Inka launches service for overseas Indians buying term cover

Term premiums are up to 65% cheaper when bought in India.

Inka Insurance has launched NRI Shield, an advisory and support service aimed at helping non-resident Indians (NRIs), persons of Indian origin (PIOs), and overseas citizens of India (OCIs) secure high-value term insurance in India at lower costs.

The company said term insurance premiums overseas, particularly in markets such as the United Arab Emirates (UAE), can be up to 65% higher than comparable policies in India.

As an example, a $0.55m (₹5 crore) term cover can cost up to $863 (₹78,450) a year in the UAE, compared with as low as $306 (₹27,808) when bought in India.

Term insurance purchased in India provides pure life cover, paying a lump sum to the nominee if the insured dies during the policy term. 

Inka said most major Indian insurers offer global coverage, meaning claims remain valid even if the death occurs outside India, as long as disclosures and policy conditions are met.

Additional riders, including critical illness and accidental death benefits, are also priced more competitively in India, allowing NRIs to increase coverage without raising overall costs.

NRI Shield supports customers through plan selection, documentation, underwriting, and claims-related processes. 

Policies can be completed remotely using digital onboarding and video medicals. 

Premiums can be paid through non-resident external (NRE), non-resident ordinary (NRO), or foreign currency non-resident (FCNR) accounts, as well as approved international payment channels.