Formalities such as documentation and medical reports can be done in the foreign country.
If the life assured is an Indian national or a person of Indian origin temporarily residing in the country of his present residence, he can get insurance. Even green card holders and foreign nationals of Indian origin can get life insurance in India.
He can remit his life insurance through Indian rupees if having an account in India or an NRI account. He can get insurance as per his eligibility in terms of his earning capacity.
NRIs can buy insurance in India in two ways. They could fulfil all the formalities while on a visit here. These would include getting medical examination and moral hazard reports cleared prior to their proposal completion.
The other option is completing these formalities from their present country of residence through mail order business. All or some of the formalities regarding filling in proposal forms, obtaining medical, special reports are completed in the country where they are presently residing. The proposal form must be signed by a witness who is a designated officer.
The sum assured could be limitless depending upon term and the type of plan. The amount of premium will vary depending upon the country of residence. These have been classified into eight groups depending on their risk perception.
The premium paying process is very simple. It can be done in any of the following manners:
v Try of his residence through banking channels.
v Account or foreign currency account with a bank in India.
v Non-resident ordinary (NRO) accounts are used to deposit earnings made in India. These cannot be convertible in to foreign currency held in India in own name, either solely or jointly with a family member parent or spouse of the policyholder ever such policies have been assigned to a resident of India.
CLAIMS
The claims, maturity proceeds or the surrender value on NRI life insurance policies is remitted in rupees only. But at the same time, if he is paying through NRI account (foreign currency), he can get his various claim proceeds in his NRI account. This means that as per the latest RBI guidelines, his money is fully repatriable. There are few restrictions in selected countries to get insurance.
