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Can NRI’s Buy ULIPs in India?

 

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Written ByPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 7th July 2024
Modified on: 7th July 2024
Reading Time: 15 Mins
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Can NRIs buy ULIPs in India?

 

Yes, Non-Resident Indians (NRIs) can buy ULIPs in India. The Foreign Exchange Management Act (FEMA) permits NRIs to make investments in India, and this includes investments in Unit Linked Insurance Plans. There are absolutely no restrictions preventing NRIs from investing in ULIP plans, provided that they satisfy all the Know Your Customer (KYC) norms for investing in such life insurance-investment plans.

 

Who is an NRI?

 

An NRI is an Indian citizen who resides outside India temporarily and holds a valid passport issued by the Indian Government. For instance, individuals residing abroad on a visa issued for employment or business purposes are considered to be Non-Resident Indians.

NRIs get to enjoy all of the benefits applicable to resident Indian citizens, including the right to invest. If you’re categorized as a non-resident, you can still enjoy the benefits of investing in India. And Unit Linked Insurance Plans (ULIPs) are one of the preferred investment options for NRIs keen on purchasing investments in their home country.

 

What is ULIP?

 

If you’re planning to invest in India, one of the many questions you may have unanswered is this: what is ULIP? A Unit Linked Insurance Policy (ULIP) is essentially a unique hybrid investment option that combines both insurance and investment aspects. The premium that you invest in a ULIP is split into two parts.

A portion of your premium is directed towards providing you with a life cover, while the other part is invested in the financial markets. ULIPs come with a minimum lock-in period of 5 years during which withdrawals are not permitted.

 

Why should NRIs invest in India?

 

Non-resident Indians have more than one reason to consider investing in their home country. Here’s a quick look at some of them.

• India is among the fastest growing economies in the world. And purchasing investments from banks and financial institutions based in India offers NRIs new investment opportunities coupled with the possibility of favourable returns.

• The Indian financial market also gives NRIs a wide range of investment options to choose from. Right from non-market-linked fixed income alternatives to market-linked options like ULIPs, NRIs have no dearth of choices.

• Investing in India allows non-resident Indians to take advantage of the country’s stock market, particularly through options like ULIPs, which combine the benefits of investment and life insurance. In fact, possibility of returns on ULIP plans are higher when you remain invested for the long term.

• By purchasing investment plans in India, you, as an NRI, can ensure that your investment portfolio is aligned with your life goals for various stages in life. Right from meeting objectives like creating an emergency fund to helping you save for your child’s education, investments in India can be extremely helpful.

 

What are the documents NRIs require to invest in ULIPs in India?

 

NRIs who wish to invest in ULIPs in India will need to submit a set of documents in order to be eligible for the investment. While the exact list of documents may vary marginally from one insurance provider to the next, these are the proofs generally required to invest in ULIPs subject to underwriting guidelines of the company.

• A scanned copy of your passport that serves as proof of your age and identity.

• A recent passport-sized photograph

• Proof of residence in India

• Proof of residence overseas

• Proof of income as required by the service provider

• Overseas Citizenship of India (OCI) or Persons of Indian Origin (PIO) Card if you are a permanent overseas citizen

• A copy of your PAN card or Form 60, if you possess income that is earned in India

• A Foreign Residency Supplementary Questionnaire for NRIs or PIOs

These documents are required in order to comply with the applicable Anti-Money Laundering and Know Your Customer (KYC) norms./

 

What are other important things NRIs investing in ULIPs in India should know?

 

Aside from the documentation requirements, NRIs investing in ULIPs in India should also be aware of other conditions, regulations, and benefits associated with this financial move. Here is some such information that can prove useful.

 

Can NRIs claim tax exemptions by investing in ULIPs in India?

 

ULIP tax benefits are threefold as per the sections of the Income Tax Act, 1961. The premium paid is deductible under section 80C whereas the claim proceeds are tax-free as per section 10(10D) of Income Tax Act, 1961. And the long-term capital gains from ULIPs are also exempt from tax. NRIs too can enjoy these ULIP tax benefits by investing in India. The above mentioned tax deductions/exemptions are subject to changes in tax laws, as amended from time to time.

 

How can an NRI pay the premium for investing in ULIPs?

 

If you wish to invest in ULIPs in India, you can pay your premium through any of the following banking methods.

• Through an Indian bank account

• Through an NRE account or an NRO account maintained with Indian Bank

 

What modes of payment can be used by NRI investors to pay their premium?

 

If you’re an NRI investing in ULIPs in your home country, you can pay your premium through any of these options.

• Domestic or international credit cards

• Internet banking

• Debit cards

• Online wallets like PayTM and Google Pay

• Credit Card Standing Instructions (CCSI)

• National Automated Clearing House (NACH)

• Online ECS mandates

 

What are the benefits of investing in ULIPs for NRIs?

 

NRIs who invest in ULIPs stand to benefit in several ways. Here’s a look at some of the advantages of investing in a ULIP scheme.

• You get to enjoy optimum ULIP plans returns over the course of your investment tenure.

• Additionally, ULIP tax benefits are also aplenty, since you can gain tax-saving advantages on the premium paid as well as on the death or maturity benefits paid out.

• ULIPs come with a lock-in period of 5 years, so they can be useful as a long-term investments plan to get your life goals done.

• You get to enjoy the benefits of life insurance coupled with investment.

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IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICY HOLDER.

This advertisement is designed for combination of Benefits of two individual products named (1) Bajaj Allianz Life Goal Assure II - A Unit- Linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L180V02). (2) Bajaj Allianz Life POS Goal Suraksha - A Non Linked, Non Participating, Individual, Life Insurance Savings Plan (UIN: 116N155V11). These products are also available for sale individually without the combination offered/ suggested. The customer is advised to refer to the detailed sales brochure of respective individual products mentioned herein before concluding the sale.


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~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

**Past performance is not indicative of future performance.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.

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*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

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%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is inclusive of all the discounts mentioned above.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Goal Assure II- A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN No.: 116L180V02) is only the name of the unit linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

Bajaj Allianz Life Goal Assure II - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L180V02)

**Return of Mortality Charges at Maturity (ROMC) is payable at maturity, provided all due premiums have been paid

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


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2Above illustration is for Bajaj Allianz Life eTouch II- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N198V01) considering Male aged 23 years | Non-Smoker Preferred | Annual Income =>Rs. 15,00,000 per annum | Indian Resident | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 2,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 7,159. 2nd Year onwards premium is Rs. 7,760. Total Premium is Rs. 2,32,199 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage : 40, Income Payout Percentage : 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

**5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency, applicable only on first year’s premium.

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy. Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

^^Get Free Health Management Services upto Rs. 31,000 per year

Health Management Services Frequency Cost (₹)
Doctor Insta-Consultations 3 consultations per month = 36 consultations per year Average cost per session = ₹500
Total cost per year = ₹500 * 36 = ₹18,000
Health Coach
(Diet & nutrition consultations)
1 consultation per month =
12 consultations per year
Average cost per session = ₹500
Total cost per year = ₹500 * 12 = ₹6,000
Emotional Wellness
(Psychologists consultations)
1 consultation per month =
12 consultations per year
Average cost per session = ₹500
Total cost per year = ₹500 * 12 = ₹6,000
Network discounts: Throughout the year Assumption – Total expense on these services throughout the year
Medicines (M) = ₹5,000
Lab-test booking (L) = ₹5,000
Total discounts that can be availed:
M - 10% = ₹500
L - 10% = ₹500
Total per year as per assumption ₹31,000

Note: The above mentioned costs are based on estimated average market price for respective services. T&C apply.

Doctor Insta-Consultations and Health Coach Services are unlimited and the above numbers are assumed only for the purpose of calculation of the yearly benefit.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

 

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