Benefits of Buying LIC Policy for NRIs in the UK

NRIs living in the UK often worry about their families living in India. Being a financial support for them, have you ever wondered what will happen to them if something unforeseen happens to you? Thus, to protect the future and dreams of your loved ones, you can opt for LIC plans for NRIs. 

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What is the LIC Policy for NRIs in the United Kingdom?

LIC plans for NRIs living in the UK are the plans that the NRIs can buy and ensure that their family’s financial future will be secured even after their demise. LIC for NRIs offers the benefits of life protection as well as helps you save a portion of your income on a regular basis. At present, LIC of India offers 32 insurance policies that are designed especially for NRIs willing to secure their families.

Best LIC Plans for NRIs in the UK

Below mentioned are some of the best LIC plans that are designed for NRIs in the UK.

Plan Name Entry Age Maximum Maturity Age Sum Assured (in Rs.)
LIC SIIP 90 days-65 years 85 years 7 times annualized premium*
LIC New Jeevan Anand 18-50 years 75 years 1 Lakh to No Limit
LIC Jeevan Umang 90 days-55 years 100 years- Age at entry 2 Lakhs to No Limit
LIC Jeevan Labh 8 years- 59 years 75 years 2 Lakhs to No Limit
LIC Jeevan Lakshya 18-50 years 65 years 1 Lakh to No Limit

    A unit-linked plan where one can ensure the financial security of their loved ones. The returns from the plan help the individuals to grow their wealth and create a financial cushion for a secure future.

    Key Features & Benefits

    • Guaranteed additions are provided to the policyholder which is calculated as a percentage of the yearly premium. These additions are added to the fund value on completing the 6/10/15/20/25 policy years

    • In case of the policyholder’s survival till the end of the policy tenure, an amount equal to the total amount of mortality charges deducted against the coverage provided will be paid along with the Maturity Benefit.

  2. LIC New Jeevan Anand

    An endowment plan which is designed to provide the policyholder with the dual benefit of life protection and savings. In addition to this, the plan also offers several optional benefits to secure the future of their loved ones.

    Key Features & Benefits

    • Additional coverage through LIC’s Accidental Death & Disability Benefit Rider, LIC’s New Critical Illness Benefit Rider, LIC’s Accident Benefit Rider, and LIC’s New Term Assurance Rider.

    • LIC New Jeevan Anand offers death benefits as well as maturity benefits and looks after your family’s future financial needs.

  3. LIC Jeevan Umang

    A whole-life plan that offers the benefits of life protection and savings till 100 years. The plan provides complete coverage by offering death as well as maturity benefits.

    Key Features & Benefits

    • One can buy a LIC Jeevan Umang policy and secure a lifetime annual income until 100 through survival benefits. These Guaranteed incomes are paid survival benefits for surviving every year till coverage ends.

    • The policyholder has the flexibility to choose premium-paying terms at their convenience. The available paying terms are i.e. 15 years, 20 years, 25 years, and 30 years.

  4. LIC Jeevan Labh

    A limited premium-paying plan wherein the policyholder only pays for a limited time period and can enjoy the benefits of life insurance and protection. The policyholder can choose to pay premiums for 10/15/16 years.

    Key Features & Benefits

    • The plan helps you to overcome financial emergencies by allowing the policyholders to avail of loans against their policy.

    • The plan offers LIC’s Accidental Death & Disability Benefit Ride and LIC’s New Term Assurance Rider and helps you to enhance your protection.

  5. LIC Jeevan Lakshya

    A life insurance policy that offers the double benefits of life protection and savings under a single policy. The plan is designed primarily for the benefit of children. 

    Key Features & Benefits

    • The plan provides an Annual Income Benefit equal to 10% of the Basic Sum Assured from the policy anniversary that falls on or after the date of the life assured's death until the policy anniversary prior to the date of maturity.

    • LIC’s Accidental Death & Disability Benefit Rider, LIC’s New Term Assurance Rider, LIC’s Accident Benefit Rider, and LIC’s New Critical Illness Benefit Rider are available to enhance the coverage of your policy.

What Are the Benefits of Buying LIC Plans for NRIs in the UK?

  1. Financial Coverage

    By buying a LIC plan while living in the United Kingdom, you can secure the life of your loved ones. In case something happens to you, the LIC plan will help your family to overcome the income loss.

  2. High Claim Settlement Ratio

    The CSR of the insurance company showcases its claim-settling ability. The Claim Settlement Ratio of LIC for the financial year 2021-22 is 98.74% which shows the company's quick claim settlement capability.

  3. Well-Renowned & Trusted Name

    For the last 67 years, LIC of India has been catering to every insurance need of every individual. The name is associated with the trust and credibility of providing the best and most affordable life insurance policy in India.

What Documents Are Required to Buy LIC Plans for NRI in the UK?

  • Proof of age and income.

  • NRI Questionnaire. (Annexure-II).

  • Prescribed proposal form depending on the type of policy selected.

  • An Initial Deposit equivalent to Installment

  • Medical Report (not applicable if the proposal is under non-medical scheme)

  • Attested copy of Passport

  • Special Medical Reports, if called for.

Wrapping it Up

Buying LIC Plans for NRIs in the UK is an ideal choice if you wish to secure the future of your loved ones. The plans offered by the LIC not only help you to build a corpus over the years but also ensures that even in your absence, your family will be able to fulfill their dreams, without worrying about financial obligations.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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