Geographical boundaries are no longer a barrier for NRI customers who are willing to buy term insurance plans in India.
They can now easily opt for plans in India that allow them to schedule a video or telemedical check-up from their country of residence.
The pandemic has emphasized the role of technology in underwriting insurance policies. Virtual healthcare has also emerged as a viable solution for millions seeking quality care during this time.
At the onset of the pandemic, the underwriting norms were tightened and customers were required to undergo physical medical examination, and the cover amounts had also been capped. Now, with relaxed norms, NRIs can get larger covers and that too by opting for telemedicals instead of physical medical check-ups to make term insurance protection more feasible.
NRIs can purchase these plans by searching for them online, choosing the one that suits their needs and filling out an application form. The premium payment can also be done online through net banking or credit and debit cards. Once this is done, a video or telemedical check-up is booked after taking one's medical history and documentation of pre-existing illnesses into consideration. Once the insurer gives a green signal to your submitted reports, your application will be accepted and the policy will be issued.
Term insurance plans in India witness high demand from NRIs across the world due to their suitable benefits and affordable prices. With telemedical check-ups, the need to travel for a physical examination has been eliminated, thereby making the plan even more cost-effective and accessible.
For NRIs, the cost of term plans comes around 50-60 percent higher in several other countries as compared to India. Even as COVID-19 variants continue to make travelling unpredictable and uncertain, video check-ups put forth a safer, faster and simpler way to purchase term insurance plans.
Regarded as the purest form of insurance, term insurance is essential to protect one's dependents in case of the sudden unfortunate death of the earning family member. This plan is especially of paramount importance for NRIs who often reside in different countries to ensure a financially robust future for their family.
Term plan adds an extra layer of protection to their safety net even in their absence. With telemedical check-ups, the purchase process has become more frictionless and hassle-free for millions of NRIs residing elsewhere in the world.
Policybazaar.com is one of India's largest insurance marketplace. It is the flagship platform of PB Fintech, which owns the fintech brand, Paisabazaar.com, and lending and insurance marketplace in the UAE region, Policybazaar.ae.
The Policybazaar.com Group has backing from a host of investors including the likes of PE funds and other family offices. Policybazaar.com started with the purpose to educate people on insurance products and with its offerings has addressed the large and highly underpenetrated online insurance markets.
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( With inputs from ANI )
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