NRI INSURANCE The document discusses classifications of NRI and FNIO individuals and insurance policies available to them. NRIs are Indian citizens temporarily residing abroad, while FNIOs are foreign nationals of Indian origin. The document outlines 7 residence groups for NRIs with different underwriting criteria. It provides details on benefits, eligibility, and requirements for insuring NRIs and FNIOs visiting or living in India as well as through mail order policies. Medical underwriting depends on residence group and visit vs mail order. Maximum sums assured and plan restrictions vary by residence group.

1. NRI INSURANCE
R. Ravindra Kumar
Secretary (Audit)
LIC OF INDIA
AHMEDABAD

2. Classification of NRI
• Non-Resident Indian (NRI)
• Foreign National of Indian Origin (FNIO)

3. Who is an N.R.I?
• Citizen of India who is temporarily residing in
some other Country
• Holding a Valid Indian Passport
• Should not have applied for Citizenship of any
Country

4. Benefits to NRI
• Interest Rate for NRI in Bank.
• Payment through NRE account can only be
repatriated.
• Maturity Benefit at a higher rate.
• Attachment to the Motherland.
• Safest, Secure and Virtual Estate Creation.
• Death Benefit payable in the country of residence.

5. NRI DEPOSITS IN GUJARAT

6. Bonanza for NRI

7. EXPLAIN TO NRI

8. NRI WEDDING

9. Who is an F.N.I.O?
• Foreign National whose Ancestors have Indian
Originality.
• Some proof of Indian Originality needs to be
submitted
• FNIO are to be treated as NRIs for the purpose
of allowing insurance
• Mail ORDER BUSINESS NOT ALLOWED

10. WORLD ECONOMY

11. INTREST RATES

12. WORLD TREATY AND INCOMETAX

13. NRIs can be allowed insurance
• On their visit to India
Formalities completed during their stay in India
No maximum Sum Assured limit
• Mail order Business
Formalities completed in their present country
Maximum Sum Assured allowed is 1-Crore

14. Medical Underwriting for NRI
• On their visit to India
NMS/NMG(P) allowed. No NMG
Same conditions as applicable to Indian Lives
• Mail order Business
Non-Medical allowed if Agent visits the Country
In other cases, Medical Reports reqd as per rules

15. • The Proposal mail order must be witnessed by
one of the following after verifying passports.
• Designated official of the local Indian
Embassy.
• Other Indian Diplomatic Representative.
• Notary Public
• Medical Examiner or Banker
• By Dean/Principal of college ( students)

16. INCOME PROOF & FINANCIAL
UNDERWRITING
• For NRIs, same income proof is required as
applicable for Indian Lives.
• The maximum allowable Sum Assured for NRIs
is also the same as applicable for Indian Lives.
• In addition to Income Proof, NRI
Questionnaire & other formalities required.

17. Insurance for F.N.I.O.
• On their visit to India
Compulsory Medical Examination/ Max SA – 100 Lacs
Proposals to be sent to DO/ Plans with Term Cover not allowed
• Mail order Business
No mail order business allowed for F.N.I.O.

21. Residence Group in NRI Insurance
• 7 Residence Groups have been formed
• Different Underwriting yardstick adopted for
different Residence Groups
• Residence Extra charged for some of the
Residence Groups.
• Plan restriction also imposed for clients
residing in some Residence Groups

22. General Points in NRI cases
• CIR not allowed to NRI/FNIO
• Non-Medical concession extended only to NRIs
employed in Class-I Occupation.
• NMS & NMS(SP) is also allowed to FNIO residing in
revised residence group V,VI,VII.
• For NRIs employed in semi-skilled category or low
paid jobs, Residence Extra will be 1.5 times.

23. General Points (Contd..)
• Proposals attracting Cl-III Health Extra from Class-II occupation will be
regretted.
• High SA (above 25 Lacs) proposals will be considered only from Class-I
occupation
• KMI/Partnership Insurance not allowed
• Housewives & Minors residing in Countries under Group-I to IV not
allowed. Now allowed to V to VII with group Restriction. Group VIII
allowed. Even FNIOS in group V,VI,VII also allowed.
• Now CO has allowed insurance cover to FNIO in groups V ,VI,VII
• Jeevan Arogya is allowed to Foreign Nationals of Indian Origin at par with
Non Resident Indians.

28. ANNEXURE 'A'( REVISED RESIDENCE
GROUPS)RESIDENCE GROUP-I
• (18 COUNTRIES)
• AFGHANISTAN-BURUNDI-CHAND-DEMOCRATIC REPUBLIC OF
THE CONCO (ZAIRE)-CHECHEN REPUBLIC-HAITI-IRAN-IRAQ-
ISRAEL(WESTBANK,GAZA,JERUSALEM)-LIBERIA-NORTH KOREA
PAKISTAN-PALESTINE-SOMALIA-SUDAN-WESTERN SAHARA-
YEMEN-ZIMBABWE.
• NRIs and FNIOs are allowed without any residence Extra.Tab
No. 816, 817, 818 with Single premium Mode only
allowed.Maximum policy term of 15 years. & Maximum Sum
Assured of Rs. 10 Lacs.All Pension Plans without life cover
without any residence extra allowed to NRIs but not to FNIOs.

32. 2. RESIDENCE GROUP-II
• (39 COUNTRIES) ANGOLA-ALBANIA-ALGERIA-AZERBAIJAN-BOSNIA-C
AFRICAN REPUBLIC-COLOMBIA-COMOROS EI SALVADOR-EQUITORIAL
GUINEA-MALABO-ERITREA-ETHIOPLA-GEORGIA- GUATEMALA GUINEA-
GUINEA BISSAU-IVORY- COAST - KYRGYZSTAN - MACEDONIA-
MADAGASCAR -MALL -MONTESERRAT-NIGER- NIGERIA-PAPUA NEW
GUINEA-RUSSIA(UFA/BASHKIRISTAN/CHECHNIYA/ OSSETLA)-RWANDA-
SENEGAL- SIERRRA LEONE-SOLOMON ISLANDS -SWAZILAND -TAJIKISTAN
-TANZANIA-TOGO-UGANDA-UZBEKISTAN- VENEZUELA(REMOTE AREAS)
-YUGOSLAVIA(SERBIA) -ZAMBIA.
• NRIs and FNIOs are allowed without any residence Extra.Tab No. 816, 817,
818 with Single premium Mode only allowed.Maximum policy term of 15
years. & Maximum Sum Assured of Rs. 25 Lacs.All Pension Plans without
life cover without any residence extra allowed to NRIs but not to FNIOs.

34. 3. RESIDENCE GROUP III
• (29 COUNTRIES|BENIN-BOTSWAN-GABORONE-BURKINA FASO
CAMBODIA-CAMEROON-DJIBOUTI-ECUADOR-GABON-
GAMBIA-GHANA-GUYANA-HONDURAS-MOZAMBIQUE-
JAMAICA-KAZAKHASTAN-LAOS- LESOTHO-MALAWI-
MAURITANIA-MICRONESIA-MOLDOVA-MONGOLIA-
MYANMAR (BURMA)-NAMIBIA-NICARAGUA-
PARAGUAY(REMOTE AREAS)-PERU(OTHER CITIES)-SURINAME-
TIBET (CHINA)
• NRIs and FNIOs will be allowed cover with residence Extra of
Rs. 4%ofor maximum rated up SA of Rs. 50 Lacs. • Plans
allowed other than 827,832 & Pure term insurance (Tab Nos
822, 823,825,Term rider,PWB)

37. 4. RESIDENCE GROUP IV
• (4 COUNTRIES) ARMENIA- KENYA- LEBANON-
TURKMENISTAN.
• NRIs and FNIOs will be allowed cover with
residence Extra of Rs. 3%ofor maximum rated
up SA of 50 Lacs. • Plans allowed other than
827, 832 & Pure term insurance (T. Nos 822,
823, 825,Term rider,PWB)

39. 5. RESIDENCE GROUP V
• (11 COUNTRIES)BELARUS-BOLIVIA-EGYPT-
INDONESIA-MOROCCO- PANAMA- PERU(LIMA)-
PHILLIPINES- TUNISIA- UKRAINE- VIETNAM-OTHER.
• NRIs and FNIOs will be allowed cover with residence
Extra of Rs. 2%o for rated up S.A. Of 1 Crore.• Plans
allowed other than Pure term insurance (T.Nos 822,
823,825,Term rider,PWB)

41. RESIDENCE GROUP VI(6 COUNTRIES)
• ARGENTINA- MAJOR CITIES,COSTA
RICA,CUBA,PARAGUAY-MAJOR CITIES,TONGA-
NUKUALOFA,DOMINION REPUBLIC.
• NRI & FNOS WILL BE GIVEN COVER WITH
RESIDENCE EXTRA UPTO 1 CR.
• ALL PLANS EXCEPT PURE TERM INSURANCE
• NOT ALLOWED- TERM RIDER &CRITICAL
ILLNESS RIDER

43. 7. RESIDENCE GROUP VII
• ( 98 COUNTRIES)
• ANDORRA- ANGUILLA- ANTIGUA & BARBUDA- ARUBA- AUSTRALIA- BAHAMAS-
BAHRAIN- BANGLADESH- BARBADOA- BELGIUM- BELIZE- BERMUDA- BHUTAN-
BRAZIL- BRITISH VIRGIN ISLANDS- BRUNEI- BULGARIA- CANADA- CANARY ISLANDS-
CAPE VERDE- CHILE- CHINA- CROATIA- CYPRUS- CZECH- DENMARK- ESTONIA-
FALKLAND ISLANDS (UK)- FIJI- FINLAND- FRANCE- GERMANY- GIBRALTAR- GREACE-
GREENLAND- GUADELOUPE- GUAM- HONG KONG- HUNGARY- ICELAND- IRELAND-
ISRAEL-TEL AVIV- ITALY- JAPAN- JORDAN- KUWAIT- LATVIA- LEICHTENSTEIN-
LITHUANIA- LUXEMBOURG- MACAU (PART OF CHINA)- MADEIRA-
MALAYSIA(KUALA LUMPUR)-MALDIVES- MALTA- MARTINIQUE (FRANCE)-
MAURITIUS- MEXICO- MONACO- NEPAL- NETHERLAND ANTILLES- NETHERLANDS-
NEW CALEDONIA- NEW ZEALAND- NORWAY- OMAN- POLAND-PORTUGAL- QATAR-
REUNION (FRANCE)- ROMANIA- RUSSIA-MOJAR CITIES-, S KORES- SAUDI ARABIA-
SEYCHELLES- SINGAPORE- VLETNAM(HO CHI MINH CITY)- SLOVAK REP- SLOVENIA-
SOUTH AFRICA (CAPE TOWN- JOHANNESBURG- PRETORIA- BLOEMFONTEIN-
DURBAN)- SPAIN- SRI LANK- ST LUCIA- ST MARTIN(FRANCE & HOLLAND)- ST
VINCENT AND GRENADINES- SWEDEN- SWITZERLAND- TAIWAN- TRINIDAD &
TOBAGO (TT)- TURKEY- TURKS AND CALCOS- U.A.E- UK- US VIRGIN ISLANDS- USA-
VENEZUELA CARACAS

46. GROUP VII CONTD
• All plans including Term Rider, PWB allowed
(Except 825) without any residence extra in
accordance with existing guidelines applicable
to NRIs.
• (Please refer co cir U&R/66/2012 dated
03.02.2012.U&R/84/2013 dated 8.3.2013)

47. NRI NON MEDICAL

48. NMS TO NRI

52. Wish you all the
Best…….

53. 53
R. Ravindra KumarR. Ravindra Kumar
Secretary
LIC OF INDIA
Ahmadabad Audit Centre
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