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
- Life risk cover, i.e. financial protection to the family in case of an unforeseen event such as death, illness or disability on account of an accident, is the main purpose of insurance.
- It is also seen as 'compulsory savings', leading to the creation of wealth that can be used for the education or marriage of children, for old age provision, for construction of a house, etc.
- Policies are taken to get exemption from Income Tax and to assign them to financial institutions as collateral security while availing different types of credit facilities, including housing loans.
- To meet the various socio-economic needs of different people, there are various types of plans available. Each has distinct features covering certain types of benefits. The selection depends on your needs.
Who can apply?
NRIs, Persons of Indian Origin (PIO) and Overseas Citizens of India (OCI) can apply for LIC plans, subject to underwriting and the residential rating of their country of residence.
Popular plan types for NRIs
- Term assurance plans for pure family protection.
- Endowment plans for savings with life cover.
- Money back plans for regular payouts.
- Pension plans for retirement income in India.
- Child plans for education and marriage goals.
Premium payment
Premiums can be paid through NRE/NRO accounts or by inward remittance in foreign currency, as per FEMA guidelines.
Living abroad? We can help.
Get personal guidance on LIC plans, documents and premium payment from India.