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Insurance for Non-Resident Indians (NRIs)

The surge of interest of Non Resident Indians to purchase a Life Insurance Product in India has given a platform to many insurance companies to re-strategize and capitalize on the huge potential of tapping the NRI or the Person of Indian Origin, PIO.


List of Insurance Companies in India

Since Term Plans are pure protection plans, it is a great choice for family security. Most Term Policies offered by most insurance companies in India can be purchased by a Non Resident Indian, NRI or a Person of Indian Origin, PIO simply by filling an additional NRI Questionnaire. They are not separate policies but the same policies that are offered to resident Indians as well.


However, only a few companies have actually streamlined their processes for issuing insurance policies to NRIs. They will help you with documentations and other requirements for medical tests, etc. as well. Some of the companies who have managed to stream line their NRI centre are:

  • Life Insurance Corporation of India (LIC)
  • ICICI Prudential Life Insurance
  • Max Life Insurance
  • Kotak Life Insurance

There is a choice of insurance plans available to an NRI which depends on the country of residence, age and other relevant details.

However, there are some basic things to know if you are an NRI or a PIO and you wish to purchase a Life Insurance Policy in India, like:

  • Location - It is not necessary for the NRI or the PIO to be present within the geographical location of India while purchasing a Life Insurance Policy. However, if the policy involves medical examination, it would have to be done at the policyholder’s expense if he were out of India at the time of the policy inception.
  • No Additional Premiums charged - The premiums are the same for Resident and Non-Resident Indians if the risk involved is the same. The premium would increase only if the associated risk increases and not otherwise.
  • Online Payment - An NRI can make Online Payment by any of the following modes:
    • Remittance in foreign currency
    • NRO bank account
    • NRE/ FCNR bank account

Even the death and maturity benefit can be paid out to any of the mentioned Bank Account details and the same are repatriable to the extent of premium paid in foreign currency in relation to the total premium paid. Thus, if the premiums are paid in Foreign Currency, then the proceeds are fully repatriable but if is paid in INR through the NRO Account, then the same would be considered as an earning in India and would not fully repatriable. However, this does not affect the working of the plan and the status of the proceeds whatsoever.

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