NRI INSURANCE

R. Ravindra  KumarSecretary (Audit) 

LIC OF INDIA AHMEDABAD

Classification of NRI • Non-Resident Indian (NRI)

• Foreign National of Indian Origin (FNIO)

Who is an N.R.I?

• Citizen of India who is temporarily residing in some other Country

• Holding a Valid Indian Passport• Should not have applied for Citizenship of any

Country

Benefits to NRI

• Interest Rate for NRI in Bank.• Payment through NRE account can only be

repatriated.• Maturity Benefit at a higher rate.• Attachment to the Motherland.• Safest, Secure and Virtual Estate Creation.• Death Benefit payable in the country of residence.

NRI DEPOSITS IN GUJARAT

Bonanza for NRI

EXPLAIN TO NRI

NRI WEDDING

Who is an F.N.I.O?• Foreign National whose Ancestors have Indian

Originality.• Some proof of Indian Originality needs to be

submitted• FNIO are to be treated as NRIs for the purpose

of allowing insurance• Mail ORDER BUSINESS NOT ALLOWED

WORLD ECONOMY

INTREST RATES

WORLD TREATY AND INCOMETAX

NRIs can be allowed insurance

• On their visit to India Formalities completed during their stay in India No maximum Sum Assured limit

• Mail order Business Formalities completed in their present country

Maximum Sum Assured allowed is 1-Crore

Medical Underwriting for NRI

• On their visit to India NMS/NMG(P) allowed. No NMG Same conditions as applicable to Indian Lives

• Mail order Business Non-Medical allowed if Agent visits the Country

In other cases, Medical Reports reqd as per rules

• The Proposal mail order must be witnessed by one of the following after verifying passports.

• Designated official of the local Indian Embassy.• Other Indian Diplomatic Representative.• Notary Public• Medical Examiner or Banker• By Dean/Principal of college ( students)

INCOME PROOF & FINANCIAL UNDERWRITING

• For NRIs, same income proof is required as applicable for Indian Lives.

• The maximum allowable Sum Assured for NRIs is also the same as applicable for Indian Lives.

• In addition to Income Proof, NRI Questionnaire & other formalities required.

Insurance for F.N.I.O.

• On their visit to India Compulsory Medical Examination/ Max SA – 100 Lacs Proposals to be sent to DO/ Plans with Term Cover not allowed

• Mail order Business No mail order business allowed for F.N.I.O.

Residence Group in NRI Insurance

• 7 Residence Groups have been formed• Different Underwriting yardstick adopted for

different Residence Groups• Residence Extra charged for some of the

Residence Groups.• Plan restriction also imposed for clients

residing in some Residence Groups

General Points in NRI cases

• CIR not allowed to NRI/FNIO• Non-Medical concession extended only to NRIs

employed in Class-I Occupation.• NMS & NMS(SP) is also allowed to FNIO residing in

revised residence group V,VI,VII.• For NRIs employed in semi-skilled category or low

paid jobs, Residence Extra will be 1.5 times.

General Points (Contd..)• Proposals attracting Cl-III Health Extra from Class-II occupation will be

regretted.• High SA (above 25 Lacs) proposals will be considered only from Class-I

occupation• KMI/Partnership Insurance not allowed• Housewives & Minors residing in Countries under Group-I to IV not

allowed. Now allowed to V to VII with group Restriction. Group VIII allowed. Even FNIOS in group V,VI,VII also allowed.

• Now CO has allowed insurance cover to FNIO in groups V ,VI,VII• Jeevan Arogya is allowed to Foreign Nationals of Indian Origin at par with

Non Resident Indians.

ANNEXURE 'A'( REVISED RESIDENCE

GROUPS)RESIDENCE GROUP-I• (18 COUNTRIES)• AFGHANISTAN-BURUNDI-CHAND-DEMOCRATIC REPUBLIC OF

THE CONCO (ZAIRE)-CHECHEN REPUBLIC-HAITI-IRAN-IRAQ-ISRAEL(WESTBANK,GAZA,JERUSALEM)-LIBERIA-NORTH KOREA PAKISTAN-PALESTINE-SOMALIA-SUDAN-WESTERN SAHARA-YEMEN-ZIMBABWE.

• NRIs and FNIOs are allowed without any residence Extra.Tab No. 816, 817, 818 with Single premium Mode only allowed.Maximum policy term of 15 years. & Maximum Sum Assured of Rs. 10 Lacs.All Pension Plans without life cover without any residence extra allowed to NRIs but not to FNIOs.

2. RESIDENCE GROUP-II• (39 COUNTRIES) ANGOLA-ALBANIA-ALGERIA-AZERBAIJAN-BOSNIA-C

AFRICAN REPUBLIC-COLOMBIA-COMOROS EI SALVADOR-EQUITORIAL GUINEA-MALABO-ERITREA-ETHIOPLA-GEORGIA- GUATEMALA GUINEA-GUINEA BISSAU-IVORY- COAST - KYRGYZSTAN - MACEDONIA-MADAGASCAR -MALL -MONTESERRAT-NIGER- NIGERIA-PAPUA NEW GUINEA-RUSSIA(UFA/BASHKIRISTAN/CHECHNIYA/ OSSETLA)-RWANDA-SENEGAL- SIERRRA LEONE-SOLOMON ISLANDS -SWAZILAND -TAJIKISTAN -TANZANIA-TOGO-UGANDA-UZBEKISTAN- VENEZUELA(REMOTE AREAS) -YUGOSLAVIA(SERBIA) -ZAMBIA.

• NRIs and FNIOs are allowed without any residence Extra.Tab No. 816, 817, 818 with Single premium Mode only allowed.Maximum policy term of 15 years. & Maximum Sum Assured of Rs. 25 Lacs.All Pension Plans without life cover without any residence extra allowed to NRIs but not to FNIOs.

3. RESIDENCE GROUP III• (29 COUNTRIES|BENIN-BOTSWAN-GABORONE-BURKINA FASO

CAMBODIA-CAMEROON-DJIBOUTI-ECUADOR-GABON- GAMBIA-GHANA-GUYANA-HONDURAS-MOZAMBIQUE-JAMAICA-KAZAKHASTAN-LAOS- LESOTHO-MALAWI- MAURITANIA-MICRONESIA-MOLDOVA-MONGOLIA-MYANMAR (BURMA)-NAMIBIA-NICARAGUA- PARAGUAY(REMOTE AREAS)-PERU(OTHER CITIES)-SURINAME-TIBET (CHINA)

• NRIs and FNIOs will be allowed cover with residence Extra of Rs. 4%ofor maximum rated up SA of Rs. 50 Lacs. • Plans allowed other than 827,832 & Pure term insurance (Tab Nos 822, 823,825,Term rider,PWB)

4. RESIDENCE GROUP IV• (4 COUNTRIES) ARMENIA- KENYA- LEBANON-

TURKMENISTAN.

• NRIs and FNIOs will be allowed cover with residence Extra of Rs. 3%ofor maximum rated up SA of 50 Lacs. • Plans allowed other than 827, 832 & Pure term insurance (T. Nos 822, 823, 825,Term rider,PWB)

5. RESIDENCE GROUP V

• (11 COUNTRIES)BELARUS-BOLIVIA-EGYPT-INDONESIA-MOROCCO- PANAMA- PERU(LIMA)- PHILLIPINES- TUNISIA- UKRAINE- VIETNAM-OTHER.

• NRIs and FNIOs will be allowed cover with residence Extra of Rs. 2%o for rated up S.A. Of 1 Crore.• Plans allowed other than Pure term insurance (T.Nos 822, 823,825,Term rider,PWB)

RESIDENCE GROUP VI(6 COUNTRIES)• ARGENTINA- MAJOR CITIES,COSTA

RICA,CUBA,PARAGUAY-MAJOR CITIES,TONGA-NUKUALOFA,DOMINION REPUBLIC.

• NRI & FNOS WILL BE GIVEN COVER WITH RESIDENCE EXTRA UPTO 1 CR.

• ALL PLANS EXCEPT PURE TERM INSURANCE• NOT ALLOWED- TERM RIDER &CRITICAL

ILLNESS RIDER

7. RESIDENCE GROUP VII• ( 98 COUNTRIES)• ANDORRA- ANGUILLA- ANTIGUA & BARBUDA- ARUBA- AUSTRALIA- BAHAMAS-

BAHRAIN- BANGLADESH- BARBADOA- BELGIUM- BELIZE- BERMUDA- BHUTAN- BRAZIL- BRITISH VIRGIN ISLANDS- BRUNEI- BULGARIA- CANADA- CANARY ISLANDS- CAPE VERDE- CHILE- CHINA- CROATIA- CYPRUS- CZECH- DENMARK- ESTONIA- FALKLAND ISLANDS (UK)- FIJI- FINLAND- FRANCE- GERMANY- GIBRALTAR- GREACE- GREENLAND- GUADELOUPE- GUAM- HONG KONG- HUNGARY- ICELAND- IRELAND- ISRAEL-TEL AVIV- ITALY- JAPAN- JORDAN- KUWAIT- LATVIA- LEICHTENSTEIN- LITHUANIA- LUXEMBOURG- MACAU (PART OF CHINA)- MADEIRA- MALAYSIA(KUALA LUMPUR)-MALDIVES- MALTA- MARTINIQUE (FRANCE)- MAURITIUS- MEXICO- MONACO- NEPAL- NETHERLAND ANTILLES- NETHERLANDS- NEW CALEDONIA- NEW ZEALAND- NORWAY- OMAN- POLAND-PORTUGAL- QATAR- REUNION (FRANCE)- ROMANIA- RUSSIA-MOJAR CITIES-, S KORES- SAUDI ARABIA- SEYCHELLES- SINGAPORE- VLETNAM(HO CHI MINH CITY)- SLOVAK REP- SLOVENIA- SOUTH AFRICA (CAPE TOWN- JOHANNESBURG- PRETORIA- BLOEMFONTEIN- DURBAN)- SPAIN- SRI LANK- ST LUCIA- ST MARTIN(FRANCE & HOLLAND)- ST VINCENT AND GRENADINES- SWEDEN- SWITZERLAND- TAIWAN- TRINIDAD & TOBAGO (TT)- TURKEY- TURKS AND CALCOS- U.A.E- UK- US VIRGIN ISLANDS- USA- VENEZUELA CARACAS

GROUP VII CONTD

• All plans including Term Rider, PWB allowed (Except 825) without any residence extra in accordance with existing guidelines applicable to NRIs.

• (Please refer co cir U&R/66/2012 dated 03.02.2012.U&R/84/2013 dated 8.3.2013)

NRI NON MEDICAL

NMS TO NRI

Wish you all the Best…….

53

R. Ravindra R. Ravindra KumarKumar

SecretaryLIC OF INDIA

Ahmadabad Audit Centre rravindrakumarrravindrakumar

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