Dhansukhlal Bharucha, US,
My age – 62 years & my wife Age is 58 years.
We would like to have a Term Insurance Plan of 20 or 30 years with a coverage of Rs3.5 Crores for myself & Rs3.5 Crore for my wife. We are Indian Citizens, presently, living legally in USA on Green Card since last 3 years. Me and my wife (Indira Bharucha) both are doing a job here in US. Our combined Annual income is approx USD 30000. We would like to know from the Insurance Experts whether we can get the insurance coverage or not.
You can avail term insurance plans. For NRIs the options are limited specifically for the ages you have mentioned. The best way to do it is to apply and get the policy whenever you are in India next. Plus companies offer a maximum of 20 times the annual income. Given the incomes at present it would not be possible to get a cover of 3.5 crores each. The annual premium for a crore cover would be in the range of Rs. 1 lakhs.