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    NRI - LIC Policy Frequently Asked Questions By NRIs
    In which currency the Insurance will be allowed?
    The NRIs will be allowed insurance policies in Indian Rupee Currency only.

    When NRIs/ Foreign Nationals of Indian Origin can be allowed insurance?  

    • 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.
    • 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. (Only NRIs)

    What are the plans allowed for NRIs?>
    All plans are allowed for NRIs subject to certain restrictions

    Which documents will be valid for income proof?

    • The copy of Income Tax Return filed in the country of residence, if the Sum Assured exceeds Rs.15 lacs.
    • 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.
    • 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 is the premium under NRI policies paid?

    The premium can be paid by any of the following manner

    • 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)
    • 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.
    • 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.
    • By the absolute assignee in India wherever such policies have been assigned to a resident in India.
    • By the employers in respect of policies issued to their employees who have been deputed abroad by them.
    • 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 are claims 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 are claims settled for beneficiaries?

    • 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.
    • 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

    Can NRIs/ PIOs take Rupee - Currency Policy of LIC?
    Yes, from any of the 2048 Branches in India.

    Can NRIs/ PIOs 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.(C), Bahrain - a subsidiary of LIC operates among NRIs in Bahrain, Saudi Arabia, Oman, Qatar, UAE and Kuwait. Clients can take US Dollars, Bahrain Dinars and Saudi Riyal currency policies from them. Through our subsidiary companies LIC(Nepal) and LIC(Lanka), policies can be taken by in local currency of the respective countries viz. Nepal and
    Sri Lanka


    What are the types of schemes offered by LIC to NRIs/PIOs?

    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.


    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.