GST Waiver PROCESS to NRI customers

1) Who is eligible?

 

• You are eligible for Goods and Service Tax waiver (GST) if you reside abroad (out of India) with valid current residential proof AND

• If your premium is paid from NRE account to Tata AIA Life Insurance OR in Foreign currency.

• This is applicable only to current payments of premium.

   

2) How will Tata AIA Life Insurance know you are eligible?

 

For this, you have to ensure that:

• Your residential status with Company is accurately updated as ‘NRI’, ‘PIO’ or ‘OCI’ AND

• Your communication address should be updated as your foreign address

   

3) When do you need to provide the proofs and \ or payment details?

 

It is suggested that you initiate the premium payment 20 days before premium due date.

 

4) Under what circumstances would the GST waiver not be allowed?

 

• Online payment through (Debit / credit card) would not be eligible.

• Payment made directly into Tata AIA bank account from NRO Account (Indian Account)

• Past payments

• Payment being made by a third party and not the policy owner

   

5) What are the modes of premium payment?

 

You can pay your premium in Indian Rupees (INR) from your NRE account OR in foreign currency via SWIFT transfer.

Please note that premium payment should be made from the ‘Policy Owner’ account only.

 

A) Details for payment from NRE Account:

Details	Premium Payment Via NRE account
Bank Name	The Hong Kong and Shanghai Banking Corporation (HSBC)
Beneficiary Name	Tata AIA Life Insurance Co. Ltd
Beneficiary Account # (13 Digit)	Prefix "3002" and 9-digit numeric part of your policy number e.g. If Policy number is C123456789 Beneficiary Account number will be 3002123456789
Branch Name/Address	52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001
Currency allowed	INR Only
IFSC Code	HSBC0400002

 

#Please note:

• Beneficiary Account length should be 13-digit; 3002<9-digit numeric policy number> (for e.g., C900900900 will appear as 3002900900900).

• Please double check your account number.

• Tata AIA Life Insurance will not be able to trace funds sent to incorrect account numbers.

 

B) Details for payment via SWIFT transfer:
 

Details	#Premium Payment Via Swift transfer
Bank Name	The Hong Kong and Shanghai Banking Corporation (HSBC)
Beneficiary Name	Tata AIA Life Insurance Co. Ltd
*Beneficiary Account (13 Digit)	Prefix "3002" and 9-digit numeric part of your policy number e.g. If Policy number is U456789209 Beneficiary Account number will be 3002456789209
Branch Name/Address	52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001
Remittance to HSBC Mumbai	By SWIFT MT103
Currency allowed	Foreign Currency Only
IFSC Code	HSBC0400002
SWIFT Address	HSBCINBB
Charge type	OUR in Tag 71A of SWIFT (This is to avoid any correspondent Bank charges from remittance account)
Purpose of payment	Premium towards life insurance Policy Number <XXXXXXXXX>

 

#Please note:

• Share an acknowledgement copy of your MT103 SWIFT along with mandatory documents for further tracking.

• Full name to be captured in the SWIFT

• Beneficiary Account length should be 13-digit; 3002<9-digit numeric policy number> (for e.g., C900900900 will appear as 3002900900900). Please double check your account number. Tata AIA Life Insurance will not be able to trace funds sent to incorrect account numbers.

• Tata AIA Life Insurance will get FIRC from banker, i.e., HSBC Bank

 

6) Documents required to avail GST exemption (This would apply if payment made from NRE account or by SWIFT transfer)

 

1. Copy of Bank statement showing transfer from NRE account

OR

1. Copy of MT103 SWIFT acknowledgment copy for foreign currency transfer (In case of Swift transfer)
    

AND
 

2. Valid residential proof showing place of residence outside India

Acceptable list of residential proof:

• Government-issued national identity card/resident card from the country of residence including passport containing overseas address and immigration stamp to confirm latest status

• Driving license issued abroad with the overseas address

• Utility bill (telephone – post-paid/mobile/landline or electricity/gas/water) containing overseas address (should not be more than 3 months old)

• Copy of latest overseas bank account statement (not more than 3 months old) or existing NRE account statement with overseas address

• For students – letter from the foreign university on their letterhead indicating student status at an international university with the overseas address or the student card issued by the foreign university containing the overseas address

• Copy of Overseas Citizen of India (OCI) card/Person of Indian Origin (PIO) card with the overseas address

• Copy of valid registered rent/lease agreement containing overseas address

Disallowed: Address proof issued by employer or bank letter head having address

 

7) Is this required with EVERY premium payment OR a One-time exercise?

• Address proof required with every premium payment.

E.g. For yearly payments, it will needed yearly or for half-yearly payment, proofs will be required half yearly.

 

8) Whom do I submit the documents to?

Kindly send the copy to your advisor/relationship manager OR

Send a scanned copy to customercare@tataaia.com

 

9) What is the time taken to account the receipt of funds and when will I get the premium receipt?

	Time for receipt of funds	Processing	Total
Transfer from NRE Account	4	6	10
Transfer through SWIFT	4	6	10

 

You will receive an acknowledgement of completion of premium payment \ documents pending in 10 days

Premium receipt is generated on date of payment receipt or due date whichever is later.

L&C/Misc/2022/Mar/0063