Life Insurance for NRI
Hi All,
I am NRI working in USA as software Professional. I don't have Life Insurance coverage, So I am looking to buy the same for me. I have few queries on the same -
1- Can I buy Life Insurance from India?
2- If Yes, Can I buy Life Insurance from US or do I need to come to India to buy?
Thanks,
Best
1- Yes you canOriginally Posted by Got_the_Best
2- You have to buy the policy from India.
In terms of obtaining a NRI policy, NRI is no different, and he has to undergo all the steps of obtaining a policy ex- Filling of proposal form, Medical examination report, Moral hazard report, payment of premium etc.
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I am speaking from experience and my own personal views above - I am not an advisor, nor an expert.
Any specific requirement for payment of premium because I have only NRE account with ICICI bank (No saving account) in India. Is cheque is acceptable or I have to pay the premium in Cash.
Last edited by PolicyWala; 24-06-2009 at 10:55 AM.
You can pay by cheque. NRE account cheque will work. Cash is not acceptable.
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Thanks policywala for answering my queries.
One more query - Claim to the above policies would be paid in Indian Rupees or can be paid in Foreign currency?
The basic rule is that the payment of claims or surrender value in foreign currency will be permitted whenOne more query - Claim to the above policies would be paid in Indian Rupees or can be paid in Foreign currency?
the claimant is permanently resident outside India and
all the premiums under the policy have been paid in foreign currency or by remittances from abroad through approved channels.
Where the premiums have been paid partly in Indian rupees and partly in foreign currency, the payment in foreign currency is in proportion to the amount of premiums paid by remittance from abroad to the total premiums paid.
The payment of policy money in foreign currency can be made on getting approval from Reserve Bank of India.
* SAFE
Self Appointed Financial Expert
NRI can buy LIC policy. YES only if you are planning to return back to india. NO if you are not.
http://www.licindia.in/nri_centre.htm
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.
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.
In short, if you are NRI and are not going to apply for Green Card than you can buy, otherwise not.
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