January 23, 2008

Can NRIs take LIC Policy?

1. Can NRIs take Rupee - Currency Policy of LIC ?
Yes.

2. Can NRIs take Foreign - Currency Policy of LIC ?
In India, LIC markets only Rupee - Currency Policy. If all premiums are paid in foreign curreny the proceeds will be paid in foreign currency otherwise the same will be paid proportionately.

3. What are the types of schemes offered by LIC to NRIs ?
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.

4. 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.

5. How can an NRI pay the premium under the policy ?
The manner of payment of premiums under the policy is as follows.

a) For Rupee Policies on NRIs

By direct remittance from abroad through Banking Channels in approved manner (preferably by Indian Rupee drafts drawn in favour of LIC of India) or by remittances through postal channels like Foreign Money Order.

By payment out of funds held in Non-Resident (External) Account or Foreign Currency (Non- Resident) Account with a Bank in India.

By cheques drawn by Non- resident policy holder on Bank Accounts held in India in his own name (either solely or jointly with another member of the family) whether or not the account has been designated as non-resident.
By cheque drawn on account maintained by resident parent or spouse of policy holder in their own name or joint names with other close relatives.

By the absolute Assignee in India wherever such policies have been absolutely 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.

Premiums due on policies issued to Indian students who have gone abroad for higher studies may be collected in Rupees out of the Resident Bank Account in India or any of their representatives in India by cash or cheques.

Note:In respect of premiums collected in cash from sources mentioned in iii) to viii), it should be noted that the policy moneys cannot be paid abroad in foreign exchange but has to be paid in

India only.

b) For policies held on foreign register of LIC:
Premiums on foreign currency / Rupee policies issued by overseas of LIC and held on their foreign register should be collected only in foreign currency.

Post Saving Rates