note: The figures shown in the table are based on Bajaj Life’s public disclosures and IRDAI annual reports. For more such interesting data, explore the Ditto Data Lab.

Who Should Buy Bajaj Life Term Insurance Plans for NRIs (And Who Should Avoid It)

Who Should Consider It	Who Should Avoid It
Useful when family expenses, loans, or financial responsibilities are primarily based in India.	People without financial dependents or major long-term obligations in India may not need a large India-based term cover.
Suitable for NRIs seeking substantial life protection with a death benefit payable in Indian rupees.	NRIs managing foreign-currency liabilities, such as an overseas mortgage, may need protection aligned with those financial commitments.
Young overseas NRI earners with stable income and professionals with INR-linked goals, such as children’s education.	Applicants without stable income proof or salary documents may face additional underwriting requirements or difficulty securing the desired cover.
A good fit if you can provide transparent income, medical, identity, and residency documents when required.	NRIs nearing retirement with sufficient assets and limited financial liabilities may find limited value in long-duration term insurance.

Why Choose Ditto for Life Insurance?

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Bajaj Life Term Insurance Plans for NRIs

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Conclusion

NRIs should consider term insurance as a protection tool, especially when their families, liabilities, or financial commitments remain connected to India. Buying early can also help secure lower premiums for a longer period.

At Ditto, Bajaj Life eTouch II is our top recommended option for NRIs seeking a simple and convenient term insurance experience. It also offers reimbursement for eligible medical expenses incurred abroad, including applicable cases outside GCC countries. If you wish to explore plans offered by other insurers, refer to our guide on term insurance for NRIs.

Frequently Asked Questions

Should an NRI buy term insurance in India or their country of residence?

There is no universal answer. An NRI should compare premiums, coverage, currency needs, exclusions, claim settlement, medical requirements and tax treatment. An Indian policy may work well when dependents and liabilities are mainly in India. A local policy may be better when financial obligations are primarily overseas.

Can I buy a Bajaj Life term plan while living in the UAE without flying to India?

Yes, eligible NRIs can generally apply from the UAE without traveling to India. Bajaj Life may facilitate digital application and telemedical processes. However, eligibility, medical requirements, and underwriting for term insurance for NRI in UAE depend on factors such as age, sum assured, income, health, and country of residence.

Do NRIs still get a GST waiver on Bajaj Life term insurance premiums?

GST on individual term insurance policies in India is currently 0% from September 22, 2025. Therefore, eligible Bajaj Life individual term policies do not carry GST on premiums. However, customers should check their latest premium illustration and applicable tax rules before purchasing, particularly where specific policy or payment arrangements apply.

Will Bajaj Life pay a term insurance claim if I die abroad?

Generally, an Indian term insurance policy can cover death occurring overseas, provided the policy remains valid and the death falls within its terms. The nominee may need to submit additional overseas documents, verification, or translations. The insurer will assess the claim based on policy conditions, disclosures, cause of death, and applicable requirements.

Can I pay Bajaj Life term insurance premiums from my NRO account?

Yes, NRIs can generally pay premiums through a Non Resident Ordinary account, subject to the insurer’s payment rules and applicable banking regulations. Bajaj Life may also accept payments through other permitted channels, including Non Resident External accounts, international cards or approved online payment methods. Online term insurance for NRI is available across insurers for purchase and renewal.

What happens to my Bajaj Life term policy if I return to India permanently?

Returning to India does not automatically terminate a valid term insurance policy. The policy generally continues according to its existing terms, provided premiums are paid, and other conditions are met. You should inform Bajaj Life about the change in residency and update your contact, address and banking details where required.

Does Bajaj Life accept medical reports done at a lab outside India?

Acceptance depends on the applicant’s country, medical requirement and Bajaj Life’s underwriting process. For some NRIs, telemedical assessment may be sufficient, while higher sum assured or specific underwriting requirements can trigger physical medicals. Overseas medical reports may not automatically replace tests arranged or approved by the insurer.

Is Term Insurance Cheaper for NRIs in India?

Yes, Indian term insurance can often be cheaper for NRIs than comparable policies abroad. According to The Economic Times, premiums for term insurance for NRI in India can be around 20% to 50% lower. However, pricing depends on factors such as age, country of residence, health, income, sum assured, and underwriting. NRIs should compare the complete policy cost and benefits before choosing.

Is the Critical Illness Rider available to NRIs?

Yes, but availability depends on the NRI’s country of residence and applicable underwriting rules. The rider is available to NRIs in Canada, GCC countries, Hong Kong, Japan, New Zealand, South Korea, Australia, Singapore, Switzerland, Norway, the United States, the United Kingdom and European Union countries. For Critical Illness cover above ₹25 lakh, a physical medical examination is mandatory. For cover of ₹25 lakh or less, NRIs applying from abroad may initially undergo a Video Medical Examination Report (VMER). Based on underwriting, Bajaj Life may subsequently require additional physical medical tests.

Do NRIs Get Tax Benefits on Term Insurance in India?

Yes, eligible NRIs may receive tax benefits on term insurance under Indian tax laws, subject to the applicable conditions and tax regime. Under Section 123 (previously Section 80C), premiums paid for eligible term insurance policies may qualify for a deduction of up to ₹1.5 lakh under the old tax regime, subject to the overall limit and other conditions. The death benefit received by the nominee is generally exempt from Indian income tax under Section 11 (previously Section 10(10D)), subject to applicable provisions.

Last updated on: 7 Aug, 2026