Welcome to NRI Centre. We have made an attempt here to furnish important features applicable to Non-Resident Indians (NRI) and People of Indian Origin (PIO) having foreign nationality and residing in foreign countries.

Concept of insurance and different types of plans:

1. Life risk cover i.e. financial protection to the family in case of an unforeseen event- say Death, Illness, Disability on account of Accident, etc is the main purpose of insurance.
2. It's also seen as a 'compulsory savings' leading to creation of wealth which can be utilized for education/marriage of children; for old age provision; for construction of house; etc.
3. Policies are taken to get exemption from Income Tax and to assign these to financial institutions as collateral security while availing different type of credit facilities including housing loan.
4. In order to meet various socio-economic needs of different people. There are various types of plan available.Each has distinct features covering certain type of benefits. The selection depends on your needs.

NRI Procedure

• A non-resident Indian is a citizen of India temporarily residing in the country of his/her present residence andholding 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 ; "Associatesa™" 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 Businessa� 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.