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Have query on premium, payout or any servicing need?

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FOR NEW POLICY

Want to buy a new policy online?

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Exclusively for NRIs:

+91 11 4473 0240

Monday - Sunday | 9:30 am - 9 pm IST

Life Insurance for NRIs


Secure your Family. Always!

 

Flying beyond geographical boundaries to study or progress in a career might be an ultimate necessity or a dream for many individuals in India! However, taking care of the dependent family, whether with you or back at home, continues to remain a top priority, which is where life insurance comes into the picture. So, let us get started and understand what it means in detail.

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Life Insurance for NRIs

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 Secure your Family. Always!


Flying beyond geographical boundaries to study or progress in a career might be an ultimate necessity or a dream for many individuals in India! However, taking care of the dependent family, whether with you or back at home, continues to remain a top priority, which is where life insurance comes into the picture. So, let us get started and understand what it means in detail.

Image Of NRI Life Insurance Desktop Banner


Eligibility

NRIs, OCIs/PIOs & Foreign Nationals can purchase life insurance in India. Know what these terms mean:

  • Non-Resident Indian

    A citizen of India residing in another country.

  • Person of Indian Origin/Overseas Citizen of India

    (a) Any person of full age and capacity,

    • who is a citizen of another country, but was a citizen of India at the time of, or at any time after the commencement of the Constitution; or
    • who is a citizen of another country, but was eligible to become a citizen of India at the time of the commencement of the Constitution; or
    • who is a citizen of another country, but belonged to a territory that became part of India after the 15th day of August, 1947; or
    • who is a child or a grandchild or a great grandchild of such a citizen; or

    (b) a person, who is a minor child of a person mentioned in clause (a); or
     

    (c) a person, who is a minor child, and whose both parents are citizens of India or one of the parents is a citizen of India; or
     

    (d) spouse of foreign origin of a citizen of India or spouse of foreign origin of an Overseas Citizen of India Cardholder registered under section 7A and whose marriage has been registered and subsisted for a continuous period of not less than two years immediately preceding the presentation of the application under this section: Provided that for the eligibility for registration as an Overseas Citizen of India Cardholder, such spouse shall be subjected to prior security clearance by a competent authority in India: Provided further that no person, who or either of whose parents or grandparents or great grandparents is or had been a citizen of Pakistan, Bangladesh or such other country as the Central Government may, by notification in the Official Gazette, specify, shall be eligible for registration as an Overseas Citizen of India Cardholder under this sub-section.

  • Foreign Nationals

    A person who is not a citizen of India.

Source: The Foreigners Act, 1946; The Citizenship Act, 1955; Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018.

When we refer to NRI in this document, it covers all the profiles mentioned above.

Picture Of NRI Life Insurance In India
Can NRIs Purchase Life Insurance Policies in India?
 

NRIs can purchase life insurance policies from anywhere. Here are the details:

While In India
Life insurance policy can be purchased in India easily through quick, digital process. 

When outside India
NRI can purchase the life insurance policy from their current place of residence subject to our Board approved underwriting policy. 

Picture Of NRI Life Insurance In India
Picture Of NRI Life Insurance In India

Can NRIs Purchase Life Insurance Policies in India?
 

NRIs can purchase life insurance policies from anywhere. Here are the details:

While In India
Life insurance policy can be purchased in India easily through quick, digital process. 

When outside India
NRI can purchase the life insurance policy from their current place of residence subject to our Board approved underwriting policy. 

Picture Of NRI Life Insurance In India


Products For NRIs

Tata AIA Life Insurance offers various life insurance products to secure a policyholder's family in the event of an unexpected death. In addition, there are also comprehensive solutions, such as NRI savings plans, NRI retirement plans, etc., that provide savings and investment benefits apart from life insurance coverage. Consider investing in Tata AIA life insurance products:

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    Leader in retail protection (sum assured) issuance

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    Talent Showcase Icon

    Leader in investment fund ratings (all funds rated 4 or 5 by Morningstar)

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    Unique investment-linked protection solution

  • 04
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    Competitive guaranteed savings and retirement solutions

Select appropriate category to view plans

Non-Linked, Non-Participating, Individual

Life Insurance Savings Plan (UIN: 110N158V07)
 

Tata AIA Life Insurance Best Seller

Fortune Guarantee Plus


The plan provides financial protection for your family and Guaranteed4 Regular Income that meets tomorrow's requirements, thus helping you plan towards your future needs and protection for your loved ones.

  • Plan Options
    Option 1: Regular Income
    Option 2: Regular Income with an inbuilt Critical Illness benefit

  • Premium Payment Mode
    Pay as per convenience using Single / Annual / Half-yearly / Quarterly / Monthly mode of payment.
     

  • Key Features
  • Get Guaranteed4 Tax-Free~ Income

    Choice to receive Income – Monthly/Annually

    Save Tax Up to 46,8007

    Get your premium back8 at end of income period

Download Banner Icon

Winner: Insurance Category.
Pan-India Survey of 2250 people by NielsenIQ across categories.

Individual, Non-Linked, Non-Participating,
Life Insurance Savings Plan (UIN: 110N152V11)
 

Tata AIA Life
Guaranteed Return Insurance Plan


Tata AIA Life Guaranteed Return Insurance Plan helps to meets tomorrow's requirements along with protecting your loved ones and to fulfill your medium to long term goals such as Child’s Education/ Marriage or Retirement planning etc.

Read more

  • Premium Amount 
    Min: 24,000 per annum

    Max: No Limit, subject to underwriting

  • Premium Payment Mode
    Pay as per convenience using Single / Annual / Half-yearly / Quarterly / Monthly mode of payment.
     

  • Key Features
  • Receive Guaranteed9 benefi­ts on policy maturity or in case of unfortunate Death

    Life cover for financial protection of your loved ones

    Guaranteed Additions10 that boost corpus year on year under Endowment Option

Read Less

A Non-Linked, Non-Participating, Individual
Life Insurance Savings Plan (UIN: 110N126V04)
 

Tata AIA Life Insurance
Smart Income Plus


Investment in this plan helps you fulfill your medium to long term goals such as Child’s Education/ Marriage / Business Start-up and Retirement planning.

Read more

  • Premium Amount
    Min: 18,000 per annum

    Max: No Limit, subject to underwriting

  • Premium Payment Mode
    Pay as per convenience using Single / Annual / Half-yearly / Quarterly / Monthly mode of payment.
     

  • Key Features
  • Flexibility to choose between Regular Income or Endowment options

    Pay for 7/10/12 years, get guaranteed11 life cover for 15/21/25 years

    Higher benefi­t for women

    Get tax benefits~ as per applicable tax laws 

Read Less

Individual, Non-Linked, Participating Life
Insurance Savings Plan (110N162V01)
 

Tata AIA Life Insurance
Smart Value Income Plan


A smart savings plan that adds value to your life goals!

Read more

  • Premium Amount
    Min: Single/Limited/Regular Pay: 24,000 per annum

    Max: No Limit, subject to underwriting

  • Premium Payment Mode
    Pay as per convenience using Single/ Annual/ Half-yearly/ Quarterly/ Monthly mode of payment.
     

  • Key Features
  • Get Choice of 2 plan option. Cash Bonus23 or Accumulating Cash Bonus

    Option to receive to Cash bonus in hand or in a Sub-Wallet. (Only available with Cash Bonus option).

    With Life Protect feature, you can restore full life cover20 on a reduced paid-up policy in case an emergency such as unemployment or loss of income

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A Non-Linked Non-Participating Individual

Life Insurance Plan (UIN:110N160V03)
 

Tata AIA Life Insurance New

Sampoorna Raksha Supreme
 

The Tata AIA Life Insurance Sampoorna Raksha Supreme is an online term insurance plan that lets you choose from four plan options to secure your family’s future.

  • Minimum Entry Age
    18 years

  • Policy Coverage
    Get cover up to 100 years of age

  • Minimum Cover Amount
    ₹ 1,00,000

  • Key Features
  • Get your premiums back with
    Return of Premium** feature

    Get cover up to 100 years of age^.

    Increase Life Cover at
    Important Milestones

    Save Tax~ up to 46,8007

Download Banner Icon

Winner: Insurance Category.
Pan-India Survey of 2250 people by NielsenIQ across categories

Non-Linked Non-Participating, Individual Life Insurance Pure Risk Premium Product (UIN: 110N102V04)


Tata AIA Life Insurance 

MahaRaksha Supreme
 

A flexible term insurance policy to cover your family against life's uncertainties with affordable premium. Take a step today to secure your family.

Read more

  • Min. Entry Age

    18 years

  • Policy Coverage

    Up to Age 85 or option for Whole Life coverage (till age 100 years)

  • Premium Payment Mode

    Pay as per convenience using Annual / Semi Annual / Quarterly / Monthly mode of payment.
     

  • Key Features
  • Get whole life coverage up to 100 years

    Increase your life cover at important with Life Stage18 option

    Get tax benefits~ as per applicable income tax laws

    Lower premiums for female lives and standard premium for Non-Smokers

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IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER

Unit Linked Individual Life Insurance Savings Plan (UIN: 110L112V04)

  

Tata AIA Life Insurance Best Seller

Fortune Pro


With the Fortune Pro plan from Tata AIA Life Insurance, your humble investments today can grow considerably larger with time. This allows you to create a corpus for your family to rely on in the future.

  • Policy Term

    15 to 40 years 

  • Premium Payment Mode

    Pay as per convenience using Single / Annual / Half-yearly / Quarterly / Monthly mode of payment.  

  • Minimum Premium
    Single Pay – Rs 1,00,000
    Regular/Limited Pay – Rs 12,000 per annum
     

  • Key Features
  • A ULIP Plan with all funds rated 4 or 5 stars12 by Morningstar13

    Flexibility to choose from 11 Fund options for enhanced investment opportunities

    Save Tax~ as per applicable income tax laws 

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER

Tata AIA Life Insurance
Param Rakshak / Param Rakshak Plus Solution 


A comprehensive solution that offers a whole life cover till age 100, while also focusing on savings with market-linked returns22.

Read more

  • Min. Entry Age

    18 years / 60 years 

  • Premium Payment Mode

    Annual mode of payment.
      

  • Key Features
  • Get Life Insurance Cover

    Get whole life cover till the age of 100

    Return on Maturity at the end of Policy Term.

Read Less

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER

Unit Linked, Individual Life Insurance Savings Plan (UIN:110L111V03)
 

Tata AIA Life Insurance
Wealth Pro


Investment in this plan can help you fulfill your medium to long term goals such as children’s education, retirement planning and wealth creation.

Read more

  • Minimum Premium

    Single Pay – Rs 5,00,000

    Regular/Limited Pay – Rs 2,50,000 per annum

  • Key Features
  • Flexibility to pay premium one time or for a limited period as per your choice

    Regular Loyalty Additions to boost investments

    Flexibility to choose from 11 Fund options for enhanced investment opportunities

Read Less

A Non-Linked, Non-Participating, Annuity Plan (UIN:110N161V04)
 

Tata AIA Life Insurance New
Fortune Guarantee Pension


The Tata AIA Life Insurance Fortune Guarantee Pension helps you look after your post-retirement financial needs with a guaranteed14 regular income so that you can lead a life free from financial worries.

  • Minimum Premium Payment Term
    Single Pay – 1 Year

    Regular / Limited Pay – 5 years 
     

  • Key Features
  • Get guaranteed14 regular income for your retirement

    Single and Joint life option

    Get Tax Benefits~ as per applicable tax laws

    Multiple options are available in this plan: Immediate Life Annuity| Immediate Life Annuity with Return of Purchase Price| Deferred Life Annuity (GA-I) and with Return of Purchase Price| Deferred Life Annuity (GA-II) and with Return of Purchase Price.

A Single Premium, Non-Linked, Non-Participating Individual Annuity Plan (UIN: 110N150V05)  
 

Tata AIA Life Insurance
Smart Annuity Plan


Retirement plans help you make all these dreams come true, by allowing you to enjoy a steady stream of income even after you retire. Plan for your golden years with the Tata AIA Life Insurance Smart Annuity Plan.

Read more

  • Minimum Entry Age
    45 years 

  • Premium Payment Term
    Single Premium

  • Annuity Payout options
    Annual, Half-yearly, Quarterly, Monthly payouts
     

  • Key Features
  • Get Guaranteed15 Regular income for your retirement

    Avail loan against the policy

    Avail 2% extra annuity16  

Read Less

Non-Linked, Non Participating Individual Life Insurance Savings Plan (UIN: 110N147V02)

 

Tata AIA Life Insurance
Guaranteed Monthly Income Plan


Tata AIA Life’s Guaranteed Monthly Income Plan, provides financial protection for your family and a monthly income that meets tomorrow's requirements, thus helping you plan ahead towards your future needs and protection for your loved ones.

Read more

  • Min. Entry Age
    For Policy Term 5 years: 13 years

    For Policy Term 8 years: 10 years

    For Policy Term 12 years: 6 years

  • Premium Payment Mode
    Pay as per convenience using Annual / Half-yearly / Quarterly / Monthly mode of payment.

    Any reference to age is as on last birthday
     

  • Key Features
  • Flexibility to plan your monthly income for 10/ 16/ 24 years

    Receive monthly income ranging from 8.35% to 13.03% per annum of total premiums paid

    Life cover to protect your loved ones

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Features of Life Insurance for NRIs

All eligible NRIs, OCIs/PIOs, and Foreign Nationals can purchase NRI insurance policies in India. We offer the following features for the long term. 
 

  • Coverage Icon

    Coverage

    We provide the required life insurance coverage based on the chosen policy term and the affordable premium cost. This covers them worldwide.

  • Policy Tenure Icon

    Policy tenure

    The NRIs can avail of life insurance for a term suitable to their needs.

  • Flexibility Icon

    Flexibility

    The policyholders can also avail themselves of the flexible features provided in India's NRI life insurance policies. For example, they can choose to pay the premium for a limited term while enjoying the benefits through the entire policy term, opting to include the add-on rider benefits, etc.,

  • Different Premium Payment Icon

    Different premium payment methods

    Premium payments by NRIs/OCIs/PIOs/Foreign Nationals can be made from their NRO/NRE/FCNR accounts in Indian Rupees. Alternatively, they can pay the same amount in foreign currency from their foreign bank account. The banker can be instructed on electronic money remittance through SWIFT into our bank account.

  • Online Procedures Icon

    Online procedures

    To purchase NRI insurance policies, online medical check-ups and consultation facilities are made available to the policyholders. Therefore, purchasing life insurance plans becomes a simple and convenient option. 

Benefits for NRIs Purchasing Life Insurance In India

Purchasing life insurance plans in India is considered beneficial for the NRIs based on the following:
 

  • Compared to many countries offering life insurance plans, the premium rates of NRI term insurance policies are highly affordable. 

  • Group Icon

    Hassle-free procedures

    The NRIs can purchase a life insurance plan in India based on simple steps such as providing the required documents, choosing a comfortable premium payment method, etc.

  • Percentage Icon

    High Claim Settlement Ratio

    Tata AIA Life Insurance registered a claim settlement ratio of 98.53%2 during FY 2021-22.

  • Document Icon

    Non-resident Indian Taxation

    When the policyholder is investing in a life insurance plan, the NRI income tax benefits are as follows. the premium paid and the payout received will qualify for a tax deduction and exemption benefit based on the income earned and payouts provided in India under Section 80C and Section 10(10D) of the Income Tax Act, 1961, subject to fulfilling conditions specified therein

  • Responsible Community Icon

    Shield family from business risks

    NRI Customers also can avail themselves of the policy under Married Women Property Act and ensure that the family is safe from the claims of creditors in future. 

Settlement Guidelines
 

NRI insurance offers death benefits to the respective family members in the event of the policyholder's death, irrespective of their location. Here are a few guidelines that every NRI should know.

The nominee can file the death claim for the settlement with the necessary documents detailed in the policy document.

In rupee life insurance policies, if the claim needs to be settled in favour of the nominee residing outside India, the payout in foreign currency should be proportionate to the amount of premium that has been paid in foreign currency out of the total premiums payable.

Nominees/beneficiaries residing outside India are permitted to credit insurance claims/maturity/surrender value settled in foreign currency to their NRE/FCNR account.

A resident beneficiary can open an RFC (Domestic) Account and credit claims/maturity benefits/surrender value settled in foreign currency to the account.

Resident beneficiaries previously residing outside India can open an RFC Account on becoming a resident and credit the proceeds of claims/maturity proceeds/surrender value settled in foreign currency. This is applicable to policies issued by an insurer in India.

If a rupee life insurance policy is issued to an Indian resident outside India and the premiums have been collected in non-repatriable rupees, the claims/maturity benefits/ surrender value will be credited to the beneficiary’s NRO account in rupees. The same applies if a death claim is settled in favour of the assignees/nominees of a resident outside India.

A foreign national can receive claims/maturity proceeds/ surrender value of rupee policies issued to them in rupees or can remit it abroad.


Note – If a credit card issued outside India is used for premium payments, it will not be treated as a payment in foreign currency as it will be credited to Tata AIA Life Insurance in Indian Rupee.


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Frequently Asked Questions
(FAQs)

Can I invest in a life insurance policy while I am residing outside India?

Yes, you can invest in a life insurance policy based on your residential status of being an NRI (Non-Resident Indian), POI (Person of Indian Origin) or Overseas Citizen of India (OCI) as stated in the Foreign Exchange Management Act (FEMA).

Tata AIA life insurance policies are available online. The NRI can access it all at any time on the official website, provide the necessary documents and purchase the life insurance plan effortlessly. Remote medical underwriting facilities are based on the country of residence. You can always contact the customer service team via WhatsApp or Email for the necessary clarifications related to the medical tests, documents required, etc. 

What documentation is required before investing in the life insurance plans for NRIs?

Here is the list of documents required by NRIs for purchasing life insurance plans from Tata AIA Life Insurance. 

  • Passport
  • FATCA form
  • Travel Questionnaire/NRI Questionnaire
  • Visa Copy/OCI Card/Other Proofs (for OCI/PIO & Foreign Nationals)
  • Proof of employment ID/proof of employment
  • Last Entry-Exit Stamp (required for specific channels)
  • Proof of residence
  • Last 3 months' salary payslips
  • Last 6 months' bank statement
  • Photographs
  • Proof of address in the country of residence
  • COVID vaccination certificate
  • CDC for Mariners/Questionnaire

Which are the available premium payment modes?

You can choose your payment mode, Credit card standing instruction, National Automated Clearing House (NACH), Cheque, Debit card, Net banking, NEFT/RTGS, SWIFT, etc.  

Can I Pay in a foreign currency?

Yes, you may pay in convertible foreign currency equivalent to the premium.

Does an NRI need to have an Indian Bank Account?

It is not mandatory for an NRI to have an Indian Bank account to purchase a life insurance policy.  

Is a PAN card mandatory for an NRI wanting to purchase a life insurance policy?

As per the income tax rules for NRI, a PAN card is not mandatory for NRIs; you will have to provide Form 60 instead. However, in case of ITR filing for NRI, to be able to claim TDS credit (withholding tax), you can receive the TDS certificate only by submitting your PAN card.

Is online claim settlement available?

Yes, online claim settlement is available for the NRIs availing of life insurance benefits. However, it is subject to verification of the required documents and the related premium payments. You can connect to us through WhatsApp or Email for the transfer process.

How to intimate Claim? 

The claimant may visit any of our offices or send a request from their registered email.

Documents required for Claim:

  • Death Certificate issued by the Government
  • Original policy bond
  • Attested photocopy of ID proof and address proof of claimant
  • Claimant Statement/Intimation Letter
  • Copy of Bank passbook/Cancelled cheque of claimant/NEFT mandate
  • Post-mortem report and FIR (in case of an accident)
  • Medical Certificate issued by hospital (if available)
  • PAN card/Form 60
  • FATCA/CRS (self-declaration form)
  • Form 10F (self-declaration form)
  • No Permanent Establishment (PE) declaration (self-declaration form)
  • Tax residency certificate (TRC) issued by Govt. of the respective country 

How is an insurance claim settled?  

To get an insurance claim settled, you can get in touch with our customer care team on the official Tata AIA Life Insurance website. To know more about claim settlement, you can refer to the section on Settlement Guidelines.

What modes of communication are available if I need to enquire about my policy or update any policy information?

Address Change, Nominee Change, and Bank Details can be updated Online through ‘My DigiAccount’ on Tata AIA Website (www.tataaia.com). You can also contact us through Email or Whatsapp at any time for further clarification. 

How can I get my life insurance policy document?

On issuance of your policy, we will send a digital copy to your registered email id or a physical copy as per the extant regulatory norms. You can also download the policy document here. 

Does my country of residence affect the premium rate?

Yes, the country of your residence will affect the premium rate. For example, the premium rate is subject to an increase if the country is highly risky, considering factors such as political instability. 

Can NRIs buy a life insurance policy under the MWPA?

Yes, NRIs can purchase life insurance policies under the Married Women Property Act to ensure that creditors cannot claim the policy benefits that are to be paid out to the policyholder’s family or nominee.

Can an NRI return their policy during the free-look period?

As an NRI, you can cancel your policy through a written notice to the Company during the free-look period. This formal notice has to be submitted within 15 days (for offline policies) or 30 days (electronic or distance marketing mode) of receiving the policy document. Once the cancellation is approved by the Company, you will receive a refund on the premiums paid. This does not include the interest and the proportionate risk premium for the period on the cover; stamp duty and medical examination costs will be deducted as well

Are insurance proceeds taxable? 

Tax proceeds for NRI/ PIO/OCI Insurance policy will be governed by the provisions of Sec 10(10D) of the income tax law and conditions prescribed under income tax rules for NRI and may be amended from time to time. The same is applicable to all policies except for annuity plan or pension plan for NRI, and health insurance. For a better understanding of the taxability, please contact your financial tax expert.

Are annuities taxable?

Annuities are considered income in the hands of the receiver and are taxable as per prevailing income tax slabs for non-resident taxpayers.

Is the purchase price or the guaranteed addition received in the hands of the nominee as the death benefit taxable or tax-free? 

There is ambiguity in Income tax law on the death proceeds of annuity plans; however, in our view, the same should not be taxable in the hands of the nominee.

In the case of NRI customers, will Tata AIA deduct TDS from the annuity amount? If yes, what will be the rate of deduction?

  • TDS will not be deducted if the NRI resides in a country where DTAA is applicable provided the following documents are submitted at least once a year (During the pay-out period):

    • FATCA/CRS (self-declaration form)
    • Form 10F (self-declaration form)
    • No Permanent Establishment (PE) declaration (self-declaration form)
    • Tax residency certificate (TRC) issued by Govt. of respective country

  • A list of major countries where DTAA benefits are available, and payment can be made without deduction of TDS subject to submission of mandatory documents are as under.

    No DTAA benefit is available for countries other than those mentioned in the below table, and payment will be subject to deduction of TDS irrespective of submission of mandatory documents.
     

    Country Country Country
    Australia Germany Ireland

    New Zealand

    Mozambique Norway
    Singapore Nepal Czech Republic
    Sri Lanka Oman Hungary
    UAE (Dubai) Philippines Iceland
    UK Portugal Uganda
    USA Netherland Mauritius
    Indonesia Sudan Vietnam
    Thailand Ukraine Kazakhstan

    Saudi Arabia

    Zambia Belgium
    France Switzerland Romania
      Ethiopia Poland

     

  • In countries where DTAA benefit is not available or policyholders do not submit the mandatory document, TDS will be deducted at the following rates:
     

Particulars

Tax Rate*

Aggregate Taxable payout is up to
₹ 50 lakh

31.20%

Aggregate Taxable payout exceeds
₹ 50 lakh, but up to ₹ 1 crore

34.32%

Aggregate Taxable payout is more than ₹ 1 crore

35.88%


*
Including applicable surcharge and cess. *This is as prevailing Tax rates.


In case a valid PAN is provided, the policyholder can claim credit for TDS deducted by filing a Non-Resident Indian income tax return.

How is the TDS calculated in case of a surrender payout to an NRI customer? 

On surrendering a policy, TDS would be applicable on the incremental amount, i.e., Surrender value minus the amount of total premium paid. No TDS will be deducted if the surrender value is equal to or lower than the total premium paid.

Are there any other documents to be submitted specifically for NRI customers?

The policyholder needs to submit the FATCA/CRS declaration form at the time of onboarding and during benefit pay-out (once in a calendar year). Pl refer questions referred below for details on FATCA.

What happens if an NRI customer relocates to India while the policy is still active?

The following documents need to be submitted with us:

  1. Indian address proof
  2. Declaration as per format - Residential Undertaking-Section 195
  3. Indian Bank account details for NEFT

What happens to the policy if a resident Indian relocates abroad and becomes NRI?

The following documents need to be submitted with us:

The life insurance policy will carry on in Indian currency after you move abroad. The maturity and death benefits will be payable if the premiums are paid regularly.  

What happens if an NRI changes the country of residence after buying life insurance?

The NRI should provide the insurer with their current address and residence status, but the life insurance coverage will continue across the world.

What is FATCA & CRS?

FATCA stands for Foreign Account Tax Compliance Act and includes reporting the details of accounts (policies) held by individuals being citizens or residents of the United States of America (‘US’) as may be prescribed.

CRS stands for Common Reporting Standard and includes reporting the details of accounts (policies) held by an individual other than US citizens or US residents. 

Central Board of Direct Taxes (CBDT) has adopted the rules of FATCA/CRS and issued guidelines for reportable transactions and required declaration/documents to be obtained to ensure regarding NRI who are covered under the Foreign Account Tax Compliance Act (FATCA) or Common Reporting Standard (CRS).

To who does FATCA & CRS apply?

It is applicable to all the policyholders for whom any of the following indicia belongs outside India:

  • Place of birth
  • Country of residence
  • Residency for the purposes of Tax
  • Residence or Mailing address
  • Whether NRI
  • Telephone number (residence or mobile)
  • Bank account type (NRE / NRO / Foreign)

For further information on FATCA/CRS, please visit www.incometaxindia.gov.in and refer to Central Board of Direct Taxes (CBDT) notification news on ‘Due Diligence and Reporting Rules 114F to 114H under section 285BA of Income Tax Act, 1961’

Do I need to furnish FATCA/CRS declaration again after taking policy Insurance policy?

Initially, a FATCA declaration is required along with the proposal form. All details need to be ensured mentioned correctly, For instance – TIN, Country of Tax, and address. In case of any change in address or change in status from NRI to resident, please inform the company official to update the same in the record so that reporting can be taken care of.

Is TIN Number Mandatory?

TIN Number is mandatory for FATCA returns; in countries where no income tax law applies (Middle East), other ID numbers available with the customer can be mentioned.

Disclaimers

  • Income Tax benefits may be available as per the prevailing Income Tax Laws, subject to the fulfilment of conditions stipulated therein. Tata AIA Life Insurance Company Ltd. does not assume responsibility for tax implications mentioned anywhere in this document. Policyholders may consult their own tax consultant to know the tax benefits available to them.
  • **Under Life Plus Option, an amount equal to the 105% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier.
  • ^Applicable for Life, Life Plus and Life income options
  • CritiCare Plus (CPB), Accidental Death (AD), Accidental Total & Permanent Disability (ATPD) are benefit options available under Tata AIA Vitality Protect (A Non-linked, Non-participating, Individual Health Rider) (UIN: 110B046V01).  Hospi Care (HCB) is a benefit option available under Tata AIA Vitality Health (A Non-linked, Non-participating, Individual Health Rider) (UIN: 110B045V01)
  • Param Rakshak solution comprises of Tata AIA Life Insurance Smart Sampoorna Raksha, a Unit-linked, Non-participating, Individual Life Insurance Plan for Savings and Protection (UIN:110L156V02), and Tata AIA Vitality Protect Plus, a Non-linked, Non-participating, Individual Health Rider (UIN: 110A048V01). 
  • Param Rakshak Plus solution comprises of Tata AIA Life Insurance Smart Sampoorna Raksha, A Unit-linked, Non-participating, Individual Life Insurance Plan for Savings and Protection (UIN:110L156V02), Tata AIA Vitality Protect Plus, Non-participating, Individual Health Rider (UIN: 110A048V01) and Tata AIA Vitality Health Plus, A Non-linked, Non-participating, Individual Health Rider (UIN: 110A047V01). Tata AIA Life Insurance Smart Sampoorna Raksha is also available individually for sale.
  • 2Individual death claim ratio for FY 2021-22 as per annual financial statements.
  • 4Guaranteed Annual Income” shall be a fixed percentage of the Annualised Premium / Single Premium (excluding discount) payable in a year. Guaranteed Annual Income as per the chosen Income Frequency shall commence after maturity till the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.
  • ~Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere on this site. Please consult your own tax consultant to know the tax benefits available to you.
  • 7Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess, if any will be charged extra as per prevailing rates. The Tax Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
  • 8Return of Premium Benefit is The Total Premiums Paid (excluding loading for modal premiums and discount) by the policyholder will be payable at the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.
  • 9Guaranteed Annual Income (GAI) in the Regular Income option is a percentage of one Annualised Premium while in the Whole Life Income option is a percentage of the Total Premiums Paid
  • 10Guaranteed Addition defined as a percentage of GMB shall accrued at a simple rate for each completed policy year, throughout the Policy Term and shall be payable on Maturity or Death whichever is earlier, subject to all due premiums being paid. GA shall accrue @ 5% of GMB.
  • 11Guaranteed Returns are defined as Guaranteed Payout (GP)/ Guaranteed Maturity Payout (GMP) under both Plan Options. For Regular Income option, GP is 120% to 160% of the Annualised Premium (AP) and GMP is 46% to 405% of AP for male lives and 74% to 408% of AP for female lives. Please refer survival benefit factor under regular income option. For Endowment option, GP is 5.26 to 15.03 times of AP for Male lives and 5.36 to 15.04 times of AP for female lives and GMP is equal to GP, provided the policy is in-force and all due premiums have been paid. The GP/GMP factors under both the plan options will depend on premium payment term, age and gender of the Life Insured.
  • 12on a 5-year basis as of September 2022.
  • 13©2020 Morningstar. All rights reserved. The Morningstar name is a registered trademark of Morningstar, Inc. in India and other jurisdictions. The information contained here: (1) includes the proprietary information of Morningstar, Inc. and its affiliates, including, without limitation, Morningstar India Private Limited (“Morningstar); (2) may not be copied, redistributed or used by any means, in whole or in part, without the prior, written consent of Morningstar; (3) is not warranted to be complete, accurate or timely; and (4) may be drawn from the data published on various dates and procured from various sources and (4) shall not be construed as a n offer to buy or sell any security or other investment vehicle. Neither Morningstar, Inc. nor any of its affiliates (including, without limitation, Morningstar) nor any of their officers, directors, employees, associates or agents shall be responsible or liable for any traducing decisions, damages or other losses resulting directly or indirectly from the information.
  • 14The word Guaranteed and Guarantee means the annuity payout is fixed at inception of the policy and will be payable for whole of life or till death of the Annuitant(s).
  • 15The word Guaranteed and Guarantee means the annuity payout is fixed at inception of the policy and will be payable for whole of life or till death of the Annuitant(s).
  • 16Allowed only where the product is bought through Tata AIA Life Insurance company website without any intermediary being involved and as per preference of the prospect.
  • 18The Life Stage Plus Option can be selected only at inception of the Policy
  • 20A monthly mortality charge will be levied. Please refer complete sales brochure for details.
  • 22Market-linked returns are subject to market risks and terms & conditions of the product. The assumed rate of returns or illustrated amount may not be guaranteed and depends on market fluctuations.
  • 23Tata AIA Life Insurance Smart Value Income Plan provides a Cash Bonus or Accumulated cash bonuses, if declared and along with Guaranteed Maturity Benefit.
  • Insurance cover is available under this product. This product is underwritten by Tata AIA Life Insurance Company Limited. The plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance. This product will be offered to Standard lives only.
  • For ULIP products

    • The fund is managed by Tata AIA Life Insurance Company Ltd. For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.
    • Past performance is not indicative of future performance. Returns are calculated on an absolute basis for a period of less than (or equal to) a year, with reinvestment of dividends (if any).
    • Investments are subject to market risks. The Company does not guarantee any assured returns. The investment income and price may go down as well as up depending on several factors influencing the market.
    • Please make your own independent decision after consulting your financial or other professional advisor.
    • Tata AIA Life Insurance Company Limited is only the name of the Insurance Company & Tata AIA Life Insurance Fortune Pro is only the name of the Unit Linked Life Insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
    • Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. Please know the associated risks and the applicable charges, from your Insurance Agent or Intermediary or Policy Document issued by the Insurance Company.
    • Various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. The underlying Fund's NAV will be affected by interest rates and the performance of the underlying stocks.
    • The performance of the managed portfolios and funds is not guaranteed, and the value may increase or decrease in accordance with the future experience of the managed portfolios and funds.
    • Premium paid in the Unit Linked Life Insurance Policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Insured is responsible for his/her decisions.
    • Please know the associated risks and the applicable charges, from your insurance agent or the Intermediary or policy document issued by the Insurance Company.
    • IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. THE LINKED INSURANCE PRODUCT DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICY HOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF THE FIFTH YEAR.
  • This publication is for general circulation only. This document is for information and illustrative purposes only and does not purport to any financial or investment services and does not offer or form part of any offer or recommendation. This document is should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • L&C/Advt/2023/Jan/0316