Life Insurance for Non Resident Indians (NRI)
Non Resident Indians (NRI) can buy life insurance policies in India. NRI category includes the Indian citizens who stay abroad for employment, business, vocation etc and should have valid passport issued by Government of India. People of Indian Origin (PIO) are not considered as NRI’s. NRI can buy life insurance during their visit to India and a medical test might be required by the insurer. If no medical test is required, NRI’s can buy the life insurance policy from abroad.
Requirements for NRI to apply for Life Insurance
Proposal Form: You need to fill the proposal form of the insurance plan which consists of your personal details, life cover, nominee etc.
NRI Questionnaire: This is a special questionnaire which NRI’s have to fill. The questionnaire includes details about country of permanent residence, visa status, employment etc.
Age Proof: A copy of age proof like driving license, passport etc has to be provided.
Income Proof: employment contract, tax returns etc
Bank Account Proof (NRE/NRO)
Permanent Address Proof (Indian Address only)
Premium Payment
Any transaction for life insurance policy will be in Indian Rupees. The premium as well as claim amount will be in Indian denominations. If a claim is payable, the amount is credited to NRE/NRO account of the nominee. If nominee is living in India, payment will be made through cheque or credited to the Indian bank account.
The premium payment can be done through net banking, credit card, demand draft, electronic clearance system. The premium payment frequency could be yearly, half yearly, quarterly, monthly depending on the life insurance plan opted.