1. Who is an NRI?

    An Indian residing abroad is generally known as Non-Resident Indian (NRI). Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India or is a person of Indian origin.

  2. Can NRI buy life insurance policy in India?

    Yes, like a resident Indian, the NRI, PIO are eligible to avail Life Insurance policies in India, whether they are currently residing in India or not.

  3. Can the policies be issued in foreign currencies?

    No, Policies are issued only in Indian Rupees, however the payment for the policy premium can be made from outside India in foreign currency

  4. Does an NRI need to be present in India for buying the policy?

    NRI can buy the insurance policy on their visit to India where all formalities are completed during his stay in India. He would be treated at par with Indian Lives for the purpose of availing the insurance policy.NRI may also obtain insurance cover from their present country of residence where all formalities are completed in there.

  5. How is the medical examination of NRI done?

    In case the NRI is present in India at the time of buying the insurance policy, the medical examination can be done here in India at the cost of the Insurance Company. However, the facility of the medical examination can also be availed by him in the country of his residence, in that case, he needs to go through the prescribed medical examination, and send the report to the Insurer

  6. How can NRI make payment of Premium for the Insurance policy taken?

    Payment of premium can be done from his NRO/NRE bank account in India. Payment can also be made from remittances from overseas account

  7. Is there any restrictions for buying the insurance policy by NRI?

    There is no restrictions on buying the insurance policy by NRI.

  8. Can the claim amount be taken outside India?

    The claim amount can be received only in India in Indian currency. The NRI can take out the amount outside India from the Indian account subject to the guidelines in this regard.

  9. What are the KYC documents needed for availing the insurance policy by the NRI?

    the KYC documents needed include Copy of Passport, OCI/PIO Card, Address proof document, Passport size pics, Proof of income in the form of Income Tax Returns, copy of employment contract where emoluments are mentioned, Certificate from Chartered Accountant, PFQ and any other documents as may be prescribed.

  10. What happens to the existing policies if a resident Indian moves out and becomes an NRI and vice versa?

    The existing policies taken while in India will continue in Indian Currency even after the life assured moves to foreign countries as NRI.Similarly, in case of NRI returning to India, the policy will continue in his name.

  11. What is the term for NRI Life Insurance Policy?

    NRI generally can have tenure till 25 years. The minimum age for getting NRI insurance is 18 years and the maximum age varies from 55 to 60 years depending on the terms and conditions stated in the policy.

  12. Can NRI buy ULIP?

    NRIs  are eligible to purchase Unit Linked Insurance Plan (ULIP).

  13. What are the benefits of availing Insurance in India by NRI?

    The main benefits include one of the cheapest premiums in the world, helps in parking the surplus funds, providing comfort of buying through a known brand back in homeland and inheritance planning

  14. Name some companies offering Life Insurance to NRIs.

    : Aviva Life Insurance, ICICI Prudential Life Insurance, PNB MetLife Life Insurance, TATA AIG Life Insurance, Max Life Insurance, Kotak Life Insurance, HDFC Life Insurance, SBI Life Insurance and Life Insurance Corporation of India (LIC).

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