Why Should NRIs in UAE Buy LIC Policy?

As an NRI living in the UAE, you need to secure the future of your loved ones living back in India. In case of any unfortunate happening, your family should be able to deal with the loss of income. Buying an LIC policy not only helps you get financial coverage but will also provide you with a sense of satisfaction that even if something happens to you, your family’s needs will be taken care of. 

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LIC For NRI in UAE- An Overview

NRIs living in the UAE can now buy LIC plans for security and investment purposes. The plans offered by the LIC for NRIs are designed to provide coverage to the family of the policyholder against any unforeseen events as well as help the policyholder to accumulate his/her money for future use. Not just this, you can also plan your retirement by investing in LIC Retirement plans. By paying minimal premiums, you can ensure your stress-free post-retirement life.

Best LIC Plans for NRI in UAE

  1. LIC New Jeevan Anand

    LIC New Jeevan Anand is an endowment plan that is designed to offer the dual benefits of life protection and savings. The plan offers death and maturity benefits to the policyholder and allows them to secure the future of their loved ones.

    Key Features & Benefits

    • In case, the policyholder survives till the end of the policy term, he will receive maturity benefits.

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

    Eligibility Criteria

    Parameters  Minimum Maximum
    Entry Age 18 years 50 years
    Maturity Age - 75 years
    Policy Term 15 Years 35 years
    Sum Assured 1 Lakh No Limit
  2. LIC SIIP

    LIC SIIP is a unit-linked plan wherein a policyholder can avail of comprehensive financial coverage against any type of eventualities. Moreover, the returns from the plan allow the individuals to grow their wealth and create a financial cushion for a secure future.

    Key Features & Benefits

    • If the policyholder survives till the end of the policy term, an amount equal to the total amount of mortality charges deducted against the coverage provided will be paid along with the Maturity Benefit.

    • The plan offers guaranteed additions as a percentage of one yearly premium added to the fund value on completing the 6/10/15/20/25 policy years.

    Eligibility Criteria

    Parameters  Minimum Maximum
    Entry Age 90 days 65 years
    Maturity Age 18 years 85 years
    Policy Term 10 years 25 years
    Sum Assured Below 55 years of age- 10 times annualized premium 55 years and above- 7 times the annualized premium
  3. LIC Jeevan Lakshya

    LIC Jeevan Lakshya offers the combined benefits of life protection and savings under a single policy. The plan is designed primarily for the benefit of children. Along with standard benefits, the plan also offers several additional benefits which can be opted for by the policyholder by paying the additional premiums.

    Key Features & Benefits

    • During the policy anniversary that coincides with or follows the date of the life assured's death to the policy anniversary before the date of maturity, the plan gives an Annual Income Benefit in which an amount equal to 10% of the Basic Sum Assured.

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

    Eligibility Criteria

    Parameters  Minimum Maximum
    Entry Age 18 years 50 years
    Maturity Age - 65 years
    Policy Term 13 years 25 years
    Sum Assured 1 Lakh No Limit
  4. LIC Jeevan Umang

    LIC Jeevan Umang is a whole-life plan that offers the benefits of life protection and savings for up to 100 years. In addition to the death and maturity benefits, the plan also takes care of financial emergencies by offering a Loan facility.

    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.

    Eligibility Criteria

    Parameters  Minimum Maximum
    Entry Age 90 days 55 years
    Policy Term 100 years- Age at entry
    Sum Assured Rs. 2,00,000 No limit
    Maturity Age 100 years
  5. LIC Jeevan Labh

    LIC Jeevan Labh is a limited premium-paying plan wherein the policyholder needs to pay premiums for 10/15/16 years and can enjoy the combined benefits of insurance and investment. 

    Key Features & Benefits

    • LIC Jeevan Labh looks after the liquidity needs of the policyholder by allowing them to avail of loans against their policy.

    • The plan offers two riders that allow the policyholder to enhance the coverage of their policy. The available riders are LIC’s Accidental Death and Disability Benefit Ride & LIC’s New Term Assurance Rider.

    Eligibility Criteria

    Parameters  Minimum Maximum
    Entry Age 8 years 59 years for PT 16 years
    54 years for PT 21 years
    50 years for PT 25 years
    Sum Assured Rs.2,00,000 No upper limit
    Maturity Age N/A 75 years
    Policy Term 16, 21 & 25 years
    Premium Paying Term 10, 15 & 16 years
  6. LIC Jeevan Akshay-VII

    LIC Jeevan Akshay VII is an immediate annuity plan offered by the LIC. The plan comes with 10 different annuity options and offers the guaranteed annuity rate at the initiation of the policy.

    Key Features & Benefits

    • The plan offers a joint life instantaneous annuity wherein if the death of the primary annuitant, 50% of the annuity is transferred to the secondary annuitant.

    • The remaining annuities within the guarantee term or the purchase price may be paid as the death benefit in the event that the policyholder passes away.

Reasons to Buy LIC Plans for NRIs in UAE

  1. Trust of 67 years

    LIC of India is the name associated with the trust and credibility of providing the best life insurance policy in India. By buying the LIC policy you can ensure your family’s financial security even in your absence.

  2. Financial Security

    Your family and loved ones living in India will depend on your income and if something happens to you they will become financially handicapped. Thus, having a LIC policy in the UAE will help you secure the future of your loved ones living in India. 

  3. Affordable Plans

    LIC plans available in India are affordable and come at a comparable price in comparison to international insurance policies. For example, an individual aged 30 years can buy LIC New Jeevan Anand with Rs. 1 Crore coverage by paying a minimal premium of Rs. 2,306* per day in India.

  4. Securing your post-retirement life

    The NRI’s living in UAE can avail permanent residency for up to 10 years. Thus, after your visa expires, you need to come back to your country. In such a scenario, you can buy retirement plans from LIC which will help you to look-after your post retirement life and live independently.

  5. High Claim Settlement Ratio

    The claim settlement ratio of the company indicates the company’s claim-settling ability. The CSR of LIC during the financial year 2021-22 is 98.74%

  6. GST Exemption

    If NRIs living in the UAE pay the premiums from their NRE accounts, the LIC will exclude them from paying GST. The GST is levied at a rate of 4.5% for the first year's premium and then at 2.25% of the premium for the following years.

Documents Required to Buy LIC Plans for NRI in UAE

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

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

  • NRI Questionnaire. (Annexure-II)

  • An Initial Deposit equivalent to Installment

  • Attested copy of Passport

  • Special Medical Reports, if called for.

  • Proof of age and income.

Summing it Up

Buying LIC Plans for NRIs living in UAE is one of the best gifts you can give to your loved ones. Sitting in UAE you can easily secure the future of your loved ones by investing in LIC policies and ensuring that if something happens to you, your family will be able to overcome the financial loss.


*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:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

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