NRIs and LIC policy: A few facts to know

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NRIs and LIC policy: A few facts to know
Non Resident Indians are free to take an LIC policy when they visit in India and are treated at par with domestic residents.

Existing policies taken while in India will continue in Indian Currency even after your moving to foreign countries as NRI. However, a non resident Indian should keep the concerned servicing branch of LIC informed about his/her new status i.e. NRI and your new address. A NRI questionnaire form duly filled and signed should be submitted. Here are a few facts to know:

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 maybe noted 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. 

4. Policies are issued in Indian Rupees only. LIC's branches and Joint Venture Companies ( refer to option ; ‘Associates' on main page for details ) issue policies in their local currencies. e.g. The U.K. Branch issues policies in Sterling Pound currency.

5. 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'.

6. Minimum Sum Assured allowed would be Rs. 2 lakhs and maximum would depend on conditions of insurability.

7. 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. Also read importance of life insurance for NRIs.

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Read more about: lic, nri
Story first published: Monday, April 22, 2013, 10:16 [IST]
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