NRI CENTRE

Nri Centre

Friend, you are out there at the other end of the Globe. You have your roots in the soil of your own country. Now have a look at the East where lies your own country, your own origin, the cradle of your childhood. Look friends the sun is rising on the east. Your country India is amongst the fastest growing Nations. You are the son of this soil. Take the benefit; drink the nectar, which is your own, your birthright. The insurance market at India is the highest growing financial services and the total premium income is about 24percent of the GDP growth. This is also increasing. The FDI norm in the Insurance sector is poised to be 49% instead of 26% at present. Who knows, it may be 100% in the coming days when the growth of premium will shoot up to that level! So friends, this is the time for making investments. We have the following plans. You can have the product right from your place. We will get everything done. Only thing required is that you wish to have it and contact us. We are at your service.

Financial security to cover the risk on your life.
Financial security for couples.
Insurance plans to guarantee education of your children.
Insurance plans to provide enough money for your daughter’s marriage.
Insurance plans to take care of your post-retired days through pension and other retirement schemes.
Insurance plans to provide periodical payments to meet special needs during lifetime.
Plans for Housing Loan from LIC Housing Finance Ltd. to build your dream house.

The following are the plan that an NRI can buy.

Children’s plans

Jeevan Anurag
CDA Endowment Vesting At 21
CDA Endowment Vesting At 18
Jeevan Kishore
Jeevan Chhaya
Komal Jeevan
Marriage Endowment Or Educational Annuity Plan

Plans for Handicapped Dependents

Jeevan Aadhar
Jeevan Vishwas

Endowment Assurance Plans

The Endowment Assurance Policy
The Endowment Assurance Policy-Limited Payment
Jeevan Mitra (Double Cover Endowment Plan)
Jeevan Mitra (Triple Cover Endowment Plan)
Jeevan Anand
New Janaraksha Plan

Plans for high worth individuals

Jeevan Shree-I
Jeevan Pramukh

Money-Back Plans

The Money Back Policy-20 Years
The Money Back Policy-25 Years
Jeevan Surabhi-15 Years
Jeevan Surabhi-20 Years
Jeevan Surabhi-25 Years
Bima Bachat

Whole Life Plans

The Whole Life Policy
The Whole Life Policy- Limited Payment
The Whole Life Policy- Single Premium
Jeevan Rekha (closed for sale)
Jeevan Anand
Jeevan Tarang

Term Assurance Plan

Two Year Temporary Assurance Policy
The Convertible Term Assurance Policy
Anmol Jeevan-I
Amulya Jeevan

Joint Life Plan

Jeevan Saathi

Insurance to Non-Resident Indians (NRIs)

Buying an insurance policy is a simple procedure. However, there are certain requirements that you would need to fulfill as an NRI. The following are the details:

A non-resident Indian should hold a valid passport issued by the Government of India. The 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. Foreign Nationals of Indian Origin are not treated as NRIs for the purpose of buying insurance.
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 should be completed during their stay in India, if not it can be completed on their visit to India.
From their present country of residence known as ‘mail order business’, all or some of the formalities regarding filling in the proposal forms, obtaining medical and special reports should be completed in their present country of residence.
Proposals from NRIs will be considered for a minimum basic sum assured of Rs. two lakhs. Sum assured over Rs. two lakhs will be in multiple of Rs. one lakh.
There is no maximum sum assured limit when all formalities are completed in India on the NRIs’ visit to India.
A maximum sum assured of Rs. 1 crore may be allowed under ‘Mail Order Business’, i.e., where all formalities are completed in the NRI’s present country of residence. The maximum sum assured to be allowed would be in accordance with the existing rules for financial underwriting.
For proof of income, income tax returns filed in the country of residence is needed when the total rated up sum assured exceeds Rs. 15 lakhs. If tax returns are not filed, then copy of employment contract mentioning salary or a certificate from a Chartered Accountant regarding business or other income can be submitted. Personal Financial Questionnaire (PFQ) duly filled in and signed by the proposer and countersigned by the Official filling in the MHR can be accepted as proof of income up to a rated up sum assured Rs. 25 lakhs.
An NRI can buy any insurance policy of his choice. However, the following are the restrictions.
Maximum sum assured under pure Term Insurance Plans is Rs. 25 lakhs
Term Rider benefit will be allowed up to Rs. 25 lakhs.
Critical Illness benefit will not be allowed.
Proposal under non-medical (special) scheme will be entertained subject to the following conditions:
Maximum age at entry should not be over 45 years of age.
Maximum sum assured is Rs. 5 lakhs, which is based on sum under consideration i.e. rated up sum assured during last two full years.
The plans that are not allowed are – Whole life with profits, Jeevan Mitra (Triple cover), Jeevan Bharati, Anmol Jeevan and Term rider.
Maximum aggregate sum assured of Rs. 2 lakhs under Table Nos. Jeevan Mitra (Double Cover), Jeevan Saathi, New Janaraksha, Jeevan Chhaya, Jeevan Surabhi-15, 20 and 25 years.
The proposer should be employed in Government or reputed commercial firm or should be a professional such as Chartered Accountant, Cost Accountant, Engineer, Architect, Management / computer consultant, Doctor, Lawyer, Teacher, Insurance Agent, etc.
Non-medical scheme under ‘Mail Order Business’ will be allowed only if agents visit the present country of residence of the NRIs to complete all formalities.
MHR by agent should be in the prescribed format.

Procedure to be followed for Non-medical business

The procedure of buying insurance for NRIs is similar to that of selling any regular insurance policy. A copy of the passport is needed.
‘Mail order business’ – Non-medical scheme is allowed only if the agent visits the present country of residence of the NRI for completing the formalities. The agent should complete the usual procedure for non-medical business. He should either send the proposal papers including NRI Questionnaire, Special Questionnaire and a copy of the passport by mail or hand over the papers personally to the concerned Branch Office.

Medical business

On NRIs’ visit to India, similar procedure of selling insurance is followed. A copy of the passport is needed.
For ‘Mail Order Business, the procedure to be followed is given below:
The format of special MHR is to be filled in by the agent when he visits the country of residence of the NRI to complete the formalities. Chairman’s Club Member agents can complete formalities under proposals from NRIs during their visit to countries of their present residence. It has now been decided to allow other agents also to complete formalities under proposals from NRIs during their visit to NRIs’ present countries of residence.
Special Questionnaire for ‘Mail Order Business’ under Medical Scheme-if the agent does not visit the country of residence of the NRI for completing the formalities, a special questionnaire has to be filled in by
The employer in the case of employed persons
Dean or Principal of educational institutes in the case of students
Personal physician in the case of self-employed / business people