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What is 'NRI' ?
A citizen of Indian (having a valid passport of govt.
of India) living temporarily in another country of his/her
present Residence is called an NRI. If an NRI has applied
or planning to apply for acquiring the citizenship of
his/her present country of residence. Then he doesn't
fall under the NRI class. Green Card holders and foreign
Nationals of Indian origin are not considered as NRIs.
They are treated as foreigners.
Insurance of NRI
- The formalities of proposal can be completed on
the visit of an NRI to with medical test report or
special medical report & MHR competed in India.
- The formalities of proposal can be completed through
mail Order business from their present country of
residence with medical test report /special medical
report completed in present country of residence.
Salient Features
Age at entry: max 45 years.
For NRI all plan are allowed with the following restriction;
- Under pure term insurance plan Max. sum Assured:
Rs.25 lakhs
- T.R. Benefit allowed: Max. Rs.25lakhs
- C.I.R. Benefit: Not Allowed
Income proof: following documents are valid for income
proof:
- The copy of ITR filed in the country of residence.
- In cash of ITR is not filed, a copy of employment
contract mentioning salary or a certificate from a
C.A. regarding business / other source of income.
- Personal financial questionnaire (PEO) duly filled
in and signed by the as proof of income up to a sum
assured of Rs.25Lacs.
Sum Assured: Minimum sum assured of Rs.2lacs.
Maximum sum Assured: No limit in multiples of Rs.1lac
when all the formalities completed in India on his/her
visit to India.
Requirements
- Proposal from: Duly filed & signed by the proposer.
- Medical examination repot along with special report,
if any.
- More Hazard Report (MHR) by the competent authority.
- A copy passport.
- Duly completed NRI questionnaire.
Payment of premiums under NRI policy
- Through banking channels by direct remittance from
the country of his/her present residence.
- By cheques drawn on his/her non-resident (External)
account foreign currency (Non -Resident) account with
a bank in India (or joint account provide the policy
holder is one of the account holder).
- By cheques drawn on bank account held in India in
their own names either solely or jointly with any
resident member of their family whether the accounts
have been designated as Non-Resident or not.
- By cheques drawn on an account maintained by a resident
parent or spouse of the non-resident policyholder
with a bank in India, held solely or jointly with
their close relatives. If the L.A. is a bonafied student,
premiums can be accepted if paid in India, by some
other person on his behalf.
- If such policies have been assigned to resident
of India, the premiums can be paid by the absolute
assignee in India.
- The premiums can be paid by the employers in respect
of policies issued to their employees who have been
deputed abroad by them.
- A resident parent or spouse of the Non-Resident
life assured can pay the premiums in cash by submitting
a latter stating the relationship with the policyholder.
Non-Medical scheme
- Under Non-Medical scheme the insurance is allowed
to the NRI who are employed in Government or reputed
commercial firm or to the professionals such as chartered
accountants, cost Accountants, Engineers, Architects,
Teachers, Doctors, Lawyers etc.
- Max. age at enter: 45yrs NBD
- restricted plan: 2,43,52,58,133,143,160,164, and
TR
- max S.A. : Rs5lacs, according to SUC i.e. rated
up sum assured during last two full yes.
- Max. aggregates S.A. : under plan nos.88,89,91,103,106,107,108,-
rs2lacs
- Under mail order business non-medical scheme is
allowed only if all the formalities are completed
during the agent's visit to the NRI,S present country
of residence.
- In the prescribed format MHR should be filled by
the agent
Procedure for Non-Medical business
- When NRI visits to India :- A copy of the passport
is required
- Mail order Business:- Under Non-Medical business
an agent can completed proposal papers with nri questionnaire,
special questionnaire and a copy of passport should
be sent by the agent either by mail or handed over
personally to the concerned Branch office.
Procedure for medical business
- When NRI visits to India:- A copy of passport is
required.
- Mail order Business: The given procedure should
be followed.
Agent's moral hazard report (MHR)
According to the present condition only chairman's club
members have right to complete the formalities of NRI'S
proposals if they visits to countries of their present
residence. According to the recent decision this right
has been give to the other agent also if they visits
to NRI'S present country of residence.
Under medical business special questionnaire for
mail order business
A special questionnaire is required if the agent does
not visits the country of residence of the NRI to complete
the formalities. The special questionnaire should be
filled by:
- Dean or principal of educational institutes if the
proposer is a student.
- The personal physician if the proposer is a self-employed
/ businessman.
- The employer if the proposer is an employee.
The specified format of the questionnaire should be
filled by the NRI'S and sent along with the completed
proposal. Residence rating for the overseas countries
Insurance for NRI'S residing in certain countries is
not allowed. In respect to some of the countries residence
extra is to be charged.
Settlement of claims:
The claimants residing outside India will get the
claim amount in foreign currency only in proportion
to which the amount of premiums paid in foreign currency
in relation to the total premiums payable.
Settlement of claims for beneficiaries :
- For non-resident beneficiaries: if non-resident
beneficiaries desire their Insurance claims/maturity/surrender
value to be settled in foreign currency, they may
be permitted to credit the same to NER (non-resident
external) FCNR (foreign currency non-resident). In
cases of death claims begin settled in favour of non-resident
assignees, claims/maturity proceeds/surrender value
in respect of rupee life insurance policy issued to
non-resident India for which premiums have been collected
in non-repatriable rupees may be paid only in rupees
by credit to NRO (non-resident ordinary) account of
the beneficiary.
- For resident beneficiaries: if the insurance claim
/ maturity / surrender values of the resident beneficiaries
have been settled in foreign currency, it may be permitted
to credit the same to REC (resident foreign currency)
account on their desire.
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