NRI Full Form

Non-Resident Indian, or NRI for short, is a term that refers to an Indian citizen who resides outside India 182 days in a financial year, but still maintains strong ties to their homeland. With an estimated 30 million NRIs spread across the world, these individuals represent a vibrant and diverse community that spans cultures, languages, and professions. NRIs have made significant contributions to their adopted countries while staying connected to their Indian roots.

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Who Is an Indian Resident?

  • Individual living in India since birth

  • Individual living for 182 days in the preceding financial year in India

  • Individual living for 60 days in that year specifically

  • Or been here for 365 days straight for the last four years

The above mentioned are the criteria’s for ‘Indian Resident' and a person who does not fulfill them is a Non-resident Indian and is treated as an NRI for paying the income tax.

What is Non Resident Indian (NRI)?

Let us have some information about NRI meaning and NRI full form:

Nri Full FormNri Full Form

  • NRIs maintain strong ties to India, including financial, cultural, and family connections and can also benefit from insurance policies offered by various insurers in India.

  • A non-residential Indian is a person who stays in India for less than 182 days during the period of the foreseeing financial year.

  • An NRI can also be a person who has gone out of the nation for employment is called an NRI.

  • A person staying abroad for business-related purposes is also called an NRI.

Who is Non Resident Indian (NRI)?

The people living abroad are classified into three major categories, namely Non-resident Indians (NRIs), Overseas Citizens of India (OCIs), and Persons of Indian Origin (PIOs). 

Who are PIOs and OCIs?

Any individual who is an Indian by descent or by birth, who lives abroad, is categorized as Persons of Indian Origin (PIO). These people who held the passport of countries other than China, Bhutan, Afghanistan, Bangladesh, Pakistan, Nepal, and Sri Lanka were issued an id card previously. Nevertheless, the Government of India withdrew PIO Card Scheme and merged it with the OCI Card Scheme from January 15, 2015.

OCI stands for an Overseas Citizen of India. It is a person who has origin in India but resides in foreign countries except for Pakistan and Bangladesh. They have a lifetime visa. 

NRI Definition as per the Income Tax Act of India

U/s 6 of the IT Act, 1961, an individual who is an Indian Citizen or is of Indian origin, is considered to be an NRI.

If an individual’s taxable Indian income exceeds Rs 15 Lakh then that individual is considered to be a resident, in case the person:

  • Visits India for 120 days or more in the preceding year

  • Has been in the country for a period of 365 days or more in the previous 4 years.

Eligibility Criteria

There are eligibility criteria for the NRIs and OCI cardholders before proceeding with India's legal activities. The proof of identity for any NRI is an essential document. Here is the criteria list:

  • Indian Passport: If you are an NRI, it becomes essential that you hold the passport issued by the Indian government.

  • Citizenship: As an NRI, you need to be a citizen of India under the Act of Citizenship, 1955. Either your parents or grandparents have to be citizens of India. To put it simply, you, your parents, or your grandparents have to be Indian citizens.

  • Spouse: You have to be the spouse of an Indian citizen or a person with the criteria mentioned above. 

investment plans for nrisinvestment plans for nris

How can NRIs Get Insurance in India?

The insurance policy will provide financial security to the nominee of the policy if the life assured dies during the period of the policy. It extends not only financial protection to your family but is also helpful to meet the needs of your family. And the important fact about term insurance is that it offers the highest returns with minimal premiums. In addition to that, it is a cost-effective and long-term plan. Along with Indian citizens, Non-Residential Indians can also apply for the same. One can appeal to the policies in two ways. 

You can buy the policy at the time of your visit to India. After the legal formalities related to the insurance policy's capitalizing, your policy will be considered any other policies claimed by India's citizens.

You can even buy a policy right from the place where you are residing using Mail Order Business. A notary, an Indian Embassy official, and an Indian diplomat will verify the policy. Students can even reach out to their dean for verification.

Policies and Features of NRI Insurance Plans

Many insurance companies in India offer their investment plans for NRIs as well. However, their terms and conditions may be slightly different from those of regular Indian residents.

  1. Policy Term

    The policy period for an NRI may range from 6 months and extend up to 25 years. You can get insurance from the age of 18 to the age of 60. The policy term is subjected to the terms and conditions given in the policy.

  2. Premium

    There is no fixed premium amount for the NRI insurance policy. The premium, i.e., the initial payment, will depend on various factors – policy term, the cover amount assured, the regulation of premium payment, and the riders' options have chosen, if any. 

  3. Sum Assured

    The Sum that is assured for an NRI term may vary from lakhs as the minimum level to crores as the highest level. The Sum that is assured would be paid to the nominee of the insured's NRE account when the insured passes away during the course of the policy. 

  4. Grace Period

    An advantage of NRI policies is that you are provided with a grace period in case you have missed the date to pay your premium amount. If you can pay the remaining premium amount within this period, your policy will not be terminated.

  5. Policy Renewal

    You are provided with some insurance policies that can offer policy renewal options at the period of maturity. For this process, the insured needs to get through several tests relevant to their health to meet the applicable criteria for renewal. You also need to have a good record where there are no setbacks or dues in the premium payment on the date.

  6. Payment of Premium Amount

    As a Non-Residential Indian, you have the privilege to pay the premium amount using Internet banking. To proceed with this process, the policyholder needs to hold an account in any approved bank that allows access to internet transactions to the insurance company where you purchase your policy. An NRI should be well aware and detailed about all the terms and conditions of internet banking when one makes a premium payment. The online payment modes include – settlement in foreign currency, an NRE/FCNR bank account, and an NRO bank account.

  7. Tax Benefits

    Just like Indian residents, NRIs can get tax benefits under Sec 80 D of the Income Tax in India. However, some countries may charge tax on maturity earnings.

Investment Plans for NRIsInvestment Plans for NRIs

Required Documents

The insurance company may ask for several documents to complete the procedure, like a form for the proposal, proof of identity, a passport copy with attestation, a report on health status, etc. When you purchase a policy through Mail Order Business, the insurance company might demand extra documents also. These may include an application form, passport copy, proof of income, and any proof of age and address.

To submit a report on health conditions, you can choose between two options. One, you can do your medical examinations in India, and the other is you can do it in the place where you reside and submit the records to the insurer. Several insurance companies may classify people's life by fixing the premium and coverage amount.

You can confirm with the insurer what other documents may be required.

Being a Non-Residential Indian and Overseas Citizen of India, you can have a secured life in India with peace. There are many options out there. The information regarding the policies will be better used to provide security to you and your family in India.


  • Q. What does NRI means?

    Ans: NRI or Non Resident Indian is a person who was born in India but now lives abroad. An Indian resident is a person who is:
    • Living in India since birth
    • Living in India for 182 days in the preceding financial year
    • Living in India for 60 days in that year specifically
    • Living in India for 365 days in the previous 4 years
    If a person does not fall into the above-mentioned categories, then they are treated as NRIs (Non-Resident Indians).
  • Q. Who are normal residents of India?

    Ans: Normal residents are individuals or institutions who are ordinary residents residing in India and their economic interest also lies in the same country.
  • Q. Do NRIs get dual citizenship?

    Ans: As per the Constitution of India, no individual is permitted to hold dual citizenship, that is, citizenship of India along with any other country’s citizenship, under Article 9 of the Constitution of India.
  • Q. Can NRIs hold a resident account in India?

    Ans: It is not possible for NRIs to hold resident savings account in India. According to the Reserve Bank of India guidelines, as soon as the residential status of an Indian resident changes to NRI, they can no more operate the resident account. in order to conduct any financial transaction in India even after moving abroad, an NRI has to have an NRI account.
  • Q. Do NRIs pay tax?

    Ans: Be it an Indian resident or an NRI (Non-Indian Resident), every individual should file an Income Tax Return (ITR) every financial year if their income exceeds Rs. 2,50,000 annually. NRIs in India are eligible to pay tax only for the incomes earned in India
  • Q. Is PAN Card mandatory for NRI bank account?

    Ans: PAN Card is not a mandatory document to activate your NRI account. Form 60 is important for an NRI if they want to operate an NRI account in India.

Past 5 Year annualised returns as on 01-06-2024

^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.

Tax benefit is subject to changes in tax laws. Standard T&C Apply
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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