LIC of India is best known for their insurance policy scheme that is available for everyone. LIC also provides insurance for the NRI who are settled or traveling to a foreign country. LIC of India offers the Insurance product that can avail by a Non-resident Indian without being in India for availing the policy. The NRI however, has to arrange for the medical examination if required by the corporation at the time of availing the policy. There are a lot of other details that we will cover in this article like Eligibility, procedure and answer all common questions that can cross your mind.
Who is Non-Resident Indian (NRI)?
A Non-Resident Indian is a person from Indian ethnicity and having a valid Indian citizenship lives outside of Indian for Occupation or Job is known as Non-Resident Indian. Abroad have a lot of opportunities that can help the individual in growing more and provide their family with the best of luxuries. A large part of students also visit the foreign for their studies and they are also termed as the Non-resident Indians.
Eligibility for LIC NRI Policy
The following are the eligibility for availing the LIC Policy-
- NRI should not be a green card holder
- Minimum Sum Assured will be Rs.10Lakhs and the maximum Sum Assured is Rs.3 Crore
- Medical Examination if required will be done on the NRI expenses from the reputed Hospital
- Another eligibility of the NRI depends on the policy he seeks and will be provided on the documentation of that policy.
Documents Required for LIC NRI Policy
The following are the Documentation required for availing the LIC policy for NRI-
- Prescribed proposal form depending on the type of policy selected
- NRI Questionnaire (Annexure-II)
- Medical Report (not applicable if the proposal is under the non-medical scheme)
- Special questionnaire (if the proposal is under ‘Mail Order Business’) Annexure-III
- Special Medical Reports (If any)
- Attested copy of Passport
- Proof of age and income
- Initial Deposit equivalent to Installment Premium under the proposed plan of insurance.
Download Documents
Procedure of Applying for the LIC Policy by NRI
Applying for the LIC Policy is very easy and requires you to follow these steps-
- You can avail the LIC Policy for NRI both online and offline
- For Offline you need to contact the LIC Customer Care Number or any LIC agent
- For Online you need to visit the official website of LIC of India and select the policy required.
- A Questionnaire has to be filled with accurate details and must be attached to the other policy documents
- In both the case of offline and Online you will be contacted by the LIC Agent who will guide you further for availing the policy for you
FAQ on NRI Policy Buying
Under section 10(10D) of the income tax act, any claims of LIC policies are exempt from income tax provided premium of the policies must be less than or equal to 10% of Sum Assured and this also includes the Non-resident Indian.
Existing policies taken while in India will continue in Indian Currency even after the life assured moves to foreign countries as NRI
Sum Assured depends on the policy you are availing but the minimum SA will be Rs.10 Lakhs and the maximum SA will be Rs. 3 Crore only.
