1. A non-resident Indian is a citizen of India temporarily residing in the country of his/her present residence and holding a valid passport issued by the Government of India.
2. NRI should not be a green card holder. He/She should not have applied for or planning to apply in the near future for acquiring citizenship of his /her present country of residence or any other country.
3. It is clarified that People of Indian Origin having foreign nationality and residing in foreign countries FNIOs/ Green card holders are not considered as NRIs for the purpose of allowing insurance.
4. Policies are issued in Indian Rupees only. Our Branches and Joint Venture Companies ( refer to option ; ‘Associates’ on main page for details ) issue policies in their local currencies. e.g. Our U.K. Branch issues policies in Sterling Pound currency.
5. NRIs are allowed insurance on their visit to India where all formalities are completed during their stay in India. In such cases they would be treated at par with Indian Lives for the purpose of allowing insurance.
6. NRIs may also obtain insurance cover from their present country of residence where all formalities are completed in their present country of residence and this process is called ‘Mail Order Business’.
7. Minimum Sum Assured allowed would be Rs. 10 lakhs and maximum would depend on conditions of insurability. However, under mail order business, maximum sum assured would be limited to Rs. Three Crore only.
8. Proof of income in the form of income tax returns, copy of employment contract where emoluments are mentioned, Certificate from Chartered Accountant, Personal Financial Questionnaire (PFQ) etc. would be required if the sum assured is high or if the proposal is submitted through Mail Order Business.
9. All types of plans are allowed subject to the conditions that.
   • Critical Illness Benefit is not granted.
   • Term Rider Benefit would be restricted to certain limit of Sum assured.
   • Sum Assured would be restricted in respect of term insurance plans.
10. NRIs may obtain insurance cover under our Non-Medical ((Preferred and Special) scheme subject to certain restrictions, some of which are listed below:
    • Applicable if insurance is obtained during visit to India or through Mail Order Business when LIC Agents visit the country of residence of NRI for completing the necessary formalities.
    • If the proposer has not visited India and the Agent has also not visited the country of residence of NRI, an additional facility to complete the proposal on the basis of Video Medical is also available subject to certain terms and conditions.
    • Maximum age at entry would be 50 years.
    • Plans with high risk cover and term rider benefits would not be allowed.
    • The proposer should be employed in Government or reputed commercial firm or should be a professional such as Chartered Accountant, Doctor, Teacher, Lawyer, Accountant, Engineer, etc.
    • This scheme is applicable to those NRIs who are residing in Group V countries only. (See Annexure-IV for group details).
11. Rules regarding insurance under medical scheme through ‘Mail Order Business’ are given in Annexure-I.
12. The rules regarding granting insurance cover to NRIs during their visit to India would be similar to those applicable to Indian Lives. Help of a local agent/ development officer / branch office of LIC may be obtained. Addresses of our Offices can be obtained from the option:‘locator’.
13. The main papers required to obtain insurance cover would be
    • Prescribed proposal form depending on the type of policy selected.
    • NRI Questionnaire. (Annexure-II)
    • Medical Report (not applicable if the proposal is under non-medical scheme)
    • Special Medical Reports, if called for.
    • Attested copy of Passport.
    • Proof of age and income.
    • Initial Deposit equivalent to Installment Premium under the proposed plan of insurance.
14. A reference may please be made to Annexure-IV for details such as Residence Extra and other restrictive conditions.

B. Overseas Citizen of India(OCI) / People of Indian Origin having Foreign Nationality and residing in Foreign Countries(FNIOs/ Green Card holders/ OCI)

• Mail order business will be allowed only to those registered as Overseas Citizen of India and have valid OCI Card
• Policy will be issued in Indian Currency
• Report by designated LIC agents is compulsory.
• Claim would be paid in India in Indian Currency only.
• Please refer to Annexure-IV for details such as residence extra and other restrictive conditions and Plans allowed, Maximum sum assured etc.
• Other rules are same as NRIs. 

EXEMPTION OF GST ON PAYMENT OF RENEWAL PREMIUM FOR ELIGIBLE NRI POLICYHOLDERS:

Eligible NRI/ OCI/ FNIIO Policyholders can avail exemption of GST on payment of Renewal Premium subject to fulfilment of certain conditions. The complete guide and the relevant annexures can be downloaded from below:

• Guide to Policyholders

Is it beneficial for an NRI to buy insurance policy in India?

Having discussed the rules and regulations of buying life insurance in India, NRIs must evaluate if they should buy one. Certain things must be considered here:

• Need to secure the family: Investing in life insurance ensures a good source of income and acts as a safety cover for the family members. It should be understood that there are multiple expenditure milestones in every member’s life. In the event of the sudden demise of the primary income earner, a regular income plan can cover such loss or any other uncertainties through the return of premium. So, it is best to be prepared for such risks by going for suitable life insurance.

• Cost and Tax* Regulations: An NRI needs to consider if the policy will be cheaper in the country of residence. A decision must be taken after taking into account all the concerned factors and assessing the cost.

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