A Non-Resident Indian is a person who has the citizenship of India and is residing temporarily in the country of his present address. The person must have a valid passport Government of India and should not plan to apply or have applied for getting the citizenship of his present country of living or of any other country. However, green card holders as well as international residents of Indian origin are not regarded as NRIs for getting insurance.
Insurance policies are must for everyone, for this helps to cover the costs during the time of any mishap. Insurance policies for NRI can be accessible either when the insured has completed the formalities of health check up test reports and moral hazard tests and of
application
completion during his visit in India or from his current country of living.
Companies offering Insurance Policies for NRI in India
(a) Bajaj Allianz
The different plans of the insurance policies for NRI include.
1- Invest Gain- Bajaj Allianz Endowment Policy,
2- Cash Gain- Bajaj Allianz Money Back Policy,
3- Child Gain- Bajaj Allianz Money Back Policy for kids,
4- Lifetime Care- Bajaj Allianz Whole Life Policy,
5- Swarna Vishranti- Bajaj Allianz Differed Annuity Policy
6- Unit Gain - Bajaj Allianz Unit Linked Whole Life Policy
Eligibility Criteria
1- International residents of Indian origin while staying in India can apply for life insurance polices.
2- If any NRI is living outside India for a temporary period can also apply for life insurance
Option of Premium Payment and Receipt
The insured can pay premiums to Bajaj Allianz either directly through Indian money cheques and DD's or from the account of FCNR/NRE. Option of paying premium with the help of credit card in any of the branch office is also possible.
(b) ICICI Prudential Life Insurance
ICICI Prudential Life Insurance has come up with a wide range of NRI insurance plans which can be personalized in order to meet the requirements of the NRI.
ICICI Prudential Life Insurance Policies for NRI
Wealth Creation Policies
Wealth creation policies protect and guarantee higher returns of ULIPS. The plan names under Wealth Creation Policies are:
1- ICICI Pru LifeStage Wealth
2- ICICI Pru ACE
3- ICICI Pru Premier Wealth
4- ICICI Pru Assure Wealth
5- ICICI Pru LifeTime Maxima
6- ICICI Pru Pinnacle
Education Insurance Policies
The Education Insurance Policies of ICICI Prudential Life Insurance guarantees money at the important stages of the kid's education. The plan names of Education Insurance policies are:
1- ICICI Pru SmartKid Assure
2- ICICI Pru SmartKid Maxima
3- ICICI Pru SmartKId Regular Premium
Retirement Insurance Policies
Retirement plan assures steady income even after the retirement of the insured. The retirement plans of ICICI Prudential Life Insurance are
1- ICICI Pru LifeStage Pension Advantage
2- ICICI Pru LifeTime Pension Maxima
Health Insurance
Health insurance plans insure against numerous ailments and at the same time guarantees financial security. The health insurance plans of ICICI Prudential Life Insurance are:
ICICI Pru Health Saver: It offers instant cover for hospitalization and intends to make a fund for keeping the insured prepared for any kind of expenditures related to health.
Hospital Care of ICICI Prudential Life Insurance: The policy facilitates no expenses during the time of hospitalization; extra amount will be forfeited along with imbursement obtained from other medical insurance policies; receiving huge amount of benefit cash which does not relate to the actual billing; benefits of tax on payment of premium of up to ` 15,000 under Section 80D.