Insurance to Non-Resident Indians (NRIs)

• 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.
• 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.
• It is clarified that People of Indian Origin having foreign nationality and residing in foreign countries (PIO) are not considered as NRIs for the purpose of allowing insurance. Rules applicable to PIOs are given in the last paragraph.
• 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.
• 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 on par with Indian Lives for the purpose of allowing insurance.
• 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’.
• Minimum Sum Assured allowed would be Rs. 2 lakhs and maximum would depend on conditions of insurability. However, under mail order business, maximum sum assured would be limited to Rs. One Crore only.
• Personal Financial Questionnaire (PFQ) and /or Proof of income in the form of income tax returns, copy of employment contract where emoluments are mentioned, Certificate from Chartered Accountant, etc. would be required if the sum assured is high or if the proposal is submitted through Mail Order Business.

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.
• NRIs may obtain insurance cover under our Non-Medical (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 Insurance Agents visits the country of residence of NRI for completing the necessary formalities.
• Maximum age at entry would be 45 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 VI, VII and VIII countries only. ( See Annexure-V for group details).
• Rules regarding insurance under medical scheme through ‘Mail Order Business’ are given in Annexure-I at the end of this write up.
• The rules regarding granting insurance cover to NRIs during their visit to India would be similar to those applicable to Indian Lives.
• 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 questionnaire (if proposal is under ‘Mail Order Business’ and if the agent does not visit the country of residence of proposer)- Annexure-III
• 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.
• A reference may please be made to Annexure-V for details such as Residence Extra and other restrictive conditions.

People of Indian Origin having Foreign Nationality and residing in Foreign Countries.

• Proposal would be under medical scheme only.
• Policy in Indian Currency would be issued, only during their stay in India.
• Report by designated Insurance agents is compulsory.
• Claim would be paid in India in Indian Currency only.
• Maximum sum assured would be Rs. 50 lakhs and high risk plans and joint life plans are not allowed.
• Please refer to Annexure-V for details such as residence extra and other restrictive conditions.

Other points:

Existing policies taken while in India will continue in Indian Currency even after you are moving to foreign countries as NRI. Please keep the concerned servicing branch & informed about your new status i.e. NRI and your new address. Please submit to them NRI questionnaire form duly filled and signed. (See Annexure-II). You may continue to pay premiums through various approved channels.