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.
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.
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Coverage
We provide the required life insurance coverage based on the chosen policy term and the affordable premium cost. This covers them worldwide.
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Policy tenure
The NRIs can avail of life insurance for a term suitable to their needs.
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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.,
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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.
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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:
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Compared to many countries offering life insurance plans, the premium rates of NRI term insurance policies are highly affordable.
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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.
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High Claim Settlement Ratio
Tata AIA Life Insurance registered a claim settlement ratio of 98.53%2 during FY 2021-22.
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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
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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.
Why Select Tata AIA
Life Insurance Policy?
We combine Tata Group’s unrivalled brand strength and leadership position in India, and AIA’s expertise and presence in 18 markets across the Asia-Pacific region. As pre-eminent protection providers, we offer customized solutions that enable consumers to protect the smiles of their loved ones family members.
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Disclaimers
- 168,75,083 families protected till October 2022
- 2Winner Life Insurance - Term Plan Category. Survey of 2250 people by NielsenIQ across categories.
- 3Winner Life Insurance - Guaranteed Income/Returns Plan Category. Survey of 2250 people by NielsenIQ across categories.
- 4Riders are not mandatory and are available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/Intermediary/ branch
- 5Market-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.
- 6Individual Death Claim Settlement Ratio is 98.53% for FY 2021 - 22 as per the latest annual audited figures.
- 7Families protected from inception till date.
- 8Retail Sum Assured for FY22 is Rs 3,07,804 Cr.
- 9As on 31st August 2022, the company has a total Assets Under Management (AUM) of Rs. 62,894 Crores.
- 10Applicable to only non-early claims more than 3 years of policy duration, non-investigation cases, up to Sum assured of 50 Lakh. Applicable for branch walk in. Time limit to submit claim to Tata AIA by 2 pm (working days). Subject to submission of complete documents. Not applicable to ULIP policies and open title claims.
- 11The 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).
- The complete name of Tata AIA Sampoorna Raksha Supreme is Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN:110N160V03) - A Non-Linked Non-Participating Individual Life Insurance Plan
- The complete name of Tata AIA Fortune Pro is Tata AIA Life Insurance Fortune Pro (UIN: 110L112V04) - Unit Linked Individual Life Insurance Savings Plan.
- The complete name of Tata AIA Fortune Guarantee Plus is Tata AIA Life Insurance Fortune Guarantee Plus (UIN: 110N158V09) - Non-Linked, Non-Participating, Individual Life Insurance Savings Plan.
- The complete name of Tata AIA Saral Pension is Tata AIA Life Insurance Saral Pension (UIN: 110N159V06) - A Single Premium, Non-Linked, Non-Participating, Individual, Immediate Annuity Plan
- The complete name of Tata AIA Fortune Guarantee Pension Plan is Tata AIA Life Insurance Fortune Guarantee Pension Plan (UIN:110N161V04) - A Non-Linked, Non-Participating, Annuity Plan
- InstaProtect Solution comprises Tata AIA Life Insurance Sampoorna Raksha Supreme (Non-Linked, Non-Participating, Individual Life Insurance Plan) (UIN: 110N160V03) - Life Option (in case Return of Premium is No) or Life Plus Option (in case of Return of Premium is Yes), Tata AIA Vitality Protect (UIN: 110B046V01) - A Non-linked, Non-participating, Individual Health Rider; Tata AIA Vitality Health (UIN: 110B045V01) - A Non-linked, Non-participating, Individual Health Rider.
- Tata AIA Fortune Guarantee Supreme (UIN110N163V02) - Individual, Non-Linked, Non-participating, Life Insurance Savings Plan
- ++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. 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.
- *Illustrated Premium is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for 1 Cr. Sum Assured with Policy Term of 20 yrs. (Regular Pay) under Life Option. Please refer Benefit Illustration for more details. Premium is subject to applicable taxes, cesses & levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.
- **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.
- +5 year computed NAV for Multi Cap Fund as of September 2022. Other funds are also available in Tata AIA Life Insurance Fortune Pro.
- ^on a 5-year basis as of September 2022.
- ~~©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 (5) 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
- #Illustrated Income Rates (Internal rate of return – IRR) is for Rs. 1 Lakh annual premium for Male/Female, age upto 50 years, standard life. Premium & IRR is excluding taxes for premium paying term of 10 years for policy term of 14 years and income term of 30 years. Internal Rate of Return will change subject to change in the combination of entry age, gender, Plan Option, Policy Term, Premium Paying Term, Premium Paying Frequency, Income Benefit Pay-out Frequency, Lump Sum benefit. IRR is a discount rate that makes the net present value (NPV) of all cash flows equal to zero in a discounted cash flow analysis.
- ##Illustrated annuity rate (IRR) is for joint life where one of the annuitant is 60 years of age while the other is 69 or above for plan type - Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor.[PM1] [JA2] IRR is a discount rate that makes the net present value (NPV) of all cash flows equal to zero in a discounted cash flow analysis.
- ^^Guaranteed 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.
- %Return 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.
- $The 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).
- @Illustrated Premium is premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for 70 Lakh Package Sum Assured with Policy Term of 40 yrs, Regular Pay, Without Return of Premium Option. Please refer Benefit Illustration for more details. Premium is subject to applicable taxes, cesses & levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium. The package Sum Assured is the maximum total coverage under the respective packages and is the sum addition of the individual risks Sum Assureds payable on occurrence of various insured events. Payouts will be restricted to applicable benefit mentioned against the corresponding risk as per the product or rider terms and conditions. Other Sum Assureds also available under the base product with or without rider.
- 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.
- 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.
- For ULIP products
- 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.
- 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.
- L&C/Advt/2023/Feb/0590
Tata AIA Life Insurance Company Ltd. (IRDA Regn. No. 110 ·CIN:U66010MH2000PLC128403. Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai 400013. Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor/Intermediary or visit Tata AIA Life's nearest branch office or call 1-860-266-9966 or write to us at customercare@tataaia.com. Visit us at www.tataaia.com
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint. |
