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How can NRIs port their life insurance to ACKO?

Team AckoDec 21, 2023

Life insurance is a super important financial instrument that offers financial security and peace of mind to people and their families. For Non-Resident Indians (NRIs), it becomes even more critical as it ensures that their loved ones are financially protected, regardless of their geographical location. 

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However, as NRIs' financial needs and circumstances transform, they can find it necessary to review and possibly change their life insurance policies. It is where the concept of life insurance portability comes into play. Here, we discuss the intricacies of life insurance portability for NRIs so they can make informed decisions about their insurance coverage.



What Is Life Insurance Portability?

Life insurance portability refers to the ability of policyholders to transfer their existing life insurance policies from one insurance company to another, all while retaining the accumulated benefits and coverage of the original policy. It means that NRIs can switch their life insurance policies between insurers without losing the advantages they've gained over the years.

Key Points to Consider

  • Eligibility: Before considering life insurance portability, NRIs should meet their current and prospective insurance providers' eligibility criteria.

  • Policy Similarity: The transfer policy should have similar features, sum assured, premium payment modes, and other critical aspects of the new policy.

  • Application Process: Initiating the porting process involves filling out necessary forms and providing relevant documents to the new insurance company. The new insurer will evaluate the application and communicate its decision.

  • Waiting Period: After successfully porting a policy, there may be a waiting period during which specific benefits or features may not be accessible. Policyholders should be aware of this and plan accordingly.

  • Underwriting: The new insurance provider may conduct fresh underwriting procedures, including medical tests or insurability assessments.

  • Premium Adjustments: Premium rates for the new policy may be adjusted based on the insured's age and health status at porting. Policyholders should carefully review these adjustments.

Benefits of Life Insurance Portability for NRIs

Life insurance portability offers numerous advantages to NRIs, making it an attractive option for those considering changes to their insurance policies. Here are some key benefits:


Life insurance portability allows NRIs to choose better providers that align with their evolving needs. Whether it's improved services, enhanced benefits, or more competitive pricing, policyholders can select an insurer that suits them best.


One of the primary benefits of portability is that policyholders do not lose the benefits or coverage accrued under their previous policy. The continuity of essential features like sum assured, policy tenure, and bonuses ensures that policyholders maintain financial protection for their loved ones.

Cost Savings

Competitive premium rates and improved policy terms can lead to significant cost savings for NRIs. By exploring alternative insurance providers, they can identify options that offer better value for their premiums, potentially reducing their insurance costs.


Life insurance portability gives NRIs flexibility, which is especially important as their circumstances change. Portability allows policyholders to adapt their coverage accordingly, whether due to changes in income, family structure, or financial goals.

Eligibility Criteria for NRI Life Insurance Portability

Country of Residence Requirements

Most insurance providers will require NRIs to provide a valid passport and residence proof in their country of residence, while others may have additional requirements due to specific countries. Therefore, NRIs should research and compare policies from different insurers to secure affordable and comprehensive coverage that meets their specific needs.

NRIs from Specific Countries

NRIs residing in all countries might not be eligible to opt for life insurance portability in India. Eligibility can vary depending on the insurer and specific policies. NRIs must verify whether they meet the criteria set by the insurance company they wish to switch to.

Age Limit Requirements

Age is crucial when purchasing life insurance policies in India as an NRI. Most insurers typically require individuals between 18 and 65 to be eligible for Term Insurance policies. Younger policyholders often receive lower premiums because they are considered less risky. To maximise its benefits, NRIs should select a plan that aligns with their age, preferences, and circumstances.

Process of Life Insurance Portability for NRIs at ACKO

Now that we've discussed the definition, benefits, and eligibility criteria for life insurance portability, let's delve into the process involved. Understanding the steps can help NRIs navigate the porting process smoothly:

Evaluation of Current Policy

The first step is to assess the existing life insurance policy. NRIs should thoroughly review their current policy to understand its terms, benefits, and coverage. They should also determine whether the policy aligns with their financial goals and requirements.

Research and Selection

Once NRIs clearly understand their existing policy, they should research and identify potential insurance providers that offer policies meeting their updated needs. Comparing multiple options can help policyholders make informed decisions.

Application and Documentation

Initiating the porting process involves filling out an application form provided by the new insurance company. NRIs will be required to provide relevant documents, including identification, address proof, age proof, and any other documents as requested by the insurer.


The new insurance provider may conduct fresh underwriting, including health assessments or medical examinations. This step ensures that the policyholder's health and insurability align with the terms of the new policy.

Premium Adjustments

Premium rates for the new policy may be adjusted based on the policyholder's age and health status at porting. NRIs should carefully review these adjustments and ensure they are comfortable with the proposed premiums.

Waiting Period and Transition

After successfully porting the policy, there may be a waiting period during which certain benefits or features may not be accessible. NRIs should know this transition phase and plan their financial strategies accordingly.

Key Considerations for NRI Life Insurance Portability

Life insurance portability offers a range of benefits for NRIs, but it's essential to consider the process carefully. Here are some key factors to keep in mind:

Policy Comparison

NRIs should thoroughly compare their existing policy with potential new policies. It includes assessing coverage, premiums, policy tenure, and other essential features. The goal is to ensure the new policy aligns with their financial objectives.

Expert Consultation

Consulting with financial advisors or insurance experts can provide valuable insights. These professionals can help NRIs make informed decisions about life insurance portability, considering their unique financial situations and goals.

Premium Affordability

Before finalising the porting process, NRIs should evaluate whether the adjusted premium rates for the new policy are affordable and fit within their budget.

Policy Features

Understanding the features of the new policy is crucial. NRIs should be aware of any changes in coverage, benefits, or terms compared to their previous policy.

Policy Documentation

NRIs must ensure they have all the documents and records related to the porting process. Keeping records of communication with insurance providers can be helpful.

Wrapping up!

Life insurance portability for NRIs is valuable, allowing policyholders to adapt their insurance coverage to changing financial needs. It's essential to approach this process with careful research, expert consultation, and a clear understanding of one's financial goals. Ultimately, life insurance portability empowers NRIs to maintain comprehensive and cost-effective coverage, regardless of their global journey.

Frequently asked questions

Below are some of the frequently asked questions on How can NRIs port their life insurance to ACKO


Is life insurance portability available for NRIs in all countries? 

Life insurance portability for NRIs may not be universally available. Porting a policy can depend on the country of residence and the insurance companies operating in that region.

Can the policy coverage be modified during the portability process? 

During life insurance portability, NRIs may have the opportunity to modify their policy coverage based on their evolving needs and financial circumstances. They can explore options such as adjusting the sum assured, adding riders for enhanced coverage, or changing the policy term to better align with their goals.

Do NRIs have any tax implications during the life insurance portability process? 

Taxation rules can vary between countries and can impact the benefits received from a life insurance policy. NRIs should seek guidance from tax professionals in cross-border financial matters to understand any tax implications associated with life insurance portability.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet, and is subject to changes.


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