12 Tips for the NRIs on How to Manage Insurance Costs
A life insurance is a basic expense that every person should make. In fact, it should not be viewed as expense rather it should be noted as an investment. Different life insurance schemes are there for different people. Having life insurance will ensure financial stability for your family even after your demise. If you are searching for life insurance for NRI, you would come across plenty of policies. In the following section, you can find some tips to manage cost on your life insurance policies.
- Find Good Insurance Policies
Different insurance companies come with different policies and associated quotes. You need to find a policy which is affordable and at the same time quite balanced. This will save your money and ensure all the benefits of life insurance.
- NRE Bank Account
Life insurance cost would be high in foreign countries compared to India. If you have NRE or NRO bank account, you can easily opt for life insurance policies in India.
- Money Return Insurance Is Expensive
Term insurance which comes with money return assurance is expensive. It is better to opt for the simple life insurance, which requires minimal monthly or yearly investment.
- Insurance Schemes for NRI
There are certain schemes by the government to provide low cost life insurance to the NRIs. These insurance policies could be the best life insurance plans for NRIs.
- Age Is an Important Factor
When it comes to the cost of insurance policies, age becomes a determining factor for the cost of the policy. Choosing to go for a life insurance policy below 45 years of age is always recommended for cost-saving.
- Save on Your Taxes
Despite being NRI if you have income source in the country, you have to pay taxes. Choosing life insurance policy will help you to save taxes. So, check the tax benefits before finalizing an insurance deal.
- Compare the Policies
Different companies offer different policies at different prices. Comparing the policies is the best way to choose the most cost-effective policy.
- Accidental Coverage
If you already have life insurance policy in the country you are living at present, you may opt for NRI life insurance policy that comes without accidental death coverage. It will save your money. However, your family would not get the insured money if you die in an accident.
- Quitting Smoking and Drinking
If you are not smoker and drinker, you can save some money on your life insurance policy.
- Read Scheme Document
You should read policy document carefully so that you can identify the mistaken overpricing, if any.
- Individual and Family Coverage
Individual coverage based life insurance premium is cheaper than family life insurance.
- Find Reputed Insurance Company
To get low cost insurance deals, you need to find reputed as well as reliable insurance company. You can get free quotes on nrilifeinsurance.com – best place for NRIs to shop for life insurance. It is always recommended that you should check different policies and then decide the best suitable one for your need.
- Get a quote online – Want to apply for your life insurance online? You can, with NRI Life Insurance. Get your personalized quote.
- Speak with an advisor – Make well-informed decisions with helpful advice. Talk to our advisor on +1 408-290-4096