An Indian With Foreign Nationality

• Insurance will be given during visit to India or by Mail Order
• Indian Rupee Currency policy will be issued.( May be allowed to re mitt abroad if if premiums paid in Foreign Currency as per Rules)
• Maximum Sum Assured of Rs.50 Lakh Allowed.
• Medical Report Compulsory
• Joint Life Policy, Health Insurance and few other plans plans cannot be given
• Plans Allowed
  • Endowment Plan
  • Money Back (for 20, 25 years)
  • Jeevan Samrifhi
• As per revised LIM, Policy can be exported out of India

Special Reports :
Blood, Sugar, Heart, S.Chol, ECG, Thread Mill etc required as per policy Amount and age CLICK HERE TO VIEW THESE DETAILS

The reports will depends on age and policy amount and will be done by "LOCAL" Medical reactitioner (Doctor, MD) and pathologists of country you are residing. The report should contain all headings as per LIC's pre-printed Medical Form (this will be sent to you and applicable for all tests) in such case The Local practitioner need not sign the LIC's Medical form

Medical Check up / Examination : Necessary pre-printed form will be sent to you and need to be signed by the qualifying doctor or give all such details as per form on their letter head and sign.

Qualification of Doctor for Medical Checkup Examination:

Medical Examiner and Proposer should sign the Medical Examiner's Report

Signature on Proposal Form
The proposer and Medical Examiner should sign on Proposer form as well as Medical Examiner

Payment of premium : Procedure

A On receipt of foreign currency Cheque, receipt cannot be issued till the instrument is realised.
B Acknowledgement can be given by the Branch Manager
C Draft Cheque is sent to Bank for Collection (Through separate pay-in-slip)
D Bank will send Credit Advice with particulars of Exchange rate and Bank Charges Debited
E Receipt will be issued for the Amount Credited if the same sufficient (for Premium).

Shortfall in amount received

• Shortfall upto 3% of Amount due is allowed and an receipt is issued.
• If shortfall exceed more than 3%, an additional amount equal to Bank Charges (Actual) may be adjusted
• Further shortfall is adjusted with X-charges
• If still there is shortfall , the amount is accepted as deposit amount (not adjusted with premium, premium remains unpaid).
• Balance amount need to be paid.

AMOUNT RECEIVED EXCEEDS THE ACTUAL PREMIUM

• Amount exceeding 3% of premium will be held as Deposit
• This amount is to a resident in India, on receipt of "Authorisation Letter for payment" from Policy holder

CLAIM

• Payment in foreign currency is permitted only in proportion in which the amount of premium paid in foreign currency in relation to total premium payable (this is in case the 1st premium paid in foreign currency and few in India Rupees. In case all premiums are paid in Foreign Currency, the maturity value or death claim will be paid to the nominee in foreign currency only}
• Non resident beneficiary of claims / Maturity / Surrender value settled in foreign currency may be remitted to credit the same to NRE / FCNR Account if they so desire
• Resident beneficiary of claims settled in Foreign Currency may be permitted to credit RFC A/c if they so desire
• Claims / Maturity / Surrender Value in receipt of policy for which premium is collected in Non Repatriable Rupee may be paid only in Rupees by Crediting NRO account. This will also apply to death claim settlement in favor of non resident assignee Nominee
• Claims / Maturity / Surrender Value in respect of policy issued to foreign nationals not permanently resident in India may be paid in Rupees or be allowed to remit abroad if the claimant so desire