feasibility of LIP payment for NRI

11 Jan, 2022 | by Rajeev Malunjkar

My son has migrated to Canada in 2018. While in India, he had opted for life insurance of LIC of India in 2014 and was paying premium of about 75000 per year. This payment is continued even after his migration. Is it feasible to keep on paying this premium if he has got Canadian citizenship ?

Term Life Insurance

1 Answer

Post

17 Jan, 2022

Shailesh Kumar

CEO, Insurance Samadhan

Dear Rajeev

Contract will still be valid even if he changes the citizenship . All benefits like life cover , bonus and maturity would continue .

However , all payment will be made in India currency in am account of Indian bank . Hence , your son shpuld maintain an Indian bank account .

Hope this suffice.

Shailesh

Insurance Samadhan

3 Comments

13 Jul, 2022

Ravi N

Dear Mr. Kumar,

Can a term insurance policy be taken by an NRI while he is visiting India?

Regards,

Ravi

16 Jul, 2022

Nisha Sanghavi

4.1

Hi Ravi,

Yes an NRI visiting India can buy a Term Life Insurance. There would be criteria for number of days already stayed in India by many insurers. Make sure you comply them and buy it.

Reply |

17 Jul, 2022

Shailesh Kumar

CEO, Insurance Samadhan

Dear Ravi

Yes , it can be taken

Term insurance is available to NRI .

Shailesh

Tired of dealing with call centers!

Get a professional advisor for life!

LIFETIME FREE

Rs. 1799