An individual is said to be Non-resident in India, if he does not satisfy any of the below condition

• a) he is in India in that year for a period of 182 days or more OR
• b) within the four years preceding that year been in India for a period of 365 days or more and for a period of 60 days or more in that year^#

^#Note: For more details on residential status please refer provisions of The Income Tax Act 1961 and FEMA,1999

Life Insurance is important for NRI as it ensures that their family’s financial goals and well-being are secured in case of an unfortunate event, even if they are not physically present in India.

Yes, NRI customers can buy life insurance in India, whether it’s a pure term insurance policy, savings, unit linked Insurance policy, or any other type offered by Indian insurance companies subject to the insurer’s underwriting policy.

Eligibility criteria can vary by insurer, but generally, NRIs must:

• Be an Indian citizen or a person of Indian origin
• Have a valid passport
• NRI should be from a country approved by the insurer for the product opted.
• Provide proof of residence in the residing country and other relevant documents.

NRIs from Standard and non-standard countries are allowed with maximum sum assured limit, subject to underwriting guidelines.

Standard countries – The term, "standard countries" in life insurance refers to countries that are considered to have a low mortality risk for insurance purposes. Classification of such countries may vary between insurers and change over time due to shifting global conditions. These countries typically have:

• Low Mortality Rates
• Stable political and economic environments
• Good healthcare systems
• Low incidence of infectious diseases

Note: - All products & riders have a different list of standard countries. Standard/approved list of countries are dynamic in nature. Policies from any countries (including standard countries) may be postponed due to any ongoing epidemic, natural calamities, war like situation, etc.

Non-standard countries - The term "nonstandard countries" in life insurance refers to countries that are considered to have a higher mortality risk profile compared to standard countries. These countries may have:

• Higher mortality rates
• Unstable political or economic environments
• Poor healthcare systems
• Higher incidence of infectious diseases
• Higher crime rates
• Natural disaster-prone areas
• War or war-like situation

Financial eligibility is calculated based on earned income and standard income proof by using multiple factors for age and income.

NRI : An individual is said to be Non-resident in India, if he does not satisfy any of the below condition

• c) he is in India in that year for a period of 182 days or more OR
• d) he is in India in that year for a period of 182 days or more OR

^#Note: For more details on residential status please refer provisions of The Income Tax Act 1961 and FEMA,1999

OCI/PIO :

A foreign national, who was eligible to become a citizen of India on 26.01.1950 or was a citizen of India on or at anytime after 26.01.1950 or belonged to a territory that became part of India after 15.08.1947 and his/her children and grand children, is eligible for registration as an Overseas Citizen of India (OCI). Minor children of such person are also eligible for OCI. However, if the applicant had ever been a citizen of Pakistan or Bangladesh or any such country notified, he/she will not be eligible for OCI.

Note: For more elaborate definition, please refer provisions of Citizenship Act of 1955.

Yes, NRI customers can buy life insurance in India, whether it’s a pure term insurance policy, savings, unit linked Insurance policy, or any other type offered by Indian insurance companies subject to the insurer’s underwriting policy.

• If they have a permanent address in India.
• If they have been filing ITRs in India for last two years.

For term plans the max sum assured offered for standard countries and Non-standard countries, subject to Underwriting guidelines. For Savings plan there is no restriction on cover, provided the customer falls within the specified age bracket and Total sum assured, subject to underwriting guidelines. For knowing the exact cover eligible for along with other terms and conditions, we would request you to contact our insurance advisor /Sales team/Channel partners.

Eligibility criteria can vary by insurer, but generally, NRIs must:

NRIs from Standard and non-standard countries are allowed with maximum sum assured limit, subject to underwriting guidelines.