Insurance Guidelines for NRI | Guidelines to get insurance poilicy in india
Life insurance has traditionally been among the favourite financial investment plans in India for different categories of non–residents i.e. Non-Resident Indian (NRI's), Person of Indian Origin (PIO's) and Overseas Citizen of India..[…]
Life insurance has different financial investment plans in India for different categories of non residents:
i.e. Non-Resident Indian (NRI's), Person of Indian Origin (PIO's) and Overseas Citizen of India (OCI’s).
Let’s first understand the different status of an individual in India :
Non Resident Indian Status
An Indian citizen or a foreign citizen of India origin who stays abroad for employment/ carrying on business or vocation or under circumstances indicating an intention for an uncertain duration of stay abroad is a NON-RESIDENT INDIAN (NRI). (Those who stay abroad on business visit, medical treatment, study or such other purposes which do not indicate an intention to stay there for an indefinite period will not be considered as NRIs).
Types of NRI:
Non-Resident Indian (NRI's): a citizen of India, holding an Indian passport but residing abroad.
Person of Indian Origin (PIO): An individual who is a foreign national but has Indian origin or Indian ancestors (parents, grandparents or spouse).
Note: An individual who is a foreign national in Bangladesh, Nepal, Sri Lanka or Pakistan is not recognized as PIO even with Indian origins.
Overseas Citizen of India (OCI): An individual who is now a foreign national due to migration but was eligible to become citizen of India on 26.01.1950 or was a citizen of India on or at any time after 26.01.1950 or belonged to a territory that became part of India after 15.08.1947.
NRIs are eligible to buy insurance plans that are marketed in India but due to the virtue of them residing in another nation, they need to fulfill certain conditions and requirements.
1. They should visit India to complete the documentation and other essential formalities i.e. their physical presence in India is compulsory while completing the required paperwork and other official procedures.
2. Under exceptional circumstances, if the application or proposal is filled and signed in the host country, the same has to be witnessed by any of the following individual(s) for it to be valid.
- Employer where the individual is currently working.
- Dean of the educational institution if the applicant is a student.
- Individual’s banker in the country of residence or host country.
- Indian consulate or Indian Embassy authorized official.
- Notary public in the country of residence or host country.
3. For cases where the proposal has been signed outside India, medical tests to be conducted and medical report format will shared by the insurance company. The same has to be done in the approved list of a hospital or medical centers.
4. There are no plan restrictions if the individual is residing in the standard countries.
5. All payments are processed in Indian Rupees (INR)
6. Required paperwork:
- Duly filled proposal form
- Copy of age and income proof
- Bank account Statement(for 6 months) - operating in India
- Passport copy
- NRI Questionnaire (the insurance company will share the format)
- PAN copy along with permanent address proof of a residence in India.
- 2 Passport size photo graph.
- PIO/OCI questionnaire ((format will be shared by the insurance company)
1. Unlike NRIs, the proposal and other formalities are to be done in India only (there are no exceptions)
2. PIO/OCI will not be offered riders option in their insurance policy while NRIs do not have any such restrictions.
PIO/OCI cannot avail term policies.
3. All payment processing would be done in Indian Rupees (INR)
The above shared list is general and may include additional requirements based on the insurance company of choice. Also, the option of approving the insurance proposal is entirely based on the discretion of the company post processing.
अगर यह जानकारी आपको पसंद आयी है तो कृपया इसे share अवश्य करे।