Hey folks, I’m an NRI living in Dubai for the past 5 years, planning to settle here long-term but want to keep my options open for returning to India.
I’m 32M, married with a 2-year-old kid. Currently earning around 25k AED per month. I need term insurance that covers me whether I’m in UAE or if I move back to India.
I’ve been researching but getting confused between:
NRI in Singapore here, dealt with this exact situation 3 years ago. Let me break this down for you
From my personal experience, I applied for HDFC Life while in Singapore for 1.5 crore sum assured with a premium of ₹18k per year compared to ₹15k for residents. Medical tests were done in Singapore with reports sent to India, and the entire process took 3 weeks. Regarding claim settlement, yes, Indian insurers definitely pay claims worldwide - my colleague’s family received full payout when he passed away in Malaysia.
You should also consider local UAE insurance if your employer provides group coverage, you want immediate liquidity in local currency, or you’re planning to get UAE permanent residency. Pro tips include applying before turning 35 as rates jump significantly after that age, declaring your NRI status upfront since hiding it will void claims, using NRE account for premiums for cleaner tax purposes, and keeping beneficiary details updated especially if they’re in India.