LIC Plans For NRI

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:

1. 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. 

2. LIC Jeevan Lakhsya

   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.

3. 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.

4. 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. The plan can be bought for 15 years to 35 years.

5. 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.

6. 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

7. 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.

8. 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 your demise. The plan is available to everyone between the age of 90 days and 65 years.

Why Should NRI’s Buy LIC Plans?

Buying LIC plans for NRI offers several advantages such as:

1. 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

   11 times of the annualized premium

2. 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.

3. Loan against your policy

   To help you to 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.

Points to Consider Before Buying LIC Plans for NRI’s

1. 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:

   • They have possessed an Indian passport at some point in their life.

   • Under the Citizenship Act, of 1965 either the parents or grandparents of the individual have been citizens of India.

   • They have an Indian Spouse.

2. 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.

3. 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.

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