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ULIP Plans for NRI

NRIs consider ULIPs (Unit Linked Insurance Plans) to be a unique investment opportunity. NRIs have the opportunity to invest in ULIPs in India in... Read more accordance with the Foreign Exchange Management Act (FEMA). Individual policyholders may use this plan as an investment vehicle to achieve their long-term financial goals. NRIs will be able to participate in the growing financial market and achieve their financial objectives through various ULIP schemes available. Read on to know more about ULIPs for NRIs. Read Less

NRIs consider ULIPs (Unit Linked Insurance Plans) to be a unique investment...Read more opportunity. NRIs have the opportunity to invest in ULIPs in India in accordance with the Foreign Exchange Management Act (FEMA). Individual policyholders may use this plan as an investment vehicle to achieve their long-term financial goals. NRIs will be able to participate in the growing financial market and achieve their financial objectives through various ULIP schemes available. Read on to know more about ULIPs for NRIs Read Less

Invest ₹15,000/month¹, Get ₹2.3 Cr tax-free⁷ returns (@19.87%)

All funds rated 4 or 5 stars³

Life cover + Wealth creation

Zero LTCG tax²

Zero premium allocation charge

In this policy, the investment risk in investment portfolio is borne by the policyholder

¹IIllustrative returns @4%: ₹13.1 Lakh | @8%: ₹31.8 Lakh
Past performance is not indicative of future performance. 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

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Pay (Total)

₹11,99,016

Get Maturity Benefit

Based on assumed rate of return

₹34.57 Lakh

As per actual past performance

₹70.50 Lakh

@20.37%

Additional Benefits

Life Cover (including Terminal Illness Cover): ₹22.8 Lakh

Accidental Death Cover: ₹11.43 Lakh

Accidental Total & Permanent Disability: ₹11.43 Lakh

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Tata AIA Premier SIP is a combination of the Tata AIA Smart SIP - Non-participating, Unit-linked, Individual Life Insurance Savings Plan (UIN: 110L174V02) and Tata AIA Health Buddy - Non-participating, Non-Linked, Individual Health Product (UIN:110N183V01). Both Tata AIA Smart SIP and Tata AIA Health Buddy are also available for sale individually. Product option: Future Secure

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What is a ULIP?

ULIP is a multi-functional insurance product. In this plan, both life insurance and investment plans are combined. Premiums for ULIP plans need to be paid regularly. A part of the premium goes towards providing life insurance coverage. Remaining premiums are then invested in equities and debts as per user preference.

ULIP invests money taken from policyholders into funds they choose. The total invested amount is divided into 'units', each with a certain face value. The 'units' are then allocated to investors based on their investment. Each unit has an NAV (Net Asset Value), which shows how much each asset is worth. ULIP calculators can help you estimate potential returns based on factors like premium amount, fund choice, and investment duration.

Unit-linked plans are managed by professional fund managers, who invest a significant portion of the premium after closely monitoring market fluctuations. Depending on the results of the analysis, necessary changes are made again.

After the policy matures, you will receive the total fund value at that time. In the event of the policyholder’s death, the nominee receives the higher of the sum assured or 105% of the premium amount paid to date or the fund value of the policy.

Best ULIP plans for NRI

Here are some of the best plans offered by Tata AIA Life Insurance you can explore:

Solution Composition

Tata AIA Premier SIP is a combination of the Tata AIA Smart SIP, a non-participating, unit-linked, individual life insurance savings plan (UIN: 110L174V02), and Tata AIA Health Buddy, Non-participating, Non-Linked, Individual Health Product (UIN:110N183V01). Both Tata AIA Smart SIP and Tata AIA Health Buddy are also available for sale individually.

Tata AIA

Premier SIP

This plan allows you to invest in high rated funds³ to grow your wealth while also providing with basic life cover, enhanced cover against accidental death, disability, terminal illness. It also gives flexibility with multiple withdrawal options.

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Solution Composition

Tata AIA Param Raksha Life Pro + is designed for combination of benefits of following individual and separate products named (1) Tata AIA Smart Sampoorna Raksha Supreme Unit Linked, Non-Participating Individual Life Insurance Plan (UIN: 110L179V02) and (2) Tata AIA Health Buddy, Non-Participating, Non-Linked, Individual Health Product (UIN: 110N183V01). These products are also available for sale individually without the combination offered/ suggested. This benefit illustration is the arithmetic combination and chronological listing of combined benefits of individual products. The customer is advised to refer the detailed sales brochure of respective individual products mentioned herein before concluding sale. Accidental Death, Accidental Disability, Terminal Illness with Term Booster are available with Tata AIA Health Buddy (UIN:110N183V01).

Tata AIA

Param Raksha Life Pro +

This plan provides long-term high life cover along with the opportunity to grow wealth with top rated funds³. Enhanced cover for accidental death, disability and terminal illness is also included in this plan.

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Key features of ULIPs for NRIs

NRIs looking to invest in ULIPs can benefit from these features:

Investment allocation:

In ULIP for NRI schemes, you can choose to invest based on your risk appetite. You can benefit from both debt and equity funds. By using this feature, you can continue investing your future premiums towards the fund of your choice.
Switching of funds:

If the market fluctuates or your investment needs change, you can switch funds without any cost. As a result, your investment can be flexible as per your requirements. Also, you can invest your money in debt funds during a market slowdown and then move back to equities once the market stabilises.
Top-ups:

With this feature, you can choose to change investments from time to time. ULIP plans offer the opportunity to invest an additional amount over the existing investment plan. You can get a larger sum at the end of the tenure of this plan if you opt for it.
Partial withdrawal:

The money you have invested in ULIPs can be withdrawn whenever you want. After a lock-in period of 5 years, you can withdraw funds during times of emergency. It depends on the ULIP plan you choose how often and how much you can withdraw.
Tax savings:

ULIPs for NRIs offer tax² savings. According to the provisions of income tax for NRIs, the premiums you pay for a ULIP are tax-free up to ₹1.5 Lakh per year under Section 80C. Additionally, the amount you'll receive at maturity is tax-free under Section 10(10D) if you meet the conditions.
Payment options for premiums:

This option allows NRIs to pay multiple premiums at their convenience. Payments can be made through a single premium payment option. If you prefer, you can pay monthly, annually, or half-yearly.

How to invest in ULIPs for NRIs?

NRIs can invest in a ULIP plan online based on their financial goals and risk appetite. The following are the steps to invest in ULIP for NRI.

NRI needs to fill out the application form.
Below are the mandatory documents required during the application process:
1. Scanned copy of passport
2. Address proof
3. OCI or PIO card (as per KYC norms)
4. Income proof
5. Copy of PAN card or a declaration in lieu of PAN
6. Foreign residency supplementary questionnaire
7. Medical test reports (if required by the insurance company)
NRIs can pay ULIP premiums through online modes using the following options:
1. Payment via Non-Resident External (NRE) account
2. Payment via Non-Resident Ordinary (NRO) account
3. Payment through foreign currency remittances
The mode of payment depends on the policy denomination:
1. If the policy is denominated in Indian Rupees, premiums can be paid through an NRO account.
2. In other cases, premiums may be paid using NRE accounts or foreign remittances, as permitted by the insurer.

Documents required by NRIs to invest in ULIPs in India

Every NRI should keep the following documents ready when purchasing a ULIP for NRI. The required documents include:

Age proof: Documents such as a birth certificate or passport
Identity and address proof: A copy of the passport; some insurers may also require a valid national identity card or resident card
Income proof: Bank statements, salary slips, or tax documents from the country of residence.
Medical history: Disclosure of medical history through medical tests, if required as per the insurer’s underwriting policy.
OCI or PIO Card: As per KYC norms.
PAN card: Copy of PAN card or a declaration in lieu of PAN.
Scanned Passport Copy.
- Foreign Residency Supplementary Questionnaire.

Tax benefits for NRIs investing in ULIPs

ULIPs for NRIs offer the following tax benefits:

Tax benefits for ULIP premiums
ULIP premiums paid by NRIs and Indian citizens are tax exempt². NRIs are eligible for a deduction of ₹1.5 Lakh under Section 80C of the Income Tax Act. If the ULIP premium is up to ₹2,50,000 and equal to or less than 10% of the sum assured, NRIs are eligible for maturity benefit exemption under Section 10(10D) of the Income Tax Act, 1961.
ULIP maturity tax benefits
As per section 10(10D) of the Income Tax Act, NRIs can avail of exemptions from taxes on death benefits.
When NRIs reach maturity, they qualify for tax² benefits, subject to the following provisions:
• When plans are issued on or after February 2021, NRIs can claim tax benefits on maturity only if the total premium paid is equal to or less than ₹2.5 Lakhs in any of the previous years. ULIP plans purchased before February 2021 are tax-exempt for NRIs only if the premium is less than 20% of the sum insured. Capital gains tax will apply if the premiums exceed ₹2.5 Lakh annually. However, this only applies to ULIPs purchased after February 1, 2021.

• If any NRI withdraws their ULIP policy before the lock-in period of 5 years, the amount surrendered is added with their taxable income and taxed at the slab rate. However, no charges apply if the ULIP policy is surrendered after 5 years.

• Furthermore, NRIs are subject to double taxation, which affects their overall income. Compared with Indian permanent citizens, NRIs are subject to much higher income taxes. To avoid paying double taxes, it is necessary to go through the Double Tax Avoidance Agreement. India has partnered with the DTAA, which allows NRIs to avoid paying taxes in both countries.

Conclusion

ULIP plans provide NRIs with life insurance protection as well as long-term investment opportunities. With features such as fund switching, top-ups, and partial withdrawals, ULIPs allow flexibility to adapt to changing market conditions. Aside from growth benefits, ULIPs offer valuable tax² benefits under Section 80C and 10(10D). However, NRIs should carefully examine policy charges, lock-in periods, taxation rules, and DTAA provisions before investing.

Can NRIs invest in ULIP?

Yes, NRI can invest in ULIP, as permitted under the Foreign Exchange Management Act (FEMA) and the IRDAI regulations.

Can I invest in mutual funds if I am an NRI?

By complying with FEMA regulations and using NRE/NRO bank accounts, Non-Resident Indians (NRIs) can invest in Indian mutual funds across equity, debt, and hybrid schemes.

What is the new rule for NRI in India?

NRIs' new rules primarily concern updates in income tax laws and residency requirements, particularly for individuals in tax-free jurisdictions and high-income individuals.

What is the best investment option for NRIs in India?

It depends on a Non-Resident Indian (NRI)'s risk appetite, investment goals (short-term vs. long-term), and repatriation requirements.

How many types of ULIP plans are there?

Since ULIPs are categorised by investment focus, purpose, and death benefit structure, a fixed number is not available. There are two main structural categories: Type 1 (higher life cover, lower fund value payout) and Type 2 (higher combined sum assured and fund value payout). The other types of ULIPs include those for retirement, education, wealth creation, etc.

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.
Premier SIP is designed for combination of Benefits of two individual and separate products named (1) Tata AIA Life Insurance Tata AIA Smart SIP - Non-participating, Unit-linked, Individual Life Insurance Savings Plan (UIN: 110L174V02) and (2) Tata AIA Health Buddy - Non-participating, Non-Linked, Individual Health Product (UIN:110N183V01). These products are also available for sale individually without the combination offered/suggested.
Param Raksha Life Pro+ is designed for combination of Benefits of two individual and separate products named (1) Tata AIA Smart Sampoorna Raksha Supreme Unit Linked, Non-Participating Individual Life Insurance Plan (UIN: 110L179V02) and (2) Tata AIA Health Buddy, Non-Participating, Non-Linked, Individual Health Product (UIN: 110N183V01). These products are also available for sale individually without the combination offered/suggested.
¹Illustration shows a monthly premium of ₹15,000 for Tata AIA Premier SIP for a 30-year-old male, standard life, premium payment term: 10 years, policy term: 20 years with 100% investment in Tata AIA Multi Cap Fund in Future Secure plan option. 4% and 8% are assumed rates of return. 19.87% is the 5-year return of Nifty 500 Index as of October'25. Maturity amount: ₹23,75,740 at 4% returns, ₹43,20,914 at 8% returns and ₹ 2,33,98,560 at 19.87% returns. The fund value calculation is done by projecting the past returns of Nifty 500 Index after adjusting for all expenses in Tata AIA Premier SIP. The above values have been calculated assuming 19.87% p.a. gross investment returns, which is the past 5-year return of Nifty 500 Index as of October'25.
Some benefits are guaranteed, and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed benefits, then these will be clearly marked “guaranteed’ in the illustration table on this page. If your policy offers variable benefits, then the illustrations on these pages will show two different rates of assumed future investment returns. Currently the gross investment returns are stipulated as 4% p.a. and 8% p.a. These assumed rates of return are not guaranteed, and these are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including actual future investment performance.
²No Goods and Service Tax shall be applicable on Individual life insurance products as per prevailing laws. Tax 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 as per old tax regime. 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. 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
³All funds open for new business which have completed 5 years since inception are rated 4 star or 5 star by Morningstar as of August 2025.
©2025 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 data published on various dates and procured from various sources and (5) shall not be construed as an 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 trading decisions, damages or other losses resulting directly or indirectly from the information.
If your policy offers variable benefits, then the illustrations on this page will show two different rates of assumed future investment returns. Currently the gross investment returns are stipulated as 4% p.a. and 8% p.a. These assumed rates of return are not guaranteed, and these are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including actual future investment performance.
Linked Life Insurance products are different from traditional insurance products and are subject to risk factors.
The premium paid in Linked Life Insurance policies is subject to investment risks associated with capital markets and publicly available index. The NAV of the units may go up or down based on the performance of Fund and factors influencing the capital market/publicly available index and the insured is responsible for his/her decisions
Tata AIA Life Insurance Company Limited is only the name of the Life Insurance Company & Tata AIA Premier SIP is only the name of the Linked Insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
Please know the associated risks and the applicable charges, from your insurance agent or the Intermediary or policy document issued by the insurance company
Past performance is not indicative of future performance
The risk factors of the bonuses projected under the product are not guaranteed
These products are subject to the overall performance of the insurer in terms of investments, management of expenses, mortality and lapses.
For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale. Insurance cover is available under this product.
L&C/Advt/2026/Jan/0346