FAQ for NRI, PIOs, OCI
Who is an NRI?
NRI – Indian who remains 182 days outside India for employment business vocation or education &, holds an Indian passport.
Who is PIO or FNIO?
PIO Or FNIO (Person of Indian Origin)/ Foreign National of Indian Origin
A citizen of a foreign country other than Bangladesh or Pakistan is a PIO if
a) He/ she at any time held an Indian passport
b)He/She or either of his/ her parents or any of his/ her grandparents was a citizen of India; or
he /she is a spouse( not being a citizen of Bangladesh or Pakistan) of an Indian citizen or a or b above
What is PR?
PR (Permanent Residency)
Green Card
Nationality
Citizenship
OCI Card Holder
Overseas citizenship in India is a form of permanent residency available to PIOs and their spouses, allowing them to live and work in India indefinitely. Despite the name, OCI status is not citizenship and does not grant the right to vote in Indian elections or Hold public office. Note: FNIO With OCI Card, Not required VISA
Why NRIs Should Get Life Insurance in India?
There are good reasons for NRIs to get life insurance plans in India. Here are some important ones:
1. Taking Care of Family:- Life insurance helps make sure that if something happens to you, your family is financially secure. It gives them money to replace the income you would have earned.
2. Avoiding Debt Troubles:- If there’s any debt left when you pass away, life insurance can cover it. This way, your loved ones won’t struggle with unpaid bills or loans.
3. Investing in India’s Growth:- By getting life insurance in India, you also invest in the country’s growing economy. The Indian life insurance industry is well-regulated, providing a safe way to be part of India’s progress.
4. Tax Benefits:-NRIs can get tax benefits when they pay taxes in India under Section 80C of the Income Tax Act, 1961. This helps you save on taxes for the money you earn in India.
Getting life insurance in India isn’t just about protecting your loved ones; it’s also a smart move for your financial well-being and contributing to the growth of the country.
Why Life Insurance is Good for NRIs in India?
Enough Money Protection: Life insurance makes sure you have enough money if something happens to you.
Flexible Choices: You can choose what kind of insurance works best for you.
Easy Ways to Pay: There are simple ways to pay for your insurance.
No Fuss, No Stress: Dealing with life insurance is easy and stress-free.
Save on Taxes: NRIs can save up to 18% on taxes with GST waiver.
What LIC Offers for NRIs?
Term Insurance: – Full protection for your money and family with LIC Term Insurance.
Guaranteed Savings Plan:- Get 8% guaranteed tax-free returns with LIC Guaranteed Life Insurance Plans.
Market-Linked Investment Plan:– Aim for returns up to 15.89% with LIC’s Nivesh Plus and SIIP’s High Growth Fund.
Retirement Solutions:- Plan for a worry-free retirement with monthly income options.
Can NRIs buy LIC policies online?
Yes, NRIs can buy LIC policies online, making the process even more convenient.
Do LIC policies for NRIs have a maturity period?
Yes, most LIC policies for NRIs have a maturity period, at which point you can receive the accumulated benefits.
Can I take a loan against my LIC policy as an NRI?
Yes, you can take a loan against your LIC policy, provided it has acquired a surrender value.
How can NRIs check the status of their LIC policy?
NRIs can check the status of their LIC policy online through the LIC website or by contacting the NRI service desk.
What happens if I miss paying my premium as an NRI?
If you miss paying your premium, there is usually a grace period during which you can make the payment. However, it’s essential to stay updated to avoid policy lapses.
Can NRIs purchase life insurance from LIC?
Yes, NRIs (Non-Resident Indians) can purchase life insurance policies from LIC. LIC offers a range of plans specifically designed to cater to the insurance needs of NRIs.
What types of life insurance policies are available for NRIs?
LIC provides various policies for NRIs, including NRI Term Insurance, NRI Child Plans, and NRI Pension Plans. These cater to different life stages and financial goals.
Can NRIs claim insurance benefits from LIC while residing abroad?
Yes, NRIs can claim insurance benefits from LIC while residing abroad. LIC has streamlined the claims settlement process for NRIs, ensuring a smooth and hassle-free experience.
Can NRIs get assistance in policy selection and other queries?
Absolutely. LIC provides dedicated customer support for NRIs. Whether it’s assistance in policy selection, premium payments, or addressing queries, NRIs can access expert guidance.
Is medical examination required for NRIs applying for LIC policies?
Yes, in most cases, NRIs are required to undergo a medical examination as part of the underwriting process for LIC policies. The specific requirements may vary based on the chosen policy.
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Why one should buy LIC Policies?
LIC is a the best life insurance company in India, and its policies have best features, highest bonus rates, best death claim ratio, It is no.1 trusted brand in India for many years. Its traditional policies are backed by the sovereign guarantee of the Central government. LIC’s Sovereign Guarantee enhance financial stability and trust in LIC Policies.
What is “sovereign guarantee” of LIC?
A sovereign guarantee is a promise or assurance provided by a central government, to back the financial obligations or liabilities of a government-owned entity or a state-owned enterprise. In the context of LIC, it means that the Indian government stands behind LIC to fulfill its financial obligations. That in case of any bankruptcy, Central govt will be responsible for the people’s money. LIC of India is the safest financial institution in India even more safer than your bank.