NRIs and LIC policy: A few facts to know

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts
    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.

    GoodReturns.in

    Read more about: lic nri
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more