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Who is NRI ?
A
Non-Resident Indian is a citizen of India (holding a valid passport of Govt. of India) temporarily
residing in the country of his/her present residence. He/she should not have applied or planning to
apply in the near future for acquiring citizenship of his/her present country of residence or any
other country.
Whether Green card holders and foreign Nationals of Indian origin
are treated as NRI?
No, Green card
holders and foreign Nationals of Indian origin are not treated as NRIs for the purpose
of allowing Insurance. They are treated as Foreigners and the underwriting rules as those prescribed
for foreigners will be applicable.
In which
currency the Insurance will be allowed ?
The NRIs will
be allowed insurance policies in Indian Rupee
Currency only.
When NRIs
can be allowed insurance?
The
NRIs can be allowed insurance policies
a)
on their visit
to India. All the formalities of proposal completion,
medical examination reports/Special reports and
Moral hazard report are required to be completed
during their stay in India.
b)
from their
present country of residence through Mail Order
Business. All the formalities of proposal completion,
obtaining medical & special reports etc are
to be completed in the present country of residence.
What is the
Minimum & Maximum Sum Assured ?
The Minimum Sum Assured
will be Rs. two lacs and there is no limit
on the maximum Sum assured.
What are the plans
allowed for NRIs ?
All plans are allowed
for NRIs subject to the following restrictions
a)
maximum Sum
Assured allowed under Pure term insurance plans
will be Rs.25 lacs.
b)
The Term Rider
benefit allowed upto Rs.25 lacs.
c)
Critical Illness
benefit will not be allowed.
Which documents
will be valid for Income Proof?
a)
The copy of
Income Tax Return filed in the country of residence,
if the Sum Assured exceeds Rs.15 lacs.
b)
If no
Income Tax return is filed , then a copy of employment
contract mentioning Salary or a certificate from
a C.A. regarding business / other income.
c)
Personal Financial
Questionnaire (PFQ) duly filled in and signed
by the proposer and counter signed by the official
filling in the MHR can also be accepted as proof
of income upto a Sum Assured of Rs.25 lacs.
What are
the requirements to be submitted for proposal
under Medical Business ?
Duly
completed Proposal Form
Medical examination
report along with special reports ,if any
Moral Hazard report
A copy of passport
NRIs questionnaire
duly completed.
How the premium under
NRI policies be paid ?
The
premium can be paid by any of the following
manner
a)
By direct remittance
from the country of his/her present residence
through banking channels.
b)
By cheques
drawn on his/her Non-Resident (External)
Account or Foreign Currency (Non-Resident) Account
with a Bank in India (or Joint Account provided
the policyholder is one of the account holders)
c)
By cheques
drawn on bank accounts held in India in their
own names, either solely or jointly with the resident
member of their family. i.e. father ,mother, husband,
wife, children, brother or sister whether the
accounts have been designated as Non-Resident
or not.
d)
By cheques
drawn on an account maintained by a resident parent
or spouse of the Non-Resident policyholder with
a bank in India, held solely or jointly with their
close relatives. If the life assured is a bonafied
student, premiums can be accepted if paid in India,
by somebody else on his behalf.
e)
By the absolute
assignee in India wherever such policies have
been assigned to a resident in India.
f)
By the employers
in respect of policies issued to their employees
who have been deputed abroad by them.
g)
Premiums can
be paid in cash by a resident parent or spouse
of the Non-Resident policyholder subject to his/her
submitting a letter stating the relationship with
the policyholder.
How claims are
settled?
The settlement
of claims on rupee life insurance policies in
favour of claimants resident outside India will
be permitted in foreign currency only in proportion
in which the amount of premiums paid in foreign
currency in relation to the total premiums payable.
How claim are settled
for beneficiaries?
a)
For Non-Resident
Beneficiaries:
Non-resident beneficiaries
of Insurance claims/maturity/surrender value settled
in foreign currency may be permitted to credit
the same to NRE (Non-Resident External)/ FCNR
(Foreign Currency Non-Resident) Account if they
so desire.
Claims/maturity proceeds/Surrender
Value in respect of rupee life insurance policies
issued to non-resident Indians for which premiums
have been collected in non-repatriable rupees
may be paid only in rupees by credit to NRO (Non-Resident
Ordinary) account of the beneficiary. This would
apply in cases of death claims being settled
in favour of non-resident assignees.
b)
For Resident Beneficiaries :
Resident beneficiaries
of Insurance claims/maturity/Surrender values
settled in foreign currency may be permitted
to credit the same to RFC (Resident Foreign
Currency ) Account if they so desire
Annexure 1
LIFE INSURANCE
CORPORATION OF INDIA
Divisional Office_______________
Branch Code____________
SPECIAL QUESTIONNAIRE
TO BE COMPLETED IN RESPECT OF NRIs
Proposal No.______________
A. To be filled
in by the Dean/principal in respect of students
and Employer in
respect of employed persons
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Name of the proposer |
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When did he join your college/university/firm? |
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Date of Birth and age |
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Educational qualification |
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General appearance |
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Any identification mark/s? |
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Does he have any physical deformity? (impaired
sight or hearing, physical impairment or
mental retardation) |
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His professional status (type of duties
performed)
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Has he remained absent from college / duties
on medical ground? If so, period of
absence and reasons thereof |
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What are his habits / hobbies?
Does he consume tobacco, snuff or other
narcotic substances in any form, alcoholic
drinks? |
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His per month salary
/ stipend / teaching allowance |
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Results of any routine medical check-up
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B. To
be filled in by the Personal Physician in respect
of self-employed persons
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Name of the proposer |
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Since how long do you know the proposer? |
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Age of the proposer |
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General appearance |
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Any identification mark/s? |
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Does he have any physical deformity? (impaired
sight or hearing, physical impairment or
mental retardation) |
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Has he taken any treatment from you? Yes/
No
If Yes, full details and the period of treatment |
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What are his habits / hobbies?
Does he consume tobacco, snuff or other
narcotic substances in any form, alcoholic
drinks? |
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Any information about his financial status? |
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_________________________________________________________________________________
Annexure - 2
LIFE INSURANCE
CORPORATION OF INDIA
Divisional Office_______________
Branch Code____________
QUESTIONNAIRE TO
BE COMPLETED BY NON-RESIDENT INDIAN
Proposal No.______________
Policy No.________________
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Sr. No. |
Particulars |
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1. |
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Yours Nationality |
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2. |
a. |
Your country of permanent residence |
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b. |
Date from which you became a permanent resident
of country mentioned in (a) above |
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3. |
a |
Date of leaving India for the first time |
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b. |
Details of exchange facility availed of |
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c. |
Full particulars of Reserve Bank Permit
Number |
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d. |
Visa status, if any |
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e. |
Name of Office of the Reserve Bank which
granted the above facilities |
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4. |
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Duration of your stay abroad |
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5. |
a. |
Purpose of your stay abroad |
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b. |
Are you gainfully employed abroad? |
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c. |
Your monthly income from
employment in the foreign country (including
Scholarship, Assistantship etc for students
or trainees). Please enclose true copies
of the appointment letter received from
your employer or educational institutes. |
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6. |
a. |
Passport Number |
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b. |
Date of issue |
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c. |
Place of issue |
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d. |
Date of birth |
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7. |
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Whether you hold any Bank account in India
and if so, whether it is a Resident Account
or Non-resident Account. Furnish full details
thereof |
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8. |
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The source from which the premiums will
be paid |
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9. |
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Please indicate by which of the following
manner you propose to remit the premiums
to LIC of India |
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a. |
By direct remittance from the country of
your residence to India through Banking
channels (preferably by Rupee Draft in favour
of LIC) Or by remittance through postal
channels like foreign orders. |
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b. |
By cheques drawn on your Non-Resident (External)
or Foreign Currency (Non-Resident) Account
with Bank in India |
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c. |
By cheques drawn on your Resident / Non-resident
Account with bank in India |
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d. |
By cheques drawn on account maintained by
resident parent or spouse of the policyholder
in their name or joint name with other close
relatives |
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e. |
By any other manner (please specify) |
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10. |
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Your full address in the country of your
residence abroad |
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11. |
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State full name and address of an Indian
National permanently residing in India to
whom the policy may be dispatched |
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12. |
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Date of your leaving India / Date you left
India (current visit) |
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13. |
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If you are a student state the nature and
full details of your studies |
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I hereby declare that
the foregoing statements and answers are true
in every respect and I am agreeable for treating
this as a part of the original Proposal Form.
I am also aware that claims of any nature arising
under the policy will be settled in Indian currency
in India only. I have taken note of the restrictions
applicable as given in the enclosed annexure.
Dated at___________this____________day
of_____________200
Signature of the life
to be assured
Witness
Name
Address
Designation
Signature
*******************************************************************************
Can NRIs take Rupee - Currency Policy of LIC ?
Yes.
Can NRIs take Foreign - Currency Policy of LIC
?
In India, LIC markets only Rupee - Currency Policy.
However, clients residing in U.K. , Fiji and Mauritius
can take Pound Sterling , Fiji Dollars and Mauritian
Rupees denominated policies respectively from
our branch offices in those countries. Similarly,
LIC (International) B.S.C.(CLOSED), Bahrain -
a subsidiary of LIC operates among NRIs in Bahrain,
Saudi Arabia and Kuwait. Clients can take US Dollars,
Bahrain Dinars and Saudi Riyal currency policies
from them.
What are the types of schemes offered by LIC to
NRIs ?
All individual schemes marketed by LIC in India
are available to the temporary NRIs holding Indian
Passports. Foreign Nationals of Indian origin
can take LIC policies during their stay in India.
However, joint life plans having term insurance
element and plans having health insurance are
not allowed.
What are the Housing Loan Schemes offered by LIC
to NRIs ?
LIC Housing Finance Ltd. a subsidiary of LIC looks
after this portfolio. Interested clients may kindly
access their website - "http//www.lichousing.com".
All the requisite information regarding housing
loans to NRIs are available there.
Does LIC offer Overseas Medical Insurance for
people visiting abroad ?
No, LIC does not have any scheme of visitors Medical
Insurance for people traveling abroad.
What are the addresses of Foreign Offices of LIC
?
The addresses of our Foreign Offices are as stated
below.
U.K. Branch :
LICIUK Administrative Unit
Bristol Office, P.O. Box 830,
Bristol BS99 5EU, UK
Telephone : (0044) 0117-989-0616
Fax : (0044) 0017-989-9617
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Mauritius Branch :
LIC of India
LIC Centre
President John Kennedy Street
Port Louis
Mauritius
Telephone :(00230) 2125316/2110465
Fax : (0230) 208 6392
E-Mail : liccmm@intnet.mu |
Fiji Branch :
LIC of India,LIC House,Butt Street
G.P.O. Box 266,Suva,Fiji Island
Telephone : (0679) 3314011/3304148
Fax :(0679)3312 499 E-Mail :
lici@connect.com.fj
Lautoka Branch Office 5, Tui Street,
P.O.Box 789, Lautoka, Fiji.
Telephone:(0679)6651923 Fax:6651984
E-Mail : liciltka@connect.com.fj
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Bahrain Office :
LIC (International) E.C. :
1st floor, Ali Al - Wazzan Bldg.
Al - Khalifa Avenue
P.O.Box 584
Manama,
Bahrain
Telephone : (0973) 210 610
Fax : (0973) 211 577
E-mail : intcolic@batelco.com.bh |
Contact us for further details at:
co_intn.oprn@licindia.com,
co_crm@licindia.com
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