NRI is a citizen of India who holds a valid passport issued by Govt. of India and is temporarily residing outside India for the purposes of employment or business or otherwise. Any person holding 'Person of Indian Origin' (PIO) Card/ 'Overseas Citizens of India' (OCI) Card shall be considered at par with NRI.
Yes. NRI including PIO and OCI can invest in an insurance policy in India to meet their life goals, subject to applicable Underwriting Guidelines of the Company and other applicable laws.
The Income Tax Act 1961, provides certain benefits to NRI on the income earned in India. Tax benefits can be availed under section 80C and 80D. Further, on claim proceed, tax benefit can be availed under section 10(10D).
*Tax benefits as per prevailing Income tax laws shall apply. (*Please check with your tax consultant for eligibility.)
No. Policyholder can also pay premiums through NRE or NRO account maintained with Indian bank.
Yes, the policy premium can be paid in Indian currency (INR) equivalent to foreign currency from your foreign bank account by remitting money electronically through SWIFT in our bank account.
Premium can be paid through the following modes:
You can also register for the below Auto pay options for seamless premium payments in future.
Yes, NRI can purchase Bajaj Allianz Life insurance policy through the online platform by adhering to the below given checklist:
Medical examination must be conducted by a medical practitioner provided the following conditions are met:
The policy document will be sent to the mailing address (including foreign address) mentioned in the proposal form. Along with it, the soft copy of the insurance policy document will also be sent to the registered email ID.
For any information related to the insurance policy, the policyholder can get in touch with us through the following modes:
All communications in respect of the insurance policy or any other communication shall be to the registered email ID and/ or Indian address mentioned in the proposal form. Additionally, alerts through messages are sent at regular intervals on your registered Indian mobile number.
The insurance policy will lapse on non-payment of renewal premiums after the expiry of grace period. In this case, all benefits under the policy are lost. The grace period for monthly premium mode policies is 15 days and for all other modes, the grace period is 30 days.
Yes, the policy can be reinstated by submitting a request with the required documentation (DGH, Medicals, if any) and paying all the due premiums (till the reinstatement date). Please refer to the product specific T&C for exact guidelines on reinstatement.
Claimant can visit any of our Branch Office or Head Office to intimate claim. Claimant can also intimate the claim through email, post or courier or through authorised representative.
Following documents are to be submitted along with claim intimation:
Claim will be settled upon receipt of all mandatory documents. In case, we need any further documents to process the claim, claimant shall be contacted at the communication address / contact no. mentioned on intimation letter.
There’s no limit in number of life insurance policies bought by NRIs.
NRIs need not be physically present in India to buy a life insurance policy as Life insurers are offering policies online enabling them to buy online from their country of residence. They can either purchase policies directly from an insurer’s website or from an aggregator’s website. This allows them to compare and know features of different policies, use chatbots for query resolutions or even call NRI-dedicated helplines for any clarifications.
If Life to be assured is visiting India, then in most of the cases, medicals can be done in India. However, the medicals can also be conducted abroad. Medicals through non-designated lab or non-empanelled Doctor can be conducted abroad, subject to prior approval from Appropriate Authority from BALIC Underwriting Team.
In case you feel that the policy bought by you does not match your life goals, you can return it during the free-look period which is 15 days from policy bond delivery date in case of offline policies and whereas 30 days from the date of credit of policy bond to IR account of the customer in case of online policies.
You can update information related to your policy through either of the following ways:
Fund switching/redirection can be done in the following two ways:
“Non-resident Indian" (‘NRI’) is defined under section 115C of the Act to mean an Indian citizen or a person of Indian origin who is not a resident for India tax purposes.
Following provisions of the Income Tax Act 1961 are applicable to certain incomes of Non Resident Indian:
The tax eligibilities depends upon the status of the individual and not on the basis of account held.
Double taxation occurs when income tax is paid twice, (i.e in the country of residence and in the country where the income is earned) on the same source of earned income. To avoid paying double taxation, NRIs can seek relief under the Double Tax Avoidance Agreement (DTAA) between the two countries, which is an arrangement between the governments of two countries, prescribing the country in which income earned from a foreign country will be taxed. To avail this benefit, you need to gather all the necessary documents of tax, paid in India, as proof.
FATCA stands for Foreign Account Tax Compliance Act, and includes reporting the details of accounts (policies) held by individuals being a citizen or resident of United States of America (‘US’) as may be prescribed.
CRS stands for Common Reporting Standard, and includes reporting the details of account (policies) held by an individual, other than US citizens or US residents.
Central Board of Direct Taxes (CBDT) has prescribed rules on due diligence, maintenance of information and reporting of the accounts (policies) regarding NRI who are covered under the Foreign Account Tax Compliance Act (FATCA) or Common Reporting Standard (CRS).
It is applicable to all the policyholders, for whom, any of the following is outside India:
For further information on FATCA/CRS, please visit www.incometaxindia.gov.in in and refer to Central Board of Direct taxes (CBDT) notification news on ‘Due Diligence and Reporting Rules 114F to 114H under section 285BA of Income Tax Act, 1961’
You can follow the below mentioned steps for submitting FATCA declaration:
As per section 195 of Income Tax Act 1961, Tax is deducted at source (TDS) for any policy benefit that is not exempt under Section 10(10D). However, no TDS is deducted for NRIs residing in countries that are subject to Double Taxation Avoidance Agreement (DTAA) benefit, and the policyholder has submitted a duly-filled 10F form along with Tax Residency Certificate (TRC) to the insurer.
PAN card is mandatory for getting credit in TDS Certificate.
Form 10F submission by an NRI is a requirement of Income Tax Act, 1961. The form contains details like Name, Address, PAN, Nationality, Tax Identification Number (TIN) or Unique ID recognised by the country of residence. In case the details prescribed in Form 10F are available in Tax Residency Certificate (TRC), then Form 10F is not required.
Form 10F can be downloaded from https://www.incometaxindia.gov.in/Pages/downloads/forms.aspx
TRC is a certificate issued by the Government stating that the said person is a tax resident. Usually TRC is issued by tax/revenue/reserve departments of a country, and is valid only for a certain period. Therefore, policyholders must avail policy benefits while the certificate is still valid – to enjoy DTAA benefit.
Disclaimer : The final decision on application for Insurance is subject to Underwriting guidelines.