Warding Kindred Across Seven Seas

A maturing insurance industry has begun catering to consumers settled elsewhere

- Nirmala Konjengbam

Family always holds a special place in everyone’s heart, no matter whether they live with you or in a different country. And with ageing parents, taking care of them is a matter of great concern, especially when you are separated through the seven seas.

So, what do Non-Resident Indians (NRIs) do in such cases?

Falling back on insurance is definitely a solution, one should look at when living abroad with parents back in India. Needless to say an NRI often faces a set of liabilities, when a sole breadwinner.

One of the major drawbacks being extremely high cost of living and medical expenditure. Also most countries do not allow parents to come and live beyond six months.

This majorly affects the decision of bringing along one’s family from native homeland.

The best tool to solve this problem is to avail a life insurance policy that provides a proper health cover and includes many medical expenses. In fact, it is often seen that a product, which encompasses various benefits, always proves to be a massive respite during a financial crisis arising due to death of the breadwinner.

The importance of a life insurance policy increases multifold for an NRI, if he happens to be the sole breadwinner of his or her family. Luckily, the process to be fulfilled is similar where, the insurer will issue the policy under Foreign Exchange Management Act (FEMA).