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Is LIC Valid Outside India?

Author: Team Finpage
LIC Insurance
Saturday, December 23, 2023

Are you worried about the fate of your LIC life insurance policy once you move out of India? There is no need to worry, as LIC considers your policy valid even if you shift overseas. The only condition is that you regularly pay your premiums on time. Also, there are many insurance plans for NRIs. For this, you will need to submit certain documents. Here’s a look at how to benefit from life insurance policies even if you are based overseas.

Insurance Policy for NRIs

LIC is operational in 14 countries other than India, through its branch offices or wholly owned subsidiaries and joint ventures. 

The Indian insurance giant has joint ventures in Nepal and the GCC regions. So, if you are an NRI or a local resident in the Gulf region, you can easily buy life insurance policies from LIC (International) B.S.C., which caters to the insurance requirements of NRIs and local residents of Bahrain, Kuwait, the UAE, Qatar, and Oman. It also operates in countries like Mauritius, Fiji, and the United Kingdom through its branch offices.

Remember that the branches and joint venture companies of Indian insurers tend to issue life insurance policies in local currencies and not the Indian rupee. 

Life Insurance for NRIs 

NRIs can buy life insurance in two ways:

  • Direct Purchase - NRIs can buy life insurance during their visit to India and complete all the formalities during their stay. In this case, they are treated at par with Indians residing in the country for the purpose of insurance.

  • Mail Order Business - NRIs can also get life insurance coverage from their country of residence and complete all the formalities from there. This process is called Mail Order Business. In some cases, LIC agents visit the NRI’s country of residence to complete the necessary formalities for the policy. There is also a provision for video calling to complete the formalities subject to certain terms and conditions. 

Here are some important rules pertaining to LIC life insurance for NRIs through Mail Order Business:

  • The maximum age is 50 years

  • Insurance plans for NRIs that have high-risk cover and term rider benefits are not available through Mail Order Business

  • The applicant should be a government employee, employed in a reputed commercial firm or a professional

  • Only those residing in Group V countries listed can get life insurance for NRIs via Mail Order Business

Life Insurance Policies for Overseas Citizens of India

In general, life insurance policies via Mail Order Business are available to only those overseas citizens of India (OCIs) who are registered as OCIs and have a valid card. However, certain rules apply:

  • The life insurance policy is issued in Indian rupees and claims are also in this currency

  • A report by the designated agent is compulsory

  • There are limits to the maximum sum assured 

If you already have an LIC life insurance policy when you shift to another country, you need to update the concerned branch and remain regular in paying your premiums.

Team Finpage

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