Why Buy Life Insurance for NRI in India from Max Life Insurance Company?
99.51% Claims Paid Percentage
(Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023)
₹1,397,142 Cr. Sum Assured
In force (individual) (Source: Max Life Public Disclosure, FY 2022-23)
₹122,857 Cr. Assets Managed
(Source: Max Life Public Disclosure, FY 2022-23)
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Eligibility Criteria for Life Insurance for NRI in India
Non-Resident Indians
Indian citizens with a valid Indian passport, temporarily residing in a foreign country
Foreign Nationals
Citizens of a foreign country, currently residing in India
Person of Indian Origin (PIO)/Overseas Citizen of India (OCI)
Citizens of foreign countries other than Pakistan or Bangladesh who fulfil one of the below criteria Had held an India passport earlier Parents or grandparents were Indian citizens by virtue of the Citizenship Act, 1955 or Constitution of India Applicant is the spouse of an Indian citizen
Benefits of the Best life insurance policy in India for NRI
Benefits of the Best life insurance policy in India for NRI
- Adequate financial coverage
- Flexibility
- Payment methods
- Hassel-free experience
- GST waiver of up to 18%
Reasons to Purchase Life insurance policy for NRI in India
Financial Security
To ensure financial security of their family by compensating for loss of income, in case of death of the policyholder
Outstanding Debt
To ensure that the burden of any unpaid or outstanding debt does not impact the finances of their loved ones
Diversify Investments
To diversify investments and avail the benefit of investing in a growing economy like India through the well-regulated Indian life insurance industry
Tax Benefits
For availing tax benefits under Section 80C of the Income Tax Act, 1961 on any income the policyholder might be earning in India
NRI Life Insurance – FAQs
Yes. Non-resident Indians (NRIs) can purchase life insurance policy in India, provided they meet the applicable eligibility criteria specified by the insurance company.
Yes, all premiums paid for NRI life insurance policies availed in India are eligible for tax deduction under Section 80C of the Income Tax Act, 1961, based on the income that NRI policyholders earn in India.
Yes, an NRI life insurance policy purchased in India incur Goods and Services Tax (GST) at the flat rate of 18%, irrespective of the policy type.
Yes, the death benefit associated with NRI life insurance policy purchased in India is applicable, irrespective of the policyholder’s location at the time of death, subject to the policy terms and conditions mentioned in the policy documents.