NRI

Overview | Plans offered | FAQ's | Claims | Customer Service | Want to know more

Overview

Staying away from your country, should never be an excuse of not caring for your loved ones back home. We understand your concern for the security and well being of your dear ones. Hence, we offer you a host of innovative insurance solutions- in the form of traditional, Unit Linked and health insurance products- all tailor-made for your specific requirements.

Go ahead and choose the product that suits your financial need.

Plans Offered:

Traditional products

Assure Career Builder
Assure Educare at 18 & Assure Educare at 21
LifePlus
Mahalife Gold
ShubhLife
Assure 10 Years/20 Years/30 Years Security & Growth Plans
Assure 21 years Money Saver

Health Insurance

Tata AIG Life Health Protector - 5 Year Guaranteed Renewal Accident and Health Plan

Unit Linked products

InvestAssure II
InvestAssure Flexi
InvestAssure Gold
InvestAssure Plus

Want to know more?

In order to get more details on any of our policies please email us at customercare@tata-aig.com

FAQ’s

Q1. Who is an NRI?

An NRI is any person residing outside India, who is either a citizen of India or a person of Indian origin (PIO).

'Person of Indian Origin' means a citizen of any country other than Bangladesh, Pakistan or Sri Lanka, if:

a) he at any time held Indian passport; or
b) he or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955; or
c) the person is a spouse of an Indian citizen or a person referred to in sub clause (a) or (b)

Q2. Can insurance policies be issued to an NRI?

According to RBI (Reserve Bank of India), an Insurer can issue an insurance policy to an NRI. The NRI can make the premium payment either in Indian or Foreign Currency. However, he is eligible to get the sum assured only in Indian Rupees.

Q3. What are the documents required to buy an Insurance Policy

The applicant must have an NRO/NRE/FCNR account with a bank in India.
The applicant has to be in India on the date of signing the application form.
A copy of the passport showing entry to India is required. If the insured is a juvenile, a copy of the passport showing entry in India is required for both - the Insured and the applicant.
Medical requirements would be on a case to case basis.

Q4. How can an NRI remit the premium?

In case the policy is issued in foreign currency, the premium payment for the same should be made from abroad or through a NRE/FCNR account of the insured, or his family member who holds an account with a bank in India.
In case the policy is issued in Indian Currency to an NRI, the premium should be paid from funds held in an NRO account held with a bank in India.
By the absolute assignee in India, wherever such policies have been absolutely assigned to a resident in India.
By the employers in respect of policies issued to their employees who have been deputed abroad by them.

Q5. What are the Tax deductions and exemptions applicable?

Apart from securing your lives, the Life Insurance Policies provide a great advantage of tax savings. As per the Income Tax Act, 1961, following tax benefits are available to an Individual/HUF:

Traditional & Unit Linked products	Premiums paid are eligible for rebate under Section 80C
Health products	Premiums paid are eligible for deduction under Section 80D

You can claim these tax benefits / exemptions to the extent of limits specified in the above sections from your taxable income in India under the normal provisions of the Income-Tax Act, 1961.

Claims

You can claim the amount of your policy at the time of maturity. In case of an unfortunate demise, the claim would be given to the nominee.

1) Non Resident beneficiaries of insurance claims, maturity or surrender value settled in foreign currency may be permitted to credit the same to NRE/FCNR account.

2) Resident beneficiaries of the insurance claim, maturity or surrender value settled in foreign currency may be permitted to open and credit the proceeds thereof to their RFC (Domestic) Account instead of an RFC Account.

NRI policyholders who are beneficiaries of insurance claims, maturity or surrender value settled in foreign currency in respect of policies issued by Indian Insurance Company may be permitted to credit the proceeds to the RFC Account by them on their becoming residents.

3) Claims, maturity proceeds or surrender value in respect of rupee life insurance policies issued to NRI for which premium has been collected in non-repatriable rupee may be paid only in rupee by crediting the NRO account of the beneficiary. This would also apply in cases of death claims being settled in favour of non-resident assignees/nominees.

4) Claims, maturity proceeds or surrender value in respect of rupee policies to foreign nationals not permanently resident in India may be paid in Indian rupees or may be allowed to be remitted abroad, if the claimant so desires.

For further information on claim related forms, kindly click here.

Customer Service

We at Tata AIG Life are committed to maintaining the highest level of customer service.

Please visit the Customer Service section for further details on Premium payment, policy servicing options and more. You can also download the relevant forms for your use.

Disclaimer (Please note):

Tata AIG Life can only issue policies to NRIs residing in select countries.
The acceptance of risk will be subject to the Underwriting decision of the company.
In addition to the Proposal form, the company reserves the right to ask for further information.
The submission of the relevant Proposal Form(s) and subsequent receipt by us does not constitute an acceptance by us of the risk described therein.
The company reserves the right to alter or decline the proposal of insurance based on its internal rules and norms.
Please refer to the product brochure for detailed Terms & Conditions before concluding a sale.
Tata AIG Life Company Ltd. does not assume the responsibility on tax implications mentioned anywhere on this webpage. Please consult your own tax consultant to know the tax benefit available to you.

For any further details please feel free to call us on 1 800 119966 (India toll free number) or +91 (022) 66939500 to speak to our customer service officers.

Alternatively you can also send us your query at customercare@tata-aig.com