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N.R.I.

      Your Savings For Nations Interest

 

The Most Secured & Trustworthy Investment Medium for NRI's / PIO's for last 60 years

 

 

 

 

click here for NRI / PIO Frequently Asked Question

 

NRI CENTRE

Welcome to NRI Centre. We have made an attempt here to furnish important features applicable to Non-Resident Indians (NRI) and People of Indian Origin having foreign nationality and residing in foreign countries. (PIO).

Before entering to technical part of the subject we wish you to know the concept of insurance clearly; to identify the proper type of policy; to know the premium structure of the policy and to get the doubts, if any, on our different insurance plans clarified through your agent or LIC Branch Office.

Concept of insurance and different types of plans:

Life risk cover i.e. financial protection to the family in case of an unforeseen event- say death, illness, disability on account of accident, etc –is the main purpose of insurance. But, it is also seen as a ‘compulsory savings’ leading to creation of wealth which can be utilized for education/marriage of children; for old age provision; for construction of house; etc. Policies are taken to get exemption from Income Tax and to assign these to financial institutions as collateral security while availing different type of credit facilities including housing loan. In order to meet various socio-economic needs of different people, LIC has designed more than 40 types of plans which include whole life policies, endowment policies with a definite term, joint life policies, money back policies having provision for periodical lump sum payments called survival benefits, term insurance policies which have low premium but high risk cover, pension plans, children plans, Unit Linked Plans which provide an opportunity to invest in capital market, etc. etc.

Each of our plans has distinct features covering certain type of benefits. The selection depends on your needs. Details of plans are available under the option ‘products-insurance plans’. Each plan is given a table number for identification purpose. e.g. Table 14 refers to Endowment Plan which is most popular in India.Call Us Direct

Calculations of premium:

Once short listing of two to three plans is made, you would proceed to know the premium rates & calculations. For this, you should decide the term of policy, Sum assured, Mode of payment of Premium ( Yearly, Half yearly, Quarterly or Monthly ) and whether you require additional benefits like accident benefit. Thereafter, you would be required to know the formalities to be completed for obtaining the desired type of policy.

Requirements to take a policy of insurance:

Submission of prescribed proposal form ( Form No. 300 in majority of the cases )is the basic requirement. Medical report may be required to assess the health of the proposer. Proofs of age and income, agent’s recommendations, special reports in case of any deformity or history of major illness, etc. would be required to evaluate the risk. This process is called ‘Underwriting’ and it is done in India based on the facts appearing in proposal form and allied papers. If the proposed life is acceptable and sufficient amount is received towards the First Premium, acceptance letter would be sent to the proposer and policy bond would be issued in due course.

By this time, you might have felt that matter is rather technical and assistance/guidance of an agent is quite essential. Yes, that is why  we strongly recommend to seek help of an agent from India who can guide and assist you. Now , let us enter in to the subject with more details.

NON-RESIDENT INDIAN:

  1. A non-resident Indian is a citizen of India temporarily residing in the country of his/her present residence and holding a valid passport issued by the Government of India.
  2. NRI should not be a green card holder. He/She should not have applied for or planning to apply in the near future for acquiring citizenship of his /her present country of residence or any other country.
  3. It is clarified that People of Indian Origin having foreign nationality and residing in foreign countries (PIO) are not considered as NRIs for the purpose of allowing insurance. Rules applicable to PIOs are given in the last paragraph.
  4. Policies are issued in Indian Rupees only. Our Branches and Joint Venture Companies ( refer to option ; ‘Associates’ on main page for details ) issue policies in their local currencies. e.g. Our U.K. Branch issues policies in Sterling Pound currency.

  5. NRIs are allowed insurance on their visit to India where all formalities are completed during their stay in India. In such cases they would be treated on par with Indian Lives for the purpose of allowing insurance.
  6. NRIs may also obtain insurance cover from their present country of residence where all formalities are completed in their present country of residence and this process is called ‘Mail Order Business’.
  7. Minimum Sum Assured allowed would be Rs. 2 lakhs and maximum would depend on conditions of insurability. However, under mail order business, maximum sum assured would be limited to Rs. One Crore only.
  8. Personal Financial Questionnaire (PFQ) and /or Proof of income in the form of income tax returns, copy of employment contract where emoluments are mentioned, Certificate from Chartered Accountant, etc. would be required if the sum assured is high or if the proposal is submitted through Mail Order Business.
  9. All types of plans are allowed subject to the conditions that
    1. Critical Illness Benefit is not granted.
    2. Term Rider Benefit would be restricted to certain limit of Sum assured
    3. Sum Assured would be restricted in respect of term insurance plans.
  1. NRIs may obtain insurance cover under our Non-Medical (Special) scheme subject to certain restrictions, some of which are listed below:
    1. Applicable if insurance is obtained during visit to India or through Mail Order Business when LIC Agents visits the country of residence of NRI for completing the necessary formalities.
    2. Maximum age at entry would be 45 years
    3. Plans with high risk cover and term rider benefits would not be allowed.
    4. The proposer should be employed in Government or reputed commercial firm or should be a professional such as Chartered Accountant, Doctor, Teacher, Lawyer, Accountant, Engineer, etc.
    5. This scheme is applicable to those NRIs who are residing in Group VI, VII and VIII countries only. ( See Annexure-V for group details).
  1. Rules regarding insurance under medical scheme through ‘Mail Order Business’ are given in Annexure-I at the end of this write up.
  2. The rules regarding granting insurance cover to NRIs during their visit to India would be similar to those applicable to Indian Lives. Help of a local agent/ development officer / branch office of LIC may be obtained.
  1. The main papers required to obtain insurance cover would be
    1. Prescribed proposal form depending on the type of policy selected.
    2. NRI Questionnaire. (Annexure-II)
    3. Medical Report (not applicable if the proposal is under non-medical scheme)
    4. Special questionnaire (if proposal is under ‘Mail Order Business’ and if the agent does not visit the country of residence of proposer)- Annexure-III
    5. Special Medical Reports, if called for.
    6. Attested copy of Passport.
    7. Proof of age and income.
    8. Initial Deposit equivalent to Installment Premium under the proposed plan of insurance.
  1. A reference may please be made to Annexure-V for details such as Residence Extra and other restrictive conditions.

People of Indian Origin having Foreign Nationality and residing in Foreign Countries.

  1. Proposal would be under medical scheme only.
  2. Policy in Indian Currency would be issued, only during their stay in India.
  3. Report by designated LIC agents is compulsory.
  4. Claim would be paid in India in Indian Currency only.
  5. Maximum sum assured would be Rs. 50 lakhs and high risk plans and joint life plans are not allowed.
  6. Please refer to Annexure-V for details such as residence extra and other restrictive conditions.

Other points:
Existing policies taken while in India will continue in Indian Currency even after your moving to foreign countries as NRI. Please keep the concerned servicing branch of LIC informed about your new status i.e. NRI and your new address. Please submit to them NRI questionnaire form duly filled and signed. (See Annexure-II). You may continue to pay premiums through various approved channels to LIC.

To know more about housing loan schemes of LIC Housing Finance Ltd. and investment opportunities through LIC Mutual Fund, please click ‘Associates’ appearing at bottom of main page of our website.

ANNEXURES:

Annexure - I
Annexure - II
Annexure - III
Annexure - IV
Annexure - V

We have taken maximum care to see that all important rules or guide lines are provided here with up to date amendments, if any. However, there would periodical and continuous review of the rules/guidelines depending on several factors. As such, we request you to contact nearest LIC Office for still more and latest information.


You may send your specific queries using form provided on top right corner of this page.Call Us Direct

We shall try our best to ensure that you would be pleased with our products and service.

There is no substitute to LIFE INSURANCE. Life Insurance is a subject matter of solicitation.


  • Frequently Asked Questions (FAQ) by NRIs

Can NRIs take Rupee - Currency Policy of LIC ?

Yes.

Can NRIs take Foreign - Currency Policy of LIC ?

In India, LIC markets only Rupee - Currency Policy. If all premiums are paid in foreign curreny the proceeds will be paid in foreign currency otherwise the same will be paid proportionately.

What are the types of schemes offered by LIC to NRIs ?

All individual schemes marketed by LIC in India are available to the temporary NRIs holding Indian Passports. Foreign Nationals of Indian origin can take LIC policies during their stay in India. However, joint life plans having term insurance element and plans having health insurance are not allowed.

Does LIC offer Overseas Medical Insurance for people visiting abroad ?

No, LIC does not have any scheme of visitors Medical Insurance for people traveling abroad.

How can an NRI pay the premium under the policy ?

The manner of payment of premiums under the policy is as follows.

a) For Rupee Policies on NRIs

By direct remittance from abroad through Banking Channels in approved manner (preferably by Indian Rupee drafts drawn in favour of LIC of India) or by remittances through postal channels like Foreign Money Order.

By payment out of funds held in Non-Resident (External) Account or Foreign Currency (Non- Resident) Account with a Bank in India.

By cheques drawn by Non- resident policy holder on Bank Accounts held in India in his own name (either solely or jointly with another member of the family) whether or not the account has been designated as non-resident.

By cheque drawn on account maintained by resident parent or spouse of policy holder in their own name or joint names with other close relatives.

By the absolute Assignee in India wherever such policies have been absolutely assigned to a resident in India.

By the employers in respect of policies issued to their employees who have been deputed abroad by them.

Premiums can be paid in cash by a resident parent or spouse of the non-resident policyholder subject to his / her submitting a letter stating the relationship with the policyholder.

Premiums due on policies issued to Indian students who have gone abroad for higher studies may be collected in Rupees out of the Resident Bank Account in India or any of their representatives in India by cash or cheques.

Note:
In respect of premiums collected in cash from sources mentioned in iii) to viii), it should be noted that the policy moneys cannot be paid abroad in foreign exchange but has to be paid in India only.

b) For policies held on foreign register of LIC:

Premiums on foreign currency / Rupee policies issued by overseas of LIC and held on their foreign register should be collected only in foreign currency.

  • Insurance to Non Resident Indians through Mail Order

WE CATER TO THE LIFE INSURANCE NEEDS OF NON RESIDENT INDIAN WORKING ABROAD THOUSANDS OF MILES AWAY FROM THE HOMELAND.

WE OFFER YOU :

Financial Security to you for covering RISK on your LIFE.

Financial SECURITY to the couple .

Plan to guarantee EDUCATION of your Children.

Plan to provide for MARRIAGE of daughters.

Plans to provide for PENSION in OLD AGE.

Plans providing PERIODICAL PAYMENTS to meet special needs during LIFE TIME .

Plans for Housing Loan from LIC Housing Finance Ltd. to build your DREAM HOUSE.

YOU HAVE A NEED .........WE HAVE A SOLUTION ………….

ELIGIBILITY CRITERIA

NRIs holding valid passport issued by the Govt. of India and who are INDIAN NATIONAL Can take L.I.C. policies in Indian Rupee currency either
(I) during their short visit to India from any of our 2048 branch offices spread all over India OR
(II) Can avail insurance from country of his temporary residence on MAIL ORDER BASIS.

SELECTING A PLAN

To select a plan as per your needs, please choose from the "Plans"

HOW MUCH TO PAY ?

Kindly Contact Us with your details to get the exact Premium to paid..

HOW TO APPLY?

To obtain insurance on your own life, use "Proposal for Insurance on Own Life". For other plans, please download appropriate Proposal Form. NRI's availing any Policy kindly complete the Non-Resident Questionnaire.

COMPLETION OF POLICY

Please read carefully 'Completion of Proposal Form' and 'Medical Examination Procedure' for completion of documents request your Medical Examiner to send his Medical Report. Enclose copy of your PASSPORT towards age . Other Proposal papers and Full deposit towards the First Premium by AIR MAIL directly to the Branch / Divisional Office convenient to you for underwriting and completion of policy. Please hand over a Stamped envelope with the address of the office of the Corporation to the Doctor for Dispatching papers.

REMITTANCE OF PREMIUM

The Reserve Bank of India permits payment of premium in one of the following ways :

  1. By direct remmitance from abroad through banking channels in approved manner (preferably by Indian Rupee drafts drawn in favour of L.I.C. Of India) or by remittance through postal channels like Foreign Money Order.
  2. By payment out of funds held in Non-Resident (External) or Foreign currency (Non- Resident ) Account with Bank in India.
  3. By cheques drawn by non-Resident policy holder on Bank Accounts held in India in his Own name (either solely or jointly) with another member of the family) whether or not the Account has been designated as non-resident.
  4. By cheque drawn on account maintained by resident parent or spouse of policyholder in Their own name or joint names with other close relatives.
  5. By the absolute Assignee in India wherever such policies have been absolutely assigned To a resident in India.
  6. By the employers in respect of policies issued to their employees who have been deputed Abroad by them .
  7. Premiums can be paid in cash by a resident parent or spouse of the non-resident Policyholder subject to his/her submitting a letter stating the relationship with the Policyholder.
  8. Premiums due on policies issued to Indian students who have gone abroad for higher Studies may be collected in Rupees out of the Resident Bank Account in India or any of their representatives in India by cash or cheques.

EXPORT OF POLICY

As per the new LIM policy can be exported out of India otherwise it can be retained in L.I.C. Office to be handed over to you, when you visit India next or can be sent to Resident of India to be named by you or to your banker for safe custody.

SETTLEMENT OF CLAIMS

Claims of any nature arising under the policy will be settled in Indian currency in India. The payment of policy moneys in foreign currency can be made on getting approval from Reserve Bank of India. Present Exchange Control Regulations, permit policy moneys Payment in foreign currency proportionate to the premiums paid in foreign currency by direct Remittance or from the Non Resident (External) Account or Foreign currency Non Resident Account with a Bank in India.

  • Insurance to persons of Indian Origin who have acquired foreign Nationality

We also entertain proposals for Life Insurance in Rupee currency from persons of Indian origin who have acquired foreign nationality only during their stay in India on following Conditions :-

Maximum Insurance cover of Rs.50 Lacs - For Foreign National of Indian Origin.

Medical Examination is compulsory.

Plans other than Joint Life policies or having Term Assurance elements and Asha Deep Plan are allowed.

Mail Order Business is not entertained.

  • Procedure For Completion Of Proposal Forms & For Medical Examination By Proposer Residing In Foreign Countries

1. PROPOSAL FOR INSURANCE :

The proposal form should be completed by the Proposer leaving no question unanswered.

The signature of the Proposer on the proposal form must be witnessed by a designated Official of the Local Indian Embassy or other Indian Diplomatic Representative or Medical Examiner after verifying proposer's passport.

If no such Diplomatic Representative is locally available, the proposal must be witnessed either by a Notary Public or by a Justice of Peace, or Medical Examiner after verifying proposer's passport.

In case of students, the Proposal may be witnessed by the Dean/ Principal of his/ her college or Medical Examiner, after verifying proposer's passport. The witness must affix his office seal below his signature.

2. DOCUMENTS REQUIRED:

While getting the Proposal from witnessed, the Proposer should produce his original Passport, together with a photostat copy of the FIRST PAGE thereof before the Witnessing Official and get the copy attested by the Official UNDER HIS OFFICE SEAL or Medical Examiner after verifying proposer's passport.

This attested copy of the first page of the Passport must be submitted along with the Proposal papers.

NOTE :

Any fees payable for witnessing the Proposal and attesting the copy of the first page of the Passport as stated under paras 1 & 2 above are to be borne by the proposer.

3. MEDICAL EXAMINATION :

The life to be assured should approach a qualified doctor for medical examination as per details given below :-

  1. Proposal for sum assured of Rs. 50,000/- and below : M.B.B.S. Doctor with five years standing.
  2. Proposals over sum assured of Rs. 50,000/- upto Rs.1,00,000/- : M.B.B.S. Doctorwith 10 years standing.
  3. Proposals over sum assured of Rs.1,00,000/- upto Rs.2,00,000/- : Post Graduate Doctor with 10 years standing.
  4. Proposals over sum assured of Rs.2,00,000/- : Two medical reports - one by a Post-graduate Doctor with 10 years standing.
  5. Female lives should be examined only by a lady doctor. If the lady doctor is not available the medical examination can be conducted by a male doctor provided the female proposer has no objection to having full examination including Per Vaginal examination without the aid of a nurse or a midwife.
  • After completing the Proposal papers, the proposer should hand over the entire set of forms to the doctor together with his passport.
  • The proposer should sign at the bottom of the Proposal Form in the presence of the doctor and the doctor has also to sign in the space provided for at the bottom of the proposal form.
  • The doctor will then examine the proposer on behalf of the Corporation and send his/ her report along with the other Proposal papers directly to the Branch Office of the Life Insurance Corporation of India by Air Mail. For this purpose, the proposer should hand over a stamped envelope with the address of the Branch Office to the doctor, so that there would not be any delay in despatch of the papers by the doctor.
  • The proposer should collect the Passport from the doctor after the proposal papers are sent by him to the Branch Office .

The amount of Medical Fees payable to the Doctors for medical examination conducted will be as under :-

  1. Routine Medical Report Rs.200/- or the fees actually paid to the doctor or at the rate of Rs.4.00 per thousand sum assured, whichever is less.
  2. Routine Medical Report plus Special Report The fees actually paid for these reports or at the rate of Rs.4.00 per thousand sum assured, whichever is less .

This amount is payable by the Corporation only when the proposal results into a policy. In the first instance the amount of medical fees is required to be paid by the Proposer after obtaining a receipt from the doctor on his/ her printed form. On the proposer's forwarding such receipt to the Branch Office of the Life Insurance Corporation of India, the amount will be credited towards the premium payable by the Proposer under the proposal.

  • Insurance while NRI on visit to India
Forms to be filled up Proposal form
No Question should remain unanswered

N.R.I. Questionnaire (Form C)

Proof of Income Three (3) years of Income Tax Statement with computation of Income
Medical Examination Medical Examination of Females done by Lady Doctor
Medical Examination of Male done by Male Doctor
Payment of Premium By Cheque or DD (for out station)
In Indian or Foreign Currency
Special reports as per Sum Assured

  • Insurance while NRI residing in Abroad
Forms to be filled up Proposal form
N.R.I. Questionnaire (Form C)
Proof of Income Income Tax Return for last 3 years
Medical Examination By Local Doctor details on LIC's pre-printed form or all its contents on Doctor's Letter Head. This will be sent to you by Mailer.
Payment of Premium Business through Mail Order Only.
Special reports as per Sum Assured  
Signature in Proposal Form
Signature on Form should be witnessed by a designated official of Local Indian Embassy or Indian Diplomatic Representative.
If no Diplomatic Representative available locally, then witness by a
NOTARY PUBLIC. or
BY JUSTICE OF PEACE or
BY MEDICAL EXAMINER
Witness for signature

Witness to be done only on verification of passport

The attested copy of 1st page of passport to be submitted with proposal papers (form + NRI Questionnaire)

Students proposal can be witnessed by Dean / Principal or College or Medical Examiner.

WITNESS SHOULD PUT HIS OFFICIAL SEAL BELOW HIS SIGNATURE

Xerox copy of Passport should be attested
Xerox copy of passport should be attested i.e. signed under the witnessing official's official seal. (Medical Examiner may also verify)
Medical Examiner's Signature
Proposal Form (filled up) + NRI Questionnaire (Form C) + Passport(issued by Govt. of India) to be handed over to the Medical Examiner.

Proposer and Doctor to sign on the Proposal form space provided for.

Fees for Medical Examination
(a) ROUTINE MEDICAL REPORT
Rs.200/- OR FEES PAID OR Rs.4 (Four) PER 1000 of Sum Assured Whichever is less

(b) Routine Medical Report + Special Report
Fees Paid up OR Rs.4 (Four) per 1000 Sum Assured whichever is less.

Medical fees to be paid by the pro poser and obtain a receipt of Doctor.
The receipt should be sent to the Branch Office.This amount will be credited to towards premium payable by the proposer.

  • Miscellaneous Details on NRI Insurance

An Indian With Foreign Nationality

  • Insurance will be given during visit to India or by Mail Order
  • Indian Rupee Currency policy will be issued.( May be allowed to re mitt abroad if if premiums paid in Foreign Currency as per Rules)
  • Maximum Sum Assured of Rs.50 Lakh Allowed.
  • Medical Report Compulsory
  • Joint Life Policy, Health Insurance and few other plans plans cannot be given
  • Plans Allowed
    • Endowment Plan
    • Money Back (for 20, 25 years)
    • Jeevan Samrifhi
  • As per revised LIM, Policy can be exported out of India

Special Reports :
Blood, Sugar, Heart, S.Chol, ECG, Thread Mill etc required as per policy Amount and age.

The reports will depends on age and policy amount and will be done by "LOCAL" Medical reactitioner (Doctor, MD) and pathologists of country you are residing. The report should contain all headings as per LIC's pre-printed Medical Form (this will be sent to you and applicable for all tests) in such case The Local practitioner need not sign the LIC's Medical form

Medical Check up / Examination : Necessary pre-printed form will be sent to you and need to be signed by the qualifying doctor or give all such details as per form on their letter head and sign.

Qualification of Doctor for Medical Checkup Examination:

Policy Amount (in Rupees)
Qualification & Experience
Upto Rs.50,000
Equal to MBBS Doctor with 5 years standing
50,001 TO 100,000
Equal to MBBS Doctor with 10 years standing
100,001 TO 200,000
Post Graduate Doctor with 10 years standing
200,001 and above
Post Graduate Doctor with 10 years standing

Medical Examiner and Proposer should sign the Medical Examiner's Report

Signature on Proposal Form
The proposer and Medical Examiner should sign on Proposer form as well as Medical Examiner

Payment of premium : Procedure

A On receipt of foreign currency Cheque, receipt cannot be issued till the instrument is realised.
B Acknowledgement can be given by the Branch Manager
C Draft Cheque is sent to Bank for Collection (Through separate pay-in-slip)
D Bank will send Credit Advice with particulars of Exchange rate and Bank Charges Debited
E Receipt will be issued for the Amount Credited if the same sufficient (for Premium).

Shortfall in amount received

  • Shortfall upto 3% of Amount due is allowed and an receipt is issued.
  • If shortfall exceed more than 3%, an additional amount equal to Bank Charges (Actual) may be adjusted
  • Further shortfall is adjusted with X-charges
  • If still there is shortfall , the amount is accepted as deposit amount (not adjusted with premium, premium remains unpaid).
  • Balance amount need to be paid.

AMOUNT RECEIVED EXCEEDS THE ACTUAL PREMIUM

  • Amount exceeding 3% of premium will be held as Deposit
  • This amount is to a resident in India, on receipt of "Authorisation Letter for payment" from Policy holder

CLAIM

  • Payment in foreign currency is permitted only in proportion in which the amount of premium paid in foreign currency in relation to total premium payable (this is in case the 1st premium paid in foreign currency and few in India Rupees. In case all premiums are paid in Foreign Currency, the maturity value or death claim will be paid to the nominee in foreign currency only}
  • Non resident beneficiary of claims / Maturity / Surrender value settled in foreign currency may be remitted to credit the same to NRE / FCNR Account if they so desire
  • Resident beneficiary of claims settled in Foreign Currency may be permitted to credit RFC A/c if they so desire
  • Claims / Maturity / Surrender Value in receipt of policy for which premium is collected in Non Repatriable Rupee may be paid only in Rupees by Crediting NRO account. This will also apply to death claim settlement in favor of non resident assignee Nominee
  • Claims / Maturity / Surrender Value in respect of policy issued to foreign nationals not permanently resident in India may be paid in Rupees or be allowed to remit abroad if the claimant so desire