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NRI
Best Plans

Explore NRI Insurance Plans

LIC's Jeevan Pragati

LIC's Jeevan Pragati Plan is a non-linked, with - profits plan which offers a combination of protection and savings. This plan provides for automatic increase in risk cover after every five years during the term of the policy. In addition, this plan also takes care of liquidity needs through loan facility.

LIC's Jeevan Labh

LIC's Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.

LIC's New Jeevan Anand

LIC's New Jeevan Anand Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.

LIC's Jeevan Rakshak

LIC's Jeevan Rakshak Plan is a participating non-linked plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.

Explore NRI Insurance Plans

LIC's Jeevan Labh

LIC's Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.

1. Benefits:
Death benefit

In case of death during the policy term, provided all due premiums have been paid, Death benefit, defined as sum of "Sum Assured on Death",vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, "Sum Assured on Death" is defined as the higher of 10 times of annualised premium or Absolute amount assured to be paid on death i.e. Basic Sum Assured . This death benefit shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

Maturity Benefit

"Sum Assured on Maturity" equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid. Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force. Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.

2. Optional Benefit:

The policyholder has an option of availing the following Rider benefit(s):LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V01)LIC's New Term Assurance Rider (UIN: 512B210V01) Rider sum assured cannot exceed the basic sum assured. For more details on the above riders, refer to the rider brochure or contact LIC'snearest Branch Office.

Explore NRI Insurance Plans

LIC's Jeevan Pragati

LIC's Jeevan Pragati Plan is a non-linked, with - profits plan which offers a combination of protection and savings. This plan provides for automatic increase in risk cover after every five years during the term of the policy. In addition, this plan also takes care of liquidity needs through loan facility.

1. Benefits:

Death benefit : In case of death during the policy term, provided all due premiums have been paid, Death benefit, defined as sum of "Sum Assured on Death ", vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where "Sum Assured on Death" is defined as the higher of 10 times of annualised premium or Absolute amount assured to be paid on death i.e. 100% of the Basic Sum Assured during first 5 policy years, 125% of the Basic Sum Assured during 6th to 10th policy years, 150% of the Basic Sum Assured during 11th to 15 th policy years and thereafter 200% of the Basic Sum Assured.

This death benefit shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium, if any.

Maturity Benefit: "Sum Assured on Maturity" equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits : The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in force. The Bonuses shall be declared on the Basic Sum Assured.

Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.

2. Optional Rider:

The policyholder has an option of availing LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V01). Rider sum assured cannot exceed the Basic Sum Assured.

Explore NRI Insurance Plans

LIC's New Jeevan Anand Plan

LIC's New Jeevan Anand Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.
1. Benefits:
Death benefit : Provided all due premiums have been paid, the following death benefit shall be paid:

On Death during the policy term: Death benefit, defined as sum of Sum Assured on Death and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, Sum Assured on Death is defined as higher of 125% of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.

The premiums mentioned above exclude service tax, extra premium and rider premiums, if any. On death of policyholder at any time after policy term: Basic Sum Assured Benefits payable at the end of Policy Term: Basic Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits : The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation during policy term provided the policy is in full force.

Final (Additional) Bonus may also be declared under the plan in the year when the policy results into death claim during the policy term or due for the survival benefit payment provided the policy is in full force and has run for certain minimum term.

2. Optional Benefit:

LIC's Accidental Death and Disability Benefit Rider: LIC's Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium during the policy term. In case of accidental death during the policy term, Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

Explore NRI Insurance Plans

LIC's Jeevan Rakshak Plan

LIC's Jeevan Rakshak Plan is a participating non-linked plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.

1. Benefits:

Death benefit: In case of death of the policyholder during the policy term provided all due premiums have been paid, “Sum Assured on Death” shall be payable, which is the highest of » Basic Sum Assured or » 10 times of annualized premium or » 105% of all the premiums paid as on date of death. The premiums defined above exclude service tax, extra premium and Accident Benefit rider premium, if any.

In addition to the above, Loyalty Addition, if any shall also be payable if death occurs after completion of 5th policy year.

Maturity Benefit: Basic Sum Assured, along with Loyalty Addition, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits: Provided the policy is in full force, then depending upon the Corporation’s experience the policies under this plan will be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable at such rate and on such terms as may be declared by the Corporation, on death after completion of 5th policy year or on Policyholder surviving to the maturity.

2.Optional Benefit:

LIC’s Accident Benefit Rider: Accident Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan.

NRI Corner

NON-RESIDENT INDIAN / FOREIGN NATIONAL OF INDIAN ORIGIN/OCI:
A. NON-RESIDENT INDIAN
  • 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 FNIOs/ Green card holders are not considered as NRIs for the purpose of allowing insurance.
  • 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 at par with Indian Lives for the purpose of allowing insurance.
  • Minimum Sum Assured allowed would be Rs. 10 lakhs and maximum would depend on conditions of insurability. However, under mail order business, maximum sum assured would be limited to Rs. Three Crore only.
  • Proof of income in the form of income tax returns, copy of employment contract where emoluments are mentioned, Certificate from Chartered Accountant, Personal Financial Questionnaire (PFQ) 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.
    1. Critical Illness Benefit is not granted.
    2. Term Rider Benefit would be restricted to certain limit of Sum assured.
    3. Sum Assured would be restricted in respect of term insurance plans.
  • Rules regarding insurance under medical scheme through ‘Mail Order Business’ are given in Annexure-I.
  • The rules regarding granting insurance cover to NRIs during their visit to India would be similar to those applicable to Indian Lives. Help of a local agent/ development officer / branch office of LIC may be obtained. Addresses of our Offices can be obtained from the option:‘locator’.
    • 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.

    NRI Corner

    B. Overseas Citizen of India(OCI) / People of Indian Origin having Foreign Nationality and residing in Foreign Countries(FNIOs/ Green Card holders/ OCI)
    1. Mail order business will not be allowed
    2. Policy in Indian Currency would be issued, only during their stay in India.
    3. Report by designated LIC agents is compulsory.
    4. Claim would be paid in India in Indian Currency only.
    5. Please refer to Annexure-V for details such as residence extra and other restrictive conditions and Plans allowed, Maximum sum assured etc.
    6. Other rules are same as NRIs.

    Other Points

    Existing policies taken while in India will continue in Indian Currency even after the life assured moves to foreign countries as NRI. Please keep the concerned servicing branch of LIC 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 to LIC.

    Get in touch for a free Financial Planning

    Frequently Asked Questions

    A Non Resident Indian is considered as an Indian only when he/she comes back to India for employment, vocation or carrying out business work or some other reason that imply an uncertain stay in the country. In case the person comes to the country with intention of a short stay he/she may not be regarded as a resident in India.
    Those who take up jobs in abroad after the completion of their higher studies are regarded as NRIs. (Only from the time they take up jobs in abroad).
    'Non Resident Indian' widely termed as NRIs broadly covers three types of individuals/entities. They are as follows:
    Indian citizens who stay abroad for employment or for carrying on a business or vocation or for any other purpose in circumstances indicating an indefinite period of stay outside India. Indian citizens working abroad on assignments with foreign Governments/Government agencies or International/Regional Agencies like the United Nations Organisation, International Monetary Fund, World Bank, etc.
    Officials of the Central and State Governments and Public Sector Undertakings deputed abroad on temporary assignments or posted to their offices (including Indian Diplomatic Missions) abroad.

    A person is considered to be of Indian Origin (excluding countries like Pakistan, Bangladesh or as announced by the state from time to time) if he/she at any time held an Indian passport or he/she or either of his/her parents or any of his/her grandparents was an Indian and a permanent resident in Undivided India at any time. A wife of an Indian Citizen or of a person of Indian Origin is also considered to be of Indian Origin if she may be of non-Indian parentage.

    According to Income Tax Act, 1961, an individual is said to be a resident in any year if he has been in India in that year: for a period of 182 days or more; or for a period of 60 days or more and has also been in India within the preceding four years for a period of 365 days or more However, the period of 60 days is increased to 150 days in case of citizen of India or a person of Indian Origin who has been outside India and comes on a visit to India, and to 182 days in case when a citizen of India who leaves India for purposes of employment outside India, or as a member of a crew of an Indian ship.

    Yes, NRIs can buy Life Insurance Policies issued by Insurance companies registered in India. The Policy premiums have to be paid in Indian Rupees.

    All plans are allowed for NRIs subject to few restrictions.

    The settlement of claims (in rupee) of life insurance policies in favour of claimants residing outside India will be permitted in foreign currency only in proportion in which the amount of premiums paid in foreign currency is in relation to the total premiums payable.

    Eligibility criteria: NRIs holding valid passport issued by the Government of India and who are Indian National can take LIC policies in Indian Rupee currency from any of LIC�s 2048 branches in India. LIC also accepts proposals for Life Insurance in Rupee currency from Persons of Indian Origin who have acquired Foreign Nationality / Green Card holders.

    On their visit to India. All the formalities of proposal completion, medical examination reports/Special reports and Moral hazard report are required to be completed during their stay in India. From their present country of residence through Mail Order Business. All the formalities of proposal completion, obtaining medical & special reports etc, are to be completed in the present country of residence. (Applicable to NRIs only)

    Claims of any nature arising under the policy will be settled in Indian currency in India. The payment of policy monies in foreign currency can be made proportionate to the premiums paid in foreign currency by direct Remittance or from the Non Resident (External) Account or Foreign currency Non Resident Account with a Bank in India.

    A copy of Income Tax Return filed in the country of residence, if the Sum Assured exceeds Rs.15 lakhs. If no Income Tax return is filed, then a copy of employment contract mentioning salary or a certificate from a C.A. regarding business / other income can be submitted. Personal Financial Questionnaire (PFQ) duly filled in and signed by the proposer and counter signed by the official filling in the MHR can also be accepted as proof of income up to a sum assured of Rs. 25 lakhs.

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