director of probes InsuranceRakesh Goyal said that the formalities for the policy buyer Foreign Will be a bit long.
Country of residence matters as the ability to purchase a given policy and premiumdepend on it.
He said the premium would be higher in a country with political instability.
Emphasizing on the need for companies to carefully finalize before buying a policy, he said, “Insurers have a list of countries where their services are not available.”
essential requirements
While some insurers may provide lifetime policies, may conduct some telemedical examination. So, one has to submit the relevant documents.
For tests conducted outside India, generally, the cost has to be borne by the individuals, said Varun Gupta, principal and appointed actuary. Bharti AXA Insurance.
premium payment
Premiums for policies issued in Indian currency can be paid through Non-Resident Ordinary (NRO) account. Whereas, if it was purchased through Foreign MUDRA, premium can be paid through NRE, FCNR account, SWIFT transfer or international credit card.
However, naturally, Gupta highlighted, the families of NRIs residing in India ensure that premiums are paid through the bank account of the insured in India.
Premium Fixed or Variable?
Gupta explains that the premiums do not vary for most Indian residents or non-residents. Gupta mentioned that the premiums are based after evaluating the risks involved in insuring the health of an individual, finance and country.
He said the premium would naturally be higher for NRIs living in high-risk countries for life.
the profit
Once term policy If purchased, any insurance company in India will cover death regardless of the country of residence of the NRI.
Gupta said the tax and tax benefits also vary depending on the tax laws in the country where the customer resides.