NRI’s Planning

Are you an NRI or do you have any of your relatives who are NRIs and want to invest in Life Insurance Corporation of India, then you are at right place. LIC has an
amazing arrangment for them so that they could invest in India and yield good return on their investment. LIC has tailor made plans for its NRI customers,
plans and premium vary from person to person and purely depends on their needs. Here are some terms and conditions for NRIs
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. LIC Branches and Joint Venture Companies issue policies in their local currencies.
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.

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.
4. NRIs may obtain insurance cover under our Non-Medical (Special) scheme subject to certain restrictions, some of which are listed below:
5. Applicable if insurance is obtained during a visit to India or through Mail Order Business when LIC Agents visits the country of residence of NRI for completing the necessary formalities.
6. Maximum age at entry would be 45 years
7. Plans with high risk cover and term rider benefits would not be allowed.
8. 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.
9. This scheme is applicable to those NRIs who are residing in Group VI, VII and VIII countries only.
10. Rules regarding insurance under medical scheme through ‘Mail Order Business’ are given in Annexure-I at the end of this write up.

Proposal would be under medical scheme only.

1. Policy in Indian Currency would be issued, only during their stay in India.
2. Report by designated LIC agents is compulsory.
3. Claim would be paid in India in Indian Currency only.
4. Maximum sum assured would be Rs. 50 lakhs and high risk plans and joint life plans are not allowed.

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