FAQs Answered

`I am an NRI. Can I Insure with Life Insurance Corporation of India (LIC) from the country where I am staying at present or should I make a specific visit to India for this purpose alone ?'

• You can insure with LIC from the country where you are staying at present. There is no need to make a specific visit to India for this purpose alone.
  

`How Can I do that ?'

• Through Mail Order
  

`What is Mail Order' ?

• This is the process through which you can insure your life with LIC while staying abroad.
  

`How does Mail Order Work' ?

• All the underwriting formalities like Proposal, Medical examination and other Laboratory Diagnostic tests are completed in your country of residence itself and witnessed by somebody staying with you.
• All these papers are mailed to India to the office of the Corporation where life insurance is proposed to be taken.
  
• If they are in order and fulfill LIC's underwriting standards, they will be accepted and Policy(ies) issued.
  

`What is the maximum amount I can Insure with LIC through Mail Order'?

• Rs 1 Crore.

`In what currency the policy is issued '?

• Indian Rupees

`How do I pay my premium as an NRI?'

• By direct remittance from the country of your present residence through banking channels.
• By cheques drawn on your NRE account or Foreign Currency (Non-resident) account with a bank in India(or joint account provided the policyholder is one of the accountholders).
  
• By cheques drawn on bank accounts held in India in your own names, either solely or jointly with the resident member of your 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 your resident parent or spouse with a bank in India, held solely or jointly with your close relatives. If your are a bonafide student, Premiums can be paid by somebody else on your behalf.
• By your absolute assignee in India wherever such policies have been assigned to a resident in India.
  
• By your employer in respect of policies issued to you and you have been deputed abroad by them.
• Premium can be paid in cash by your resident parent or spouse subject to your submitting a letter stating the relationship with you
  

`How are my policy claims settled' ?

• Payment of claims under Rupee Policies issued on the life of an NRI or on the life of a Foreign National of Indian Origin’ is as per Life Insurance Memorandum (LIM) for all Indian Life Insurance Companies issued by Reserve Bank of India.
  
• As per the latest guidelines under LIM. Claims by Maturity/Death/Survival are settled only in Indian Rupees as long as the premium is paid in rupees.
• In case premia are paid in foreign currency, settlement of claims will be permitted in Foreign Currency only in proportion in which the amount of premia paid in foreign currency in relation to the total premium is payable.
  
• If more premium is paid in foreign currency, more claim amount can be got settled in foreign currency.
• Non-Resident beneficiaries of Insurance claims by maturity/death/surrender value settled in foreign currency may be permitted to credit the same to NRE (External)/FCNR (Foreign Currency Non-Resident ) account, if they so desire.
• Claims by maturity/death/surrender in respect of Rupee Life Insurance Policies issued to Non-Resident Indians for which premia have been collected in non-repatriable rupees may be got settled only in Rupees by credit to Non-Resident Ordinary (NRO) account of the beneficiary.
• Resident Beneficiaries of Insurance claims by maturity/death/surrender value settled in foreign currency can credit the same to RFC (Resident Foreign Currency) accounts, if they so desire.
  

`How do I go about insuring my life as an NRI in case I decide ' ?

• You can contact me either on telephone or through email. My profile carries all my contact details. Alternatively, we can meet online also for a chat.
  

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