What happens to my LIC if I move abroad?
What happens to my LIC if I move abroad?
If the premium is paid in foreign currency, the proceeds are repatriable to the extent of premiums paid in foreign currency. If the premiums are paid in Indian rupees, the proceeds from the policy are not repatriable. The premium for a policy remains the same for both NRIs and people living in India.
What is the best LIC policy for NRI?
Why an NRI should buy insurance from LIC?
- LIC Jeevan Labh – Highest Selling Plan with a great rate of return on your Investment.
- LIC’s Jeevan Shiromani – High-Risk Cover Plan most suitable for HNIs and NRIs with great yield.
- LIC Jeevan Lakshya – Complete Family Protection Plan.
Can NRI claim LIC deduction?
NRIs are allowed to claim a deduction for the premium paid for health insurance. This deduction is available up to Rs 25,000 in the case for insurance of self, spouse, and dependent children and up to Rs 50,000 for senior citizens.
Which is the best pension plan for NRI in India?
Best retirement plans for NRIs
| Retirement plan | Age | Tax benefits |
|---|---|---|
| LIC Jeevan Akshay | 30 – 65 years | N/A |
| Aviva Wealth Builder Plan | 5 – 50 years | Available |
| Bajaj Allianz Life Pension Guarantee Plan | 37 – 80 years | Available |
| LIC Jeevan Nidhi Plan | 20 – 60 years | U/S 80CCC |
Can NRI invest in LIC pension scheme?
A. Yes, NRIs are allowed to buy LIC Jeevan Shanti plan with both options Immediate Annuity as well as Deferred Annuity.
Can NRIs have term insurance in India?
Term insurance are offered to the NRIs. Most of the policies are available online and do not require you to undergo medical tests. Term Insurance plans are pure protection plans. Most term policies can be purchased by Non-Resident Indians.