Sage-Tips

Can a foreigner take life insurance in India?

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. Policies are issued in Indian Rupees only.

Can OCI holders buy life insurance in India?

Yes, NRIs and Persons of Indian Origin (PIOs) (as defined by FEMA) who are resident abroad are allowed to buy life insurance in India.

Can foreign citizens buy health insurance in India?

Yes, they are. An NRI is eligible to purchase a health insurance plan in India and just needs a proof of residence, ITR and other related documents for making the purchase. PIOs (Persons of Indian Origins) can present an Indian passport with other documents.

Is life insurance valid for NRI?

Yes, NRIs and PIOs (as defined by FEMA) who reside abroad are allowed to purchase life insurance in India. All persons of Indian origin, regardless of their citizenship status in India, can take such a policy in their home country to protect themselves and their families.

Can NRI can take term insurance in India?

If you are a non-resident Indian (NRI), you can purchase term insurance plans designed specifically for people who reside outside India. Term insurance are offered to the NRIs. Most of the policies are available online and do not require you to undergo medical tests. Term Insurance plans are pure protection plans.

Can foreign nationals take LIC policy?

Yes; Non-Resident Indians (NRIs), People of Indian Origin (PIOs) can buy a life insurance plan in India. Foreign Exchange Management Act (FEMA) allows NRIs to buy any plan that meets their requirements of protecting themselves and their family whether he is currently residing in India or not.

Can OCI holders take LIC policy?

Yes, NRIs and Persons of Indian Origin (PIOs) (as defined by FEMA) who are resident abroad are allowed to buy life insurance in India. Thus, all persons of Indian origin, whether citizens of India or not are allowed to take a life insurance policy in India.

Can Pio Buy life insurance India?

This keeps premiums for term insurance extremely low compared with other types of insurance policies. Anyone whose family is financially dependent on them can benefit from buying term insurance. Non-resident Indians (NRIs) and persons of Indian origin (PIOs) can also buy these policies in India.

What happens to your insurance LIC policies when you give up the citizenship of India?

Since LIC policies provide coverage anywhere in the world, there is no reason to surrender your policy unless you plan on giving up Indian citizenship altogether. LIC also operates an NRI center to assist policyholders living in another country.

Can NRI take term life insurance in India?

What happens to your life insurance policy if you move abroad?

Moving to another country will not affect your life insurance cover. It will remain valid as long as the premiums are paid regularly every year. However, do inform your life insurance provider about your plan to shift to a foreign country. Your medical insurance cover will, however, not be valid outside India.

Can a foreigner buy life insurance in India?

The answer is yes, the Indian government has made some provision in the laws, which allows foreign nationals to buy life insurance in India. There are many companies in India that offer insurance to foreign nationals. Furthermore, there are various types of insurance policies that you can choose from.

Can NRIs buy life insurance in India?

Yes, NRIs and Persons of Indian Origin (PIOs) (as defined by FEMA) who are resident abroad are allowed to buy life insurance in India. Thus, all persons of Indian origin, whether citizens of India or not are allowed to take a life insurance policy in India. Does the NRI have to be present in India at the time of buying the policy?

Can an adult child of a foreign national get life insurance?

It is very common for adult children of foreign nationals to secure a life policy on their parents. Oftentimes, this is a permanent policy designed to cover any final/burial expenses. There are instances where life insurance companies can offer only permanent policy and term may not be available for you.

Can a person resident in India hold a general /health insurance policy?

A person resident in India may take or continue to hold a general /health insurance policy other than the ones referred in (i) to (iii) above, issued by an insurer outside India, provided that, the policy is held, under a specific or general permission of the Central Government.