Why Should NRIs in UAE Buy LIC Policy?

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.