If any Non Resident India wishes to take life Insurance he/she has the option if LIC NRI. LIC is the largest Insurance Corporation of the country which is government owned and also the oldest company.
But the green card holders are not included in the category of NRI and are not given the facility of LIC NRI. The NRI people can hold the insurance policy in the India currency only.
The LIC NRI has some special features for the NRI people. Those particular characteristic features are:
- The NRI people are allowed to open the Insurance during their visit to the country. They will have to go through some formalities of completion of the proposal, medical examination etc.
- Some special reports like the moral hazard report are to be submitted for the issue of the insurance policy.
- The minimum assured sum for the LIC of NRI is Rs. 2lakhs and there are not upper limit of the assured sum.
- The maximum assured sum for the pure term insurance will be Rs. 25 lakhs.
- Critical illness benefit is not allowed in this plan.
To get the LIC the NRI people will have to submit certain documents. Those required documents are:
- The copy of the income tax return filed in the residential country is to be submitted in case of the assured sum exceeding Rs 25 lakhs.
- If there is no income tax return certificate available then the employment contract mentioning the salary is required. In case of the business and other income a certificate from the CA is required.