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  • Life Insurance Plans for NRI

    Life insurance has been a traditional investment in India. If you are an NRI and wish to buy a life insurance policy you need to be aware of the following:

    • A person of Indian origin or a NRI are allowed to take life insurance policy in India.
    • The NRI needn’t be present in India at the time of buying the policy, a written communication is sufficient. There might be a certain additional cost and a medical examination needs to be done and the report needs to be sent to the insurance company in India. The medical examination expense needs to be taken care by the NRI himself, if the test were done in India the cost would’ve been inbuilt with the policy.
    • The policies can be issued in denomination of the foreign currency and the premiums are collected out of NRE/FCNR accounts of the insured or of the insured family members held in India. All companies do not offer foreign currency denominated policies.
    • For the policies issues in Indian currency, the premiums are paid through the funds held in NRO accounts.
    • Premiums are higher if the insured is living in a high risk country.
    • The insurance policy purchased in India covers death occurring anywhere in the world.
    • Maturity and death proceeds are repatriable to the extent of premium being paid in foreign currency. If the premiums are paid in Indian currency, the death and maturity proceeds are not repatriable.
    • There is a good chance that the cost of the policy is cheaper in country of residence.
    • In India, the earnings on death or maturity are tax free, but NRIs pay tax on global income in the country of residence, the taxes are based on the tax laws prevailing in the country that he resides in. the death benefits are tax free to the extent of sum assured, but the bonuses and amount received over the sum assured are taxed.
    1. Max Life Insurance
    2. Eligibility: 18 years - 60 years

      Minimum Sum Assured: Rs.25 lakhs.

      Maximum Sum Assured: No Limit.

      Policy Term: 5 - 35 years.

      Maturity age:Maximum 70 years.

      Tax Benefits: You can avail tax benefits for the premiums paid under the Income Tax Act under Section 80C of the Income Tax Act. Death benefits are eligible for tax deductions and benefits under Section 10(10D) of the Income Tax Act.

      Features:

      • NRIs, Persons of Indian Origin and Foreign Nationals can buy the Max Life Insurance policy.
      • The initial premium can be paid through Indian Rupee through NRE/NRO Account or can be paid through foreign currency equivalent to the Indian Rupee through SWIFT.
      • Remittance of bonus and maturity proceeds are made in Indian Rupees.
      • You can repatriate the maturity proceeds, claims or surrender the value of policy quite easily outside India.

      Exclusions:

      • If the insured commits suicide, the policy is void.
      • The policy will be void if the insured is involved in dangerous activities.
      • If a war breaks out, the policy will not cover the individual.
      • Drug and alcohol abuse and part taking in illegal activities will null the policy cover.

      You can take an add-on cover for the Max Life Insurance:

      Max Life Comprehensive Accident Benefit Rider under which you will be covered with the additional protection against any unfortunate accident.

      Monthly Income Term Plan which offers you twin benefits of sum assured on death as well as level of income for every month for 10 years.

      Increasing Monthly Income Term Plan gives you monthly income for 10 years that increases at a 10% simple interest rate.

    3. Birla Sun Life Insurance
    4. Birla Sun Life Insurance offers the NRIs the Vision LifeIncome Plan, which keeps in mind your growing responsibilities. This plan ensures steady income for you along with whole life cover.

      Eligibility: 1 year - 60 years

      Policy Term: Whole life to age of 100.

      Premium paying term:15-40 years.

      Minimum sum assured: Rs.2 lakhs.

      Minimum premium payable: Rs.18,000.

      Premium frequency: annually, semi-annually, quarterly and monthly.

      Tax Benefits: You can avail tax benefits under the Income Tax Act under Section 80C for the premiums paid. You can also avail benefits under Section 80D and Section 10(10)D of the Income Tax Act,1961.

      Benefits:

      • Death benefit under iProtect Option I, you get the sum assured.
      • You get the sum assured plus the Accidental Death Benefit under iProtect Option II.
      • Instant Life Insurance cover.

      Features:

      • You get 5% of sum assured guaranteed along with the bonus every year after you have finished the premium paying term.
      • The insurance covers you and your family with whole life cover till the age of 100.
      • You get premium rebates on the high sum assured.
      • The bank makes payments through ECS method.
      • You can also avail the suitable Rider options for additional protection for a nominal cost.
      • You can nominate a person to who the bank can pay the Death Benefits in case of your death.
      • If you haven’t nominated anyone, then the legal heirs will be deemed as the beneficiaries.

      Exclusions:

      • The policy will be terminated in case the insured commits suicide within one year from the date of commencement of the policy.
      • The policy will be terminated if you give incorrect information. You will be paid the surrender value and terminate the policy.
    5. Kotak Life Insurance
    6. Kotak offers NRIs an option to invest in India. The policies offered to the NRIs are Kotak Preferred Term Plan and Kotak Term Plan.

      Kotak Preferred Term Plan:

      Eligibility:18 years - 65 years

      Minimum Sum Assured: Rs.25 lakhs.

      Maximum Sum Assured: No Limit.

      Policy Term: 5 - 40 years.

      Maturity age: Minimum-23 years Maximum- 75 years.

      Tax Benefits: You can avail tax benefits under the Income Tax Act under Section 80C of the Income Tax Act for the premiums paid and under Section 10(10D) of the Income Tax Act for the death benefits received by the nominee.

      Features:

      • High level of protection at a negligible cost.
      • Insured can opt for Immediate or Recurring Payout.
      • You can increase or decrease the level of cover as per your requirement.
      • Preferred rates are available for females and non-tobacco users.
      • Flexibility in premium payment options.

      Kotak Term Plan:

      Eligibility: 18 years - 65 years

      Minimum Sum Assured: Rs.3 lakhs- Rs.24,99,999 lakhs.

      Maximum Sum Assured: No Limit.

      Policy Term: 5 - 30 years.

      Maturity age: Maximum- 70 years.

      Tax Benefits: You can avail tax benefits under the Income Tax Act under Section 80C of the Income Tax Act for premiums paid and under Section 10(10D) of the Income Tax Act for death benefits received.

      Features:

      • High level of protection at a nominal cost.
      • Special rates for females and non-smokers.
      • High level of elasticity in paying premiums.
      • Specific products can be converted to Kotak Life Insurance plans except for term plans before the last 5 years of the policy term.

      Optional Rider plan is available:

      • Kotak Critical Illness Benefit - A share of the sum assured is paid on admission of a critical illness claim.
      • Kotak Accidental Death Benefit - Lump sum benefit is paid on accidental death.
      • Kotak Permanent Disability Benefit - Payments are made in instalments upon admission of claim of disability.

    Disclaimer: Insurance is subject matter of solicitation. The policy must be read thoroughly for the risk factors, terms and conditions etc.

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