The claim would be paid in Indian rupees only to your nominees who may or may not be residing in India
I had taken a term plan in 2008, which has tenure till 2030. I have now relocated to Muscat and have been residing here since 2014. While I will eventually return to India, I want to increase my life cover. Should I buy the term plan in India or in Muscat?
Rajendran Nair, Kochi
If validity of the term insurance is your concern, do not worry as the policy though issued in India is valid world over in case of any eventualities to you, while you are staying in Muscat. However, the claim would be paid in Indian rupees only to your nominees who may or may not be residing in India. They will need to go through the routine claim settlement process as prescribed by your insurer. As term insurance is a fixed benefit policy, if you plan to increase your life cover when residing in Muscat or once you are back in India, you should do so by mentioning the details of your existing life insurance cover. The policy could be bought in both the countries, subject to the insurer selling it to you.