LIC A Right Investment Option for NRIs

Special Plans for NRIs

LIQUIDITY IS THE NEW RULE...

The most alluring investment options since ever have been gold, real estate and equity. But these all are subject to the market's volatility and do not guarantee a fixed income on the investment and people feel forced to keep money invested in bank accounts or Fixed Deposits and put up with a low return on their investment; especially NRIs who get a very low return on saving their money abroad- as low as 0.5% to 1.5%.
In this situation, LIC of India seems to be the right investment cum saving option for NRIs which offers insurance cum saving plans with higher & guaranteed return benefits – as much as 8%.

A life insurance policy should be seen as 'compulsory savings' that leads to creation of wealth. At the time of maturity, the policy holder and/or the family can utilize the funds for varied purposes including education of children, marriage, construction, repair or acquisition of new house or simply as a pension for the old age. Whatever be the purpose, a life insurance policy comes in handy when one most needs it.

Liquidity
Safety &
Assurity
----O----
Take Risk
Or Be Safe

Definition of Non-Resident Indian for the purpose of Insurance

>> A citizen of India temporarily residing in the country of his / her present residence.
>> Must be holding a valid passport issued by Govt. of India.
>> Should not be a green card Holder or applied for or planning to apply in near future for acquiring citizenship of other country.
>> Foreign nations of Indian origin are not to be treated as NRIs

NRIs can be allowed insurance:

>> On their visit to India :
insurance cover is canvassed in India and all formalities regarding filling in the proposal forms, obtaining medical examination report /special medical reports and Moral Hazard Report are completed during their stay in India.

>> From their present country of residence :
known as MAIL ORDER BUSINESS –where all or some of the formalities regarding filling in the proposal forms,obtaining medical and special reports are completed in their present country of residence.

Maximum Rated Up Sum Assured:
For NRIs residing in countries falling under Residence:
Group V: No restriction on visit to India,Rs.3 Crores under mail order.
Group IV: Rs.2.50 Crores
Group III: Rs.1.50 Crores
Group II : Rs. 25 lakhs
Group I: Rs. 10 lakhs

Income Proof Required :
>> Total Rated up SA does not exceed Rs. 15 lakhs
The proposal can be considered on the basis of income shown in the proposal form and MHR

>> Total rated up Sum Assured exceeds Rs. 15 lakhs but is upto Rs. 25 lakhs
Personal Financial Questionnaire (PFQ) duly filled in and signed by the proposer and countersigned by the official filling in the MHR.

>> Total Rated up Sum Assured exceeds Rs. 25 lakhs
Copies of Income Tax Returns for last three years filed in the country of residence duly attested by the proposer and his signature witnessed by the DO/ Agent / ABM(S)
Or
Salary certificate from proposer's employer copy of the employment contract Audited balance sheet and profit and loss account of the firm or company if the proposer is a businessman (copies of bank passbook indicating credit of at least 3 months salary must be submitted along with salary certificate or employment contract whenever salary certificate or employment contract are submitted as income proof)
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LIC plans will generate a stream of regular income for 20 years or one can increase/decrease this period based on his/her needs. These are custom plans which can be modified to reduce the investment term as per your needs. Investment in LIC is best suited to children below age of 15, parents can ensure a regular extra income for their kids for life/defined period. Adults can also plan their retirement with customized investment plans with LIC.

Jeevan Umang Plan (Plan No.945): This is one of the LIC's best conventional endowment plans offering non-linked profit and insurance coverage for life i.e. upto 100 years of age. It offers 8% guaranteed annual payments till the death of the insurer or a lump-sum amount to his/her nominee in case of death of the policy holder.

LIC New Endowment Plan (Table No.914): This is a multi-benefit plan of LIC that offers non-linked insurance policy with assured return and bonus. Anyone between 8 to 55 years of age can buy it for a tenure ranging from 12 to 35 years. The policy survivors receive lump-sum amount of sum insured with Simple Reversionary Bonus and Final addition bonus.

LIC Jeevan Labh Plan (Plan No.936): This is a limited period premium payment plan of LIC that offers non-linked insurance policy with assured return and bonus. Anyone between 8 to 55 years of age. The plan comes with 3 PPT options - 10/16, 15/21 and 16/25 as PPT/Terms respectively. Jeevan Labh is considered to be high yield plan.

All the returns are 100% tax free. No income tax to be paid by you either in India or in your country of residence.

After Coronavirus pandemic, people will definitely look for a regular income that is uninterrupted and secured, only LIC is an institution on which you can rely upon. LIC investments are much safer than other instruments e.g. Stocks, FDRs, Mutual Funds, Real Estate etc.

Consult us to discuss your needs

Procedure:

>>On NRIs Visit to India:

As applicable to Indian lives. However, copy of passport (all pages) is to be called for, along with NRI questionnaire.

>>Mail order Business under Medical Scheme:

Proposal form may please be filled completely and precisely leaving no question unanswered.

Settlement of claims

Settlements of claims to the non-resident beneficiary in foreign currency will be permitted only in proportion in which the amount of premiums paid in foreign currency in relation to the total premium payable and may be credited to NRE / FCNR account.

Claims in respect of policies where premiums are paid in non-repatriable rupees may be paid only in rupees and may be credited to Non-Resident ordinary account.

Claim in foreign currency to the resident beneficiary may be permitted to be credited to RFC (Resident foreign currency) account.

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