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NRIs, OCIs/PIOs & Foreign Nationals can purchase life insurance in India. Know what these terms mean:
A citizen of India residing in another country.
(a) Any person of full age and capacity,
(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.
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.
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 online from their current place of residence subject to our Board approved underwriting policy.
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:
Leader in retail protection (sum assured) issuance
Leader in investment fund ratings (all funds rated 4 or 512 by Morningstar13)
Unique investment-linked protection solution
Competitive guaranteed savings and retirement solutions
Non-Linked, Non-Participating, Individual
Life Insurance Savings Plan (UIN: 110N158V10)
Tata AIA Life Insurance Best Seller
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.
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
No GST on premium payments through SWIFT/NRE/Forex accounts24
*T&C apply
Individual, Non-Linked, Non-Participating,
Life Insurance Savings Plan (UIN: 110N152V11)
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
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
No GST on premium payments through SWIFT/NRE/Forex accounts24
*T&C apply
A Non-Linked, Non-Participating, Individual
Life Insurance Savings Plan (UIN: 110N126V05)
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.
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Premium Amount
Min: 18,000 per annum
Max: No Limit, subject to underwriting
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
No GST on premium payments through SWIFT/NRE/Forex accounts24
11T&C apply
Individual, Non-Linked, Participating Life
Insurance Savings Plan (110N162V01)
A smart savings plan that adds value to your life goals!
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Premium Amount
Min: Single/Limited/Regular Pay: 24,000 per annum
Max: No Limit, subject to underwriting
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
No GST on premium payments through SWIFT/NRE/Forex accounts24
A Non-Linked Non-Participating Individual
Life Insurance Plan (UIN:110N160V03)
Tata AIA Life Insurance New
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.
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
No GST on premium payments through SWIFT/NRE/Forex accounts24
Non-Linked Non-Participating, Individual Life Insurance Pure Risk Premium Product (UIN: 110N102V04)
Tata AIA Life Insurance
A flexible term insurance policy to cover your family against life's uncertainties with affordable premium. Take a step today to secure your family.
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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.
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
Preferential rates for females
No GST on premium payments through SWIFT/NRE/Forex accounts24
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER
Unit Linked Individual Life Insurance Savings Plan (UIN:110L112V05)
Tata AIA Life Insurance Best Seller
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.
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
A comprehensive solution that offers a whole life cover till age 100, while also focusing on savings with market-linked returns22.
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Min. Entry Age
18 years / 60 years
Premium Payment Mode
Annual mode of payment.
Get Life Insurance Cover
Get whole life cover till the age of 100
Return on Maturity at the end of Policy Term.
Solution Composition
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.
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER
Unit Linked, Individual Life Insurance Savings Plan (UIN:110L111V03)
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
.
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
A Non-Linked, Non-Participating, Annuity Plan (UIN: 110N161V07)
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
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.
No GST on premium payments through SWIFT/NRE/Forex accounts24
*T&C apply
A Single Premium, Non-Linked, Non-Participating Individual Annuity Plan (UIN: 110N150V05)
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
Get Guaranteed15 Regular income for your retirement
Avail loan against the policy
Avail 2% extra annuity16
No GST on premium payments through SWIFT/NRE/Forex accounts24
*T&C apply
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
We provide the required life insurance coverage based on the chosen policy term and the affordable premium cost. This covers them worldwide.
Policy tenure
The NRIs can avail of life insurance for a term suitable to their needs.
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 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
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.
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.
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.
Tata AIA Life Insurance registered an Individual Death claim settlement ratio of 99.01%2 during FY 2022-23.
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
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.
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.
I am an NRI, residing far away from the Branches and offices of Tata AIA, and living in a different time zone. However, I have never felt short of any services, as Riddhi has always been very prompt and responsive. I feel that I have someone to represent me. Thank You Riddhi!
Dear Amit, I received one of the most excellent services rendered by an insurance company, just via WhatsApp and emails, and I truly appreciate it. You have gained a new customer who will refer all his friends to Tata AIA. Keep it going and I wish you all the best for the days to come.
I am an NRI Customer of Tata AIA Life and was visiting India for a few days. I was very sceptical and unclear about the policy working and its advantages to me in the future. But all my fears were laid to rest, when I visited your Branch and met Anushri, who spent a lot of time understanding my doubts and patiently answered all my queries.
(for existing customers)
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 life insurance plans for NRIs?
The documentation required will differ based on the choice of the insurer and the NRI insurance product. However, here is a detail about some of the most common documents required.
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:
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.
Effective Feb 2021, all ULIP policies where annual Aggregate premium exceeds Rs 2.5 Lakh premium and from 01st April 2023, all non ULIP policies where annual Aggregate premium exceeds Rs 5.0 Lakh, would be treated as taxable policies. Accordingly, income arising would be taxable at the time of any payout (i.e. Total payout minus Premium paid).
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?
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 |
Australia | Sudan |
New Zealand |
Ukraine |
Singapore | Zambia |
Sri Lanka | Switzerland |
UAE (Dubai) | Ethiopia |
UK | Ireland |
USA | Norway |
Indonesia | Czech Republic |
Thailand | Hungary |
Saudi Arabia |
Iceland |
France | Uganda |
Germany | Mauritius |
Mozambique | Vietnam |
Nepal | Kazakhstan |
Oman | Belgium |
Philippines | Romania |
Portugal | Poland |
Netherland |
Particulars |
Tax Rate* |
Aggregate Taxable payout is up to |
31.20% |
Aggregate Taxable payout exceeds |
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.
Above DTAA benefits would be applicable for annuity payout, however in case of ULIP and non ULIP plan, payout would be taxable. Such NRI are required to file tax return in India, in accordance to provisions of income tax law. NRI will be eligible to get tax credit of tax so paid.
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:
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:
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/CRS declaration is required along with the proposal form. All details need to be ensured mentioned correctly, For instance – TIN, Country of Tax, and address.
Govt of India has made changes in Income tax act vide finance act 2023, that in case a policyholder has incorrectly filled FATCA forms, same would be leading to penalty of Rs 5000 per year on policyholder.
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