Why Should NRIs in the USA buy LIC Plans?

LIC Plans for NRIs in the United States of America- An Overview

LIC Plans for NRIs living in the United States of America (USA) are the life insurance plans offered to those Indians who are currently living/working/studying in the USA. These plans not only provide financial security but also offer peace of mind to the Non-Residential Indians knowing that their family's financial needs will be taken care of in their absence.

Best LIC Plans for NRIs in the USA

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

Reasons to Buy LIC Plans for NRIs in the USA

1. Oldest and trustworthy Name

   LIC is one of the oldest life insurance companies in India. The company started its operations in 1956 and is still one of the preferred insurance companies among Indians. By buying LIC 

   plans for your family, you can ensure your family’s financial stability.

2. Death Benefit

   LIC plans for NRIs offer death benefits to the nominee in case of the policyholder’s death during the policy tenure. The amount received as the Death benefit can help the family members of the policyholder to cope with the income loss.

3. Maturity Benefit

   In case the policyholder survives till the end of the policy tenure, the LIC Plans for the NRIs offer maturity benefits to the policyholder. The policyholder can use the amount to achieve his/her future goals.

4. Wide Coverage at affordable prices

   LIC Plans come with comparatively affordable prices compared to other international life insurance. For example, to buy LIC New Jeevan Anand with Rs. 1 Crore coverage, you need to pay just Rs. 2,306* per day in India.

5. GST Exemption

   The LIC would exclude NRI residents of the USA from GST if they pay the premiums out of their NRE accounts. The GST is assessed at a rate of 4.5% for the initial premium and thereafter at 2.25% for subsequent premiums.

Who Should Buy LIC Plans for NRIs?

LIC policy for NRIs is an ideal plan for:

1. Sole Breadwinner of the Family

   Being the sole earner of the family, your family will suffer a lot if something unfortunate happens to you while working in the USA. Thus, to ensure your family’s security, it is important to have a LIC Plan for NRIs.

2. Individuals with Outstanding Loans and Debts

   Students Loan, Home Loans, or any other personal loans may cause financial hardship amongst your family members after your death. Thus, to avoid such situations you can buy LIC plans for NRI and ensure that your loved ones can take care of the outstanding loans with the insurance amount.

3. Individuals willing to create a financial cushion for future

   The LIC Plans for NRI offers maturity benefits in case the policyholder outlives the policy term. Thus, with this feature, you can save your money by investing in any of the LIC plans and can create a corpus for your financial needs.

Wrapping it Up

Geographical boundaries are no longer the barrier for NRIs living in the USA. An NRI can easily opt for LIC Plans and can secure the financial future of their family. These affordable plans offered by the LIC are the best way to secure your and your family’s future.