NRI Insurance
Features Of NRI Insurance
Sovereign Guarantee:
Ensure the financial stability
Online Application and Servicing:
(No Risk Insurance)
Guaranteed Income with Risk Cover:
Guaranteed Income with Life Risk coverage
Loan Facility:
Low interest rates
Death Benefit:
Get Financial help for Family
Tax Benefits:
Get Tax Benefits under the Indian Tax Law
Benefits
About NRI Insurance
Even while abroad, NRIs can grow investments with risk cover, save on taxes, and benefit from Central Government guarantees.
To us, NRI means miles away physically, but emotionally connected.
Living abroad shouldn’t prevent you from securing your and your loved ones’ financial future. We can help. With life risk cover, you can create a lasting legacy, regardless of distance. We provide comprehensive support throughout the entire process, from policy guidance and issuance to maturity, ensuring your peace of mind despite the miles.
Sovereign Guarantee:
It means that the Indian government promises to support and ensure the financial stability of LIC. If LIC faces any financial difficulties or is unable to fulfill its obligations, the government will step in to help cover any losses or payments. This guarantee adds a layer of security for policyholders and investors, assuring them that LIC’s operations are backed by the government’s support.
Online Application and Servicing:
We help NRIs choose and buy (No Risk Insurance) insurance policies, online when they are abroad and offline when they visit India. You get after sales service from our support.
Guaranteed Income with Risk Cover:
Provides Guaranteed Income with Life Risk coverage for your entire policy term.
Loan Facility:
Some life insurance plans accumulate cash value over time. Which you can take as a loan. These loans usually come with low interest rates, do not require any paperwork or guarantor. For your convenience, they are deposited online in your bank account in just two working days. We help you if needed.
Death Benefit:
This is the core purpose. If you pass away while the policy is active, your beneficiaries (usually family members) receive a lump sum of tax free money. This helps them financially when they lose your income.
Tax Benefits:
Life insurance offers tax benefits under Indian tax laws:
- Section 80C Deduction:
- Premiums paid for life insurance policies are eligible for tax deduction up to ₹1.5 lakh under Section 80C of the Income Tax Act.
- Section 10(10D) Exemption:
- Effective from April 1, 2024, the maturity amount received from a life insurance policy with an annual premium of up to ₹5 lakh is tax-free.
- Death benefits received from any life insurance policy are also fully tax-free under Section 10(10D).
Why to take NRI insurance?
A single unexpected event, especially one occurring across borders, can create significant financial strain. NRI insurance is crucial for protecting your financial well-being and that of your family, both in India and abroad.
Financially:
Financial Stability:
Unexpected events, such as medical emergencies, property damage in India, or legal issues, can be financially devastating, particularly when compounded by international complexities. NRI insurance mitigates this risk by distributing the financial burden, protecting your savings, and preventing debt accumulation.
Cross-Border Risk Mitigation:
NRI insurance addresses specific risks faced by non-resident Indians, such as property protection in India, travel emergencies, and repatriation costs in case of death.
Mitigation of Life's Uncertainties:
Many NRIs provide financial support to family members in India. NRI insurance can provide financial security for these dependents in unforeseen circumstances, such as medical emergencies or the NRI’s untimely passing.
Emotionally:
Reduced Anxiety:
Knowing that you and your family are financially protected, both in your country of residence and in India, significantly reduces stress and allows you to focus on your life and work.
Maintaining Connections with India:
NRI insurance helps maintain strong ties with India by providing a safety net for loved ones and protecting assets there.
Protection for Loved Ones (Both Abroad and in India):
Knowing that your family, whether residing with you or in India, is protected from financial hardship provides immense peace of mind and strengthens family bonds.
Exclusive Plans for NRIs
Our NRI insurance solutions cater to various aspects of financial security, including health, property, and life insurance. We offer comprehensive coverage that includes critical illness, personal accidents, and term life policies, providing complete peace of mind for you and your family back home. Easy online application process and digital management system ensure you stay connected with your policy details no matter where you are.
- Investment-Linked Insurance
For NRIs looking to invest in India, we offer ULIPs (Unit Linked Insurance Plans) and other wealth-creation insurance products that provide both protection and investment growth. These plans allow you to build wealth through a mix of equity and debt funds while ensuring that your family remains financially secure in your absence.
It is very important for you to know.
- When Buying Insurance:
- Determine your needs:
- Life Insurance: Consider if you need coverage for your family in India, outstanding loans there, or future financial goals in India.
- Health Insurance: Decide if you need coverage in India during visits or if you plan to return permanently.
- Travel Insurance: If you frequently travel to India, a multi-trip policy might be beneficial.
- Research and compare policies: Look for policies specifically designed for NRIs. Compare coverage, premiums, claim settlement ratios, and the insurer’s reputation.
- Understand policy specifics:
- Eligibility: Check if you meet the eligibility criteria (residency status, passport, etc.).
- Coverage area: Confirm where the policy provides coverage (India, your country of residence, or both).
- Premium payment: Understand accepted payment methods (NRE/NRO accounts, international cards).
- Currency: Know if the coverage and payout are in Indian Rupees or a foreign currency.
- Disclose accurate information: Provide correct details about your health, occupation, and lifestyle. Misrepresentation can lead to claim rejection.
- Read the policy document carefully: Understand the terms, conditions, exclusions, and waiting periods.
- Seek professional advice: Consult with a financial advisor specializing in NRI insurance to understand your options.
- Don’t hide any information: Never conceal any health conditions or relevant details.
- Don’t solely focus on low premiums: Prioritize adequate coverage and a reputable insurer.
- Don’t assume all policies are the same: Compare features and benefits before deciding.
Don’t delay buying insurance: The cost of insurance increases with age and health issues.
By keeping these do’s and don’ts in mind, NRIs can make informed decisions about insurance and ensure a smoother experience when making a claim
- When Making a Claim:
- Inform the insurer immediately: Notify the insurance company as soon as a claim event occurs.
- Gather necessary documents: Collect all relevant documents, such as:
- Life Insurance: Death certificate, policy documents, proof of relationship with the beneficiary.
- Health Insurance: Medical reports, bills, receipts, diagnostic reports.
- Travel Insurance: Medical reports, police reports (if applicable), proof of travel.
- Follow the claim process: Adhere to the insurer’s claim procedure and provide any requested information.
- Cooperate with the insurer: Respond to the insurer’s queries and provide any additional documents promptly.
- Keep records of all communication: Maintain copies of all correspondence with the insurer.
- Don’t delay informing the insurer: Delays can complicate the claim process.
- Don’t submit false information: Providing false information can lead to claim rejection and legal issues.
- Don’t discard any documents: Retain all original documents and keep copies.
- Don’t hesitate to seek assistance: If you face difficulties, contact the insurer or a legal professional.
By keeping these do’s and don’ts in mind, NRIs can ensure a smooth claim process for themselves and their beneficiaries.
- Specific Considerations for NRIs:
- Jurisdiction: Understand which country’s laws govern the policy and claim process.
- Repatriation: For health insurance, check if the policy covers repatriation of remains or medical evacuation to your country of residence.
- Tax implications: Consult a tax advisor to understand the tax implications of the policy in both India and your country of residence.
FAQ - Frequently Asked Questions
NRI (Non-Resident Indian) The person stays abroad for 183 days or more in one financial year. He/She will get NRI status.
NRIs can purchase Life insurance from abroad through us Click here to get help or when you visit India.
Yes, NRIs are eligible to purchase life insurance policies in India.
NRIs can typically avail term insurance, endowment plans, ULIPs, and other insurance products designed for them.
Commonly required documents include passport, visa, proof of NRI status, address proof, and KYC documents.
Please note that the information provided here is for general understanding and might not cover all specific scenarios or recent changes in regulations. For detailed and accurate information, it is recommended to contact an insurance provider or consult the Insurance Regulatory and Development Authority of India (IRDAI) website. www.irdai.gov.in
Please note that specific policies and regulations may vary among insurance companies, and it’s essential for NRIs to carefully read the policy terms and consult with the insurance provider for personalized information.
