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feasibility of LIP payment for NRI

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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 ?

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Term Life Insurance

1 Answer

17 Jan, 2022
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.


Insurance Samadhan

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