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LIC Plans For NRI
LIC plans for NRIs offer protection and financial security to the policyholder and their family. Living far from your family, and securing your family’s financial needs is your responsibility. With LIC Insurance plans for NRI, you can ensure that your family living in India will be financially stable if something unfortunate happens to you. Read more about LIC plans for NRI in detail:
Tax saving under Sec 80C & 10(10D)^
Guaranteed maturity with life cover for securing family's future
Sovereign guarantee as per Sec 37 of LIC Act
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Can NRIs Buy LIC Plans?
Yes, Non-Resident Indians (NRIs) can get LIC policies in India but there are specific procedures and restrictions. To apply, NRIs need to complete an application form, provide required documents like income proof and passport, and undergo a medical examination, which can be done in their country of residence. All claim settlements and policy payments are processed in Indian currency in India only.
What are LIC Plans for NRI
LIC for NRI are the plans designed by LIC, especially for those individuals who live in a foreign country. Like Indian residents, NRIs are also eligible for these plans. The company offers more than 32 policies to the NRIs to cater to the different insurance needs of the policyholder. Below mentioned are some of the best LIC policies for NRIs that best fulfill their objectives. Take a look:
| Plan Name | Plan Details | Eligibility | Plan Benefits |
| LIC Jeevan Labh | A limited premium paying plan that offers the combination of life security and investment. The plan is ideal for those individuals who have shifted abroad for job or study purposes. | Entry age: 8-59 years Min. BSA: Rs 2 lakhs |
- Death Benefit: 7 times the annual premium - Maturity benefit on surviving policy term - Bonuses through profit participation - Optional riders |
| LIC Jeevan Lakshya | A comprehensive plan that comes with a combined benefit of savings and life coverage. With the availability of two riders, the policyholder has the option to increase their coverage. | Entry age: 18-50 years Min. BSA: Rs 2 lakhs |
- Death Benefit: 7 times the annual premium - Maturity benefit on surviving policy term - Bonuses through profit participation - Optional riders |
| LIC Jeevan Shiromani | Designed for High Net-worth Individuals, NRIs, Businessmen, Merchant Navy Officers, Pilots and other High Salaried Individuals, LIC Jeevan Shiromani offers the basic sum assured of Rs. 1 Crore. | Entry age: 18-55 years Min. BSA: Rs 10 lakhs |
- Death Benefit: 7 times the annual premium - Survival Benefit - Maturity benefit on surviving policy term - Bonuses through profit participation - Guaranteed Additions - Optional Riders |
| LIC New Jeevan Anand | Along with the Death benefit, LIC New Jeevan Anand offers Basic Sum Assured + Simple Reversionary Bonuses Final Additional Bonus at the time of maturity and helps them to fulfill their future financial needs. | Entry age: 18-50 years Min. BSA: Rs 2 lakhs |
- Death Benefit: 7 times the annual premium - Maturity benefit on surviving policy term - Bonuses through profit participation - Optional riders |
| LIC Jeevan Umang for NRIs | LIC Jeevan Umang is an endowment plan that comes with coverage of up to 100 years. Under the plan, along with death and maturity benefits, the plan also offers survival benefits. | Entry age: 8-59 years Min. BSA: Rs 2 lakhs |
- Death Benefit: 7 times the annual premium - Survival Benefit - Maturity benefit on surviving policy term - Bonuses through profit participation - Optional Rider |
| LIC Pension Plan Jeevan Shanti | LIC Jeevan Shanti is a guaranteed pension policy that offers a systematic flow of income against a one-time payment of premium. Additionally, a deferred option of 105% insurance coverage is also available | Entry age: 30-79 years Min. Purchase Price: Rs 1.5 lakhs |
- Death Benefit: Accrued Additional Benefit on Death - Incentives for higher purchase price, direct sales, etc. - Policy Loan |
| LIC Bima Shree | A money-back plan that comes with a limited premium payment term. The plan has a minimum sum assured of Rs. 10 Lakhs and offers Guaranteed Additions and Loyalty Additions at maturity. | Entry age: 8-55 years Min. BSA: Rs 1 lakh |
- Death Benefit: 7 times the annual premium - Survival Benefit - Maturity benefit on surviving policy term - Guaranteed Additions - Bonuses through profit participation - Optional Rider |
| LIC Single Premium Endowment | A one-time investment plan that looks after your long-term financial goals and ensures that your family’s financial needs are looked after. | Entry age: 30 Days-65 years Min. BSA: Rs 1 lakh |
- Death Benefit: 1.25 - 1.10 times the single premium - Maturity benefit on surviving policy term - Bonuses through profit participation - Optional riders |
Why Should NRI’s Buy LIC Plans?
Buying LIC plans for NRI offers several advantages such as:
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Death Benefit
LIC plans offer death benefits to the nominee in case the policyholder dies during the policy term of the policy. The death benefit is calculated as the higher of:
Sum Assured, or
7 times of the annualized premium in most policies.
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Maturity Benefit
In case the policyholder survives till the end of the policy term, he/she is eligible to receive maturity benefit. The money received can be further used by the policyholder to fulfill his/her future goals.
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Loan against your policy
To help you fulfill your liquidity needs. LIC allows you to take a loan against your policy where you can opt for a loan at an interest rate of 9.5% charged half-yearly.
Different types of Plans
Points to Consider Before Buying LIC Plans for NRI’s
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Eligibility Check
NRI’s are eligible to buy LIC plans in India only after certain eligibility criteria are met. One is eligible to buy LIC for NRI only if:
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They have possessed an Indian passport at some point in their life.
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Under the Citizenship Act, of 1965 either the parents or grandparents of the individual have been citizens of India.
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They have an Indian Spouse.
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Do Your Research on Taxation Criteria
Taxation Slabs are different in every country. Thus, you need to gather all the information regarding the tax slabs prevailing in your country on investment, accumulation, and maturity and then buy a plan.
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Medical Examinations
To buy LIC for NRIs, you have to undergo a medical examination. However one has the option to do the medical examinations in your residential foreign country and send the report to the insurer in India. In this case, the policyholder will have to bear the cost of all the examinations and the company will not be liable for the cost incurred.
Bottom Line
LIC for NRI are the perfect blend of life security and savings. These plans ensure that while living abroad you don’t have to worry about the financial future of your family. The plans offer a host of benefits and act as a helping hand in helping you to achieve your financial goals.
Note: Check all the best term insurance plan in India.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
LIC Resources
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LIC Online Services |
LIC Investment Plans |
LIC Other Plans |
FAQs
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Q: Can NRIs living in Canada buy LIC Policy in India?
Ans: Yes, NRI’s living abroad are eligible to buy LIC Policy. Also, Foreign Nationals of Indian Origin, People of Indian Origin, and Green Card Holders can buy a LIC policy. -
Q: What will happen to my LIC Policy if I move abroad?
Ans: Your LIC Policy will not get affected. The terms & conditions of the policy, benefits, maturity, etc will remain the same as per the policy terms. All you need to do is timely pay your premiums to enjoy uninterrupted coverage. -
Q: Do I need to be present in India to buy LIC NRI Insurance plans?
Ans: No, not necessarily. You can buy LIC Plans for NRI by completing all the formalities from your present country of residence through the Mail Order Business. -
Q: Can an OCI holder get a LIC policy?
Ans: Yes. An OCI or PIO cardholder can purchase a LIC policy for NRI without any issues. Most LIC plans for NRI remain fully accessible even after you become an OCI cardholder. You simply need to submit your OCI/PIO card along with the standard documents while buying the policy. -
Q: How can NRIs pay LIC premium online?
Ans: NRIs can pay premiums easily through the LIC NRI Customer Portal. You can use a debit card, credit card, international net banking, or other authorised digital payment options. This process supports multiple foreign currencies, making it convenient to maintain your LIC for NRI policy from any country. -
Q: Is LIC maturity taxable for NRIs?
Ans: Most maturity payouts and bonuses from LIC schemes for NRI are exempt from tax under Section 10(10D) of the Income Tax Act. This includes death benefits, maturity benefits, and accrued bonuses. However, the exemption applies only when the policy meets certain conditions and is also subject to the NRI tax rules applicable to you.
Different types of Plans
*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
˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
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