Can NRIs invest in life insurance in India?

Yes, NRIs can invest in life insurance policies in India. There are different types of life insurance plans available for NRIs. NRIs can choose a suitable policy depending on their coverage needs and buy it in India.

Are there any tax benefits for life insurance for NRIs in India?

Yes, NRIs can enjoy tax benefits on the premiums paid. The premiums paid qualify as an Income Tax deduction from their taxable income up to ₹1.5 lakhs u/s 80C. Moreover, the death benefit is tax-free and the maturity benefit is also tax-free under Section 10(10D) subject to satisfaction of conditions 1 .mentioned therein.

What are the premium payment modes available for NRIs' life insurance?

Depending on the plan selected, NRIs can choose to pay the premium at once (single premium), for a limited tenure (Limited premium) or throughout the policy term (regular premium).

Who is a Non- Resident Indian (NRI)?

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. Income Tax Act has not directly defined NRI. However, Section 6 contains detailed criteria of who is considered as Resident in India and further provides that anyone who does not meet these criteria is Non-Resident. The status of a person as a resident or non-resident depends on his period of stay in India. The period of stay is counted in number of days for each financial year beginning from 1st April to 31st March (known as previous year under the Income-tax Act 1961) An individual will be treated as a Resident in India in any previous year if he/she is in India for at least 182 days in that year, OR at least 365 days during 4 years preceding that year AND at least 60 days in that year.

What are the different premium payment modes available for NRI customers?

Premium can be paid through the following modes: Net Banking Debit Card/Credit Card Unified Payment Interface UPI (All major UPI Apps) EMI Cheque/DD (Offline payment modes) SWIFT/NEFT/RTGS (Offline payment modes) You can also register for the below Auto pay options for seamless premium payments in future: Online Mandate (eMandate / eNach) Unified Payment Interface (UPI) Mandate Domestic Credit Card Standing Instructions (CCSI) International Credit Card Standing Instructions (CCSI)

Is there any limit on the number of life insurance plans that NRIs can buy?

There is no limit in number of life insurance policies bought by NRIs subject to applicable Underwriting guidelines.

Is it compulsory for an NRI to be physically present in India while buying any life insurance plan(s)?

NRIs need not be physically present in India to buy a life insurance policy as Life Insurance offerings are available through various digital platforms. This allows them to compare and know features of different policies, use chatbots for query resolutions and clarifications.

Can NRI invest in an insurance policy in India?

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.

Can NRI purchase an Insurance Policy online?

Yes, NRI can purchase Bajaj Allianz Life insurance policy through the online platform by adhering to the below given checklist: Duly filled Online Proposal Form Scanned copy of the passport needs to be uploaded as your age and identification proof. Anti-Money Laundering and Know Your Customer (KYC) requirements should be complied with which includes the following: A recent photograph Address Proof Income Proof as per list attached in online application (If applicable) OCI or PIO Card, in case of a permanent overseas citizen PAN / Form 60, FATCA & CRS declaration along with valid TIN/ TIN equivalent number, Foreign Residency Supplementary Questionnaire (NRI/PIO Questionnaire)

What are the options available in case the policy requires medical examination?

Medical examination must be conducted by a medical practitioner provided the following conditions are met: Medical examination is to be conducted at Company's designated Lab or Doctor empanelled by the Company In case, medicals through non-designated lab or non-empanelled Doctor or to be conducted at abroad, prior approval from Appropriate Authority from Bajaj Allianz Life Underwriting team is mandatory. Medical Examination form should be signed by the MBBS doctor, along with seal and stamp. Medical examiner must verify the passport and the identity of the person to be insured. The copy of the passport used for identification needs to be sent along with the medical reports by the medical examiner. The insured needs to sign the medical report in the presence of medical examiner. The fees for medical reports will be in accordance with the pre-defined rates. The amount may be reimbursed to the insured as per the Company norms. Medical facility for customers is also available outside India.

How will I get my Insurance Policy document?

Policy document can be opted either Digital or Physical at the time of proposal. Digital policy document/ E-kit will be sent to registered email ID within 15 days from policy issuance. In case of physical option, on issuance policy document will be sent to mailing address as mentioned in Proposal form.

How can I get additional information on my insurance policy?

For any information related to the insurance policy, the policyholder can get in touch with us through the following modes: Visit our Customer Portal: (https://bajajallianzlifeonline.co.in/CustomerPortal/logon/index.jsp#!/login) / Website https://www.bajajallianzlife.com/ Download Bajaj Allianz Life Assist App available on Android and IOS Connect with our WhatsApp services. Just say Hi to 8806727272 to get started Call NRI Customer Care Number : Calling From Phone Number (Toll Free) AUSTRALIA 80037371371 CANADA HONG KONG ISRAEL MALAYSIA NEW ZEALAND PHILIPPINES SINGAPORE THAILAND UNITED KINGDOM BRUNEI 8014605 INDONESIA 0018030160202 JORDAN 080023194 OMAN 80074363 TURKEY 00800142030059 VIETNAM 1800400070 UNITED STATES 18339680951 Calling us from INDIA 18002097272 Rest of the World +912067871700 (Call charges apply) Customer Care Number (India) – 1800 209 7272 Email – customercare@bajajallianz.co.in

When does a policy lapse?

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.

In case of lapse, can the policy be reinstated?

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.

Can I return the Insurance Policy during the free-look period?

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 30 days from the date of receipt of the policy document.

What is the process for updating information in the policy such as Address, Nominee name, etc?

You can update information related to your policy through either of the following ways: Log in to the Customer Portal and opt for the relevant service request. Download Life Assist Mobile App and opt for the relevant service request. Connect on Bajaj Allianz Life WhatsApp number 8806727272 and place request Send an email to customercare@bajajallianz.co.in from registered email ID along with scanned images of relevant documents. Visit Branch office and place relevant service request Log in to Customer Portal/ Live Assist App and can avail Iserv video call facility to place the request

How can I redirect/switch funds in a ULIP policy?

Fund switching/redirection can be done in the following two ways: Log in to the Customer Portal and select Premium redirection/ Fund Switch request (as applicable) under ‘My Services’ tab OR Download and Login Life Assist Mobile App and select Premium redirection/ Fund switch option. Visit nearest Bajaj Allianz Life branch to place the relevant request.

Do I need to maintain accounts with an Indian banks to pay premiums for policies?

No. policyholder does not need to maintain an account with an Indian bank to pay premiums for policies

Can I pay the premium in foreign currency?

Yes, premium payment in foreign currency can be paid via SWIFT.

What are the different premium payment modes available for NRI customers?

Premium can be paid through the following modes: Net Banking Credit Card/Debit Card Unified Payment Interface UPI (All Major UPI Apps) Cheque/ DD (Offline payment modes) SWIFT/NEFT/RTGS (Offline payment modes) You can also register for the below Auto pay options for seamless premium payments in future. Online Mandate (eMandate / eNach) Unified Payment Interface (UPI) Mandate Domestic Credit Card Standing Instructions (CCSI) International Credit Card Standing Instructions (CCSI)

How will Bajaj Allianz Life communicate with me?

All communications with respect to the insurance policy shall be sent to the registered email ID/ mobile number/ address mentioned by you in the proposal form. Additionally, relevant alerts through emails are sent at regular intervals on your registered email ID.

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 belonging to a registered country, 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).

For whom does FATCA/CRS form apply?

It is applicable to all the policyholders, for whom, any of the following is outside India: Place of birth Citizenship or tax-residency Residence or Mailing address Telephone number (residence or mobile) Domiciled account with Standing instruction of transfer funds Residing Power of attorney or signatory authority A ‘hold mail’ instruction or ‘in-care-of’ address in a jurisdiction outside India, if the reporting financial institution does not have any other address on file for the account holder For further information on FATCA/CRS, please visit www.incometaxindia.gov.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 the Act, 1961’

How can I declare FATCA?

You can follow the below mentioned steps for submitting FATCA declaration: Log in to the Customer Portal (Bajaj Allianz Life Assist Portal) and open FATCA Declaration under NRI Corner tab Submit the required details and upload supporting documents Mandatory documents for FATCA Declaration are, Valid Passport TIN or TIN equivalent Foreign Address Proof

Can the policy under MWPA (Married Women's Property Act, 1874) be offered to NRI?

A: Yes, policy under MWPA (Married Women's Property Act, 1874) can be offered to NRI. However, cannot be offered to ‘Indian having Foreign Citizenship’ or to OCI (Overseas Citizen of India)

What is the claim settlement process?

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.

How to intimate claim?

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.

What are the documents required to process a death claim?

Following documents are to be submitted along with claim intimation: Death Certificate issued by the Government Claimant Statement/Intimation Letter Photocopy of ID proof and address proof for claimant (with self-attestation) Original policy bond Copy of Bank passbook/NEFT mandate/Cancelled cheque of claimant Medical Certificate issued by hospital (if available) Post Mortem report and FIR (in case of accident)

How will the claims be paid?

Claims will be settled in Indian currency only. If the claimant is NRI or PIO or OCI, subject to applicable RBI regulations and other acts, Claim can be settled by direct credit to NRE / NRO / Foreign Bank account of the claimant. Claim settled by crediting foreign bank account will be in proportion to the amount of premium paid in foreign currency, in relation to the total premium payable. Balance claim amount, if any, will be settled by crediting NRO account of the claimant, as applicable. If premiums have been paid in non-repatriable rupees, then claim will be settled by crediting to NRO account only. In case the claimant is an Indian Resident, then claim will be settled through direct credit to claimant’s Indian bank account only.

What are the tax eligibilities for NRI & NRE accounts respectively?

The tax eligibilities depend upon the residential status of the individual basis the Income Tax provisions and not on the basis of account held.

Can NRI customers avail GST waiver on premiums paid via Indian account?

Yes, Premium payment via Indian account(NRE) & foreign account(SWIFT) is eligible for GST waiver upon submission of required documents. However, the same is restricted if premium is paid from NRO account.

Can NRI claim tax deduction/ exemptions by investing in an insurance product?

Tax benefits can be availed by the NRIs under section 80C and 80D of the Income Tax Act 1961 (the Act) under old tax regime. Further, on claim proceed, tax benefit* can be availed under section 10(10D) of the Act. *Tax benefits as per prevailing Income tax laws shall apply. (*Please check with your tax consultant for eligibility.)

What are the various Taxation Laws and sections for NRIs, applicable in India?

“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 of India for tax purposes. Following provisions of the Act are applicable to certain incomes of Non Resident Indian: Section 115D: Special provision for computation of total income of non-residents Section 115E: Tax on investment income and long-term capital gains Section 115F: Capital gains on transfer of foreign exchange assets (not to be charged in certain cases) Section 115G: Return of income (not to be filed in certain cases) Section 115H: Benefit under Chapter to be available in certain cases even after the assesse becomes resident Section 115-I: Chapter not to apply if the assesse so chooses

How can double taxation be avoided by NRIs?

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) (wherever available) 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. Also if there is any benefit under DTAA, no withholding tax/ lower tax will be deducted if customer submits valid Form 10F and valid Tax Residency Certificate (TRC) issued by Revenue Department of Foreign Country in which customer is residing.

Is Tax deducted at source (TDS) on insurance benefits applicable to NRI?

As per section 195 of the Act, Tax is deducted at source (TDS) for any policy benefit that is not exempt under Section 10(10D). TDS will be applicable on the payout amount for annuity policies under Section 195 of the Act. However, no TDS is deducted for NRIs residing in countries that are subject to Double Taxation Avoidance Agreement (DTAA) benefit, and where the policyholder has submitted a duly-filled Form 10F along with valid Tax Residency Certificate (TRC) to the insurer before payment. Note that where payout is recurring payout like annuity, every year customer needs to submit valid Form 10F and TRC.

What are the tax implications for NRIs investing in ULIPs?

For ULIP policies issued before 1 Feb 2021, maturity amount will be tax free in the hands of recipient if policy is satisfying conditions mentioned under Section 10(10D) of the Act. For policies issued on or after 1 February 2021, if the aggregate annual premium of all unit-linked plans that you have is equal to or less than Rs.2.5 lakhs, maturity amount will be tax free in the hands of recipient if policy is satisfying conditions mentioned under Section 10(10D) of the Act. If the aggregate annual premium is more than Rs.2.5 lakhs, the maturity proceeds would attract capital gains tax. Double Tax Avoidance Agreement (DTAA) benefit if available can be obtained by the policyholder subject to the necessary documentation

What are the GST implications for NRI customers?

GST will be applicable as per the rates for respective product type (Term – 18%, Endowment (First year) – 4.5%, Renewal Premium – 2.25%, Annuity – 1.8%,). However, GST waiver benefit can be availed by the NRI customer if the following conditions are satisfied: Proof of foreign address is provided (such as lease agreement, utility bill, driver’s license etc) Premium is paid through NRE bank account/SWIFT transfer (Along with the documentary proofs) GST Waiver declaration (BALIC format) that includes payment through NRE bank account and Indemnity. GST waiver is not allowed for ULIP products.

What is Tax Residency Certificate (TRC)?

TRC is a certificate issued by the Government of a country 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.

Can NRI ask for a refund on TDS deduction from the Life Insurance company?

TDS refund cannot be allowed once TDS is deducted by the Life Insurance company and payment is made to Policy Holders.

Can NRI subsequently seek refund of GST charged by the Life Insurance company?

GST refund cannot be subsequently allowed once premium payment is made by customer along with GST. For availing GST waiver, the applications should be logged in with NRI GST waiver option within the buy journey.

What are the tax and regulatory provisions for Repatriation proceeds in Life Insurance?

1. NRIs can repatriate claims, maturity proceeds or surrender value of life insurance policy outside India, only in proportion in which the amount of premium has been paid in foreign currency through NRE / Foreign account in relation to the total premium payable. 2. If premium/s are paid by customers from NRE account, payout from policy can be made in NRE account, otherwise payment will be made to NRO account. 3. Any amount that is received from the life insurance policy that is not exempt under section 10(10D) of the Act, will be subject to withholding tax at applicable rates (as per the provisions of the Act and the balance amount (net of taxes) will be repatriable as per the FEMA Regulations mentioned above. Further, the withholding tax is not dependant on the account through which premium is received or payouts are made. 4. Maturity/Surrender/Survival Benefit/Claims amount is credited in NRE account only if the premium is paid through NRE account. Below are the 2 ways in which you can receive your maturity amount. • All premiums paid from the NRE account: If you have paid all premiums from the NRE account, you will receive a 100% payout in your NRE account. You need to provide the bank statement highlighting all the transactions for premiums paid towards your policy through the NRE account • Partial premiums paid from the NRE account: In case you have paid a certain percentage of your premiums from the NRE account then the same percentage of payout amount will be transferred to your NRE account. For eg. if 80% of your premium is paid through NRE account then 80% of payout will be paid in your NRE account and the remaining 20% of payout will be transferred to the NRO/savings account of your choice. You need to provide the bank statement highlighting the transactions for premiums paid towards your policy through the NRE account

Whether GST is waived off if premiums are paid from NRE account through open market option in BALIC.?

We cannot offer GST waiver in this case, as the premium will not be received in convertible foreign exchange

Who is eligible for GST Waiver/refund?

NRI Customers who holds a traditional product (non-ULIP) on which GST is charged over base premium with only annual frequency of payment can avail GST waiver/refund.

Can a customer who is NRI & has not availed GST waiver/refund while paying first year premium, opt for the waiver/refund during renewals?

Yes, but the customer has to submit all the required documents to confirm the resident status first basis which due verification is done by BALIC, only for current year Financial Year periods.

How can customers apply for GST Waiver/refund?

Customers can write us at customer care email ID, visit nearest BALIC branches or video call via i-SERV or sales with required documents.

If premium debited via autopay method from NRE account with GST amount, whether GST refund is possible?

Yes, GST Refund can be processed for premium debited by Autopay mode within 90 days from the due date and the same account has to be registered in BALIC records.

What are the list of documents required for GST waiver/ Refund?

1. Declaration by NRI for GST Exemption in below format. I <>, resident of << address outside India>>, confirm that I will intimate Bajaj Allianz Life Insurance Co. Ltd. (“BALIC”) in case my residential status changes from Non-resident to Resident Indian during the year <>. I agree to indemnify BALIC for any loss arising on account of the above or in the event of any claim for GST or similar taxes being raised on BALIC on account of premiums being paid from my NRE A/c <>. Signature Date Proposal /Policy No.: 2. Foreign residential address proof not more than 3 months old (Preferred: Current utility bill, driving license) OR Certificate from Government/Embassy confirming the current residential address of the policyholder. 3. NRE Bank statement of the customer showing premium paid OR Cheque copy where NRE account type is mentioned. 4. Passport copy of Policyholder. 5. FATCA & CRS declaration along with valid TIN/ TIN equivalent number

How long it will take to get the GST amount refund in NRI customer’s bank account?

Once the service request is processed, it will take 7 working days to credit the GST amount in NRI customer’s NRE bank account.

What is TIN and functional equivalent of TIN?

A Taxpayer Identification Number is a unique combination of letters or numbers, however described, assigned by a country to an individual or an Entity and used to identify the individual or Entity for purposes of administering the tax laws of such country In the case of the U.S., TIN is usually a nine-digit identification number used by the Internal Revenue Service (IRS) in the administration of tax laws in the US Many countries do not issue TINs to their taxpayers. However, such countries issue some other high-integrity numbers with an equivalent level of identification (a functional equivalent of TIN). Examples of such functional equivalent numbers are Social Security Number National Insurance Number Citizen Or Personal Identification Code or Number Resident Registration Number etc.

Is obtaining of TIN / functional equivalent mandatory?

Yes, if the individual is identified as a tax resident of a country or territory outside of India, obtaining a TIN or its functional equivalent is a must.

Are there any consequences for incomplete, inaccurate, false self-certification?

Each policyholder should provide a self-certification (which is part of BALIC proposal form), mention true and accurate residential status and corresponding taxpayer’s identification number or functional equivalent of TIN for FATCA and CRS purposes. As per Union Budget 2023, any false or inaccurate information furnished by the policyholder that results in the submission of an inaccurate annual statement by BALIC with the income-tax authority, a penalty of INR 5,000 per policy can be levied. Where such a penalty is levied on BALIC, as per the amendment introduced in the Union Budget 2023, BALIC is permitted by law to recover the same from the respective policyholder or retain from the amount available.

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AUSTRALIA	80037371371
CANADA
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ISRAEL
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BRUNEI	8014605
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VIETNAM	1800400070
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Life Insurance Plans for NRIs

Life insurance plans offer financial security. Plus, there are different plans to help you plan for different goals. Life insurance plans are important for every individual’s financial planning, whether they are residents or Non-Resident Indians (NRIs). Read More

While resident Indians can easily buy life insurance plans in India, NRIs can too. Life insurance plans are available for NRIs too and allows them to plan for their financial security and goals. Read Less

Life Insurance Plans For NRI

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Written ByPalak Bagadia

AboutPalak Bagadia

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

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.

What is Life Insurance for NRIs?
Types of Life Insurance for NRIs
Can you purchase Life Insurance Plans
Who can buy Life Insurance for NRIs in India?
Features of Life Insurance Plans for NRIs
How can you purchase the best NRI Life Insurance Policy for NRIs?
Documents required
Eligibility
Conclusion
Why Bajaj
FAQ's
Plan by Bajaj Allianz Life

What is Life Insurance for NRIs?

Life insurance plans are protection-oriented solutions that seek to provide financial coverage against unforeseen risks. Life insurance plans usually cover the risk of premature demise during the policy tenure. If the life assured passes away during the term, the plan pays a death benefit which helps the family deal with the financial loss that they might have suffered.

There are savings-oriented life insurance plans too which help you create a corpus for your financial goals. You can choose goal-oriented life insurance plans too like child plans or retirement plans, which help you plan for your financial goals.

NRIs can choose from a range of life insurance plans to plan financial security and also their goals.

Types of Life Insurance for NRIs

The types of life insurance plans that NRIs can buy are as follows –

Types of plan	Meaning
Term insurance plans	These are protection-oriented plans which cover the risk of premature death. In case the life assured passes away during the policy tenure, a death benefit is paid. Some term plans offer the return of premium option, too, wherein the paid premiums are refunded on maturity.
Endowment plans	These are savings-oriented life insurance plans which help you create a corpus for your goals. The plan covers the risk of premature death and also pays a death benefit in case the life assured passes away during the policy tenure. However, if the life assured survives the tenure, a maturity benefit is paid.
Money-back plans	These plans are like endowment plans, which offer a death benefit on the premature demise or a maturity benefit if the policy matures and the life assured is alive. The main difference is the survival benefit paid during the policy tenure. Under these plans, a part of the sum assured is paid as money back benefit during the policy term.This creates liquidity for policyholders.
Child plans	These plans are goal-oriented life insurance plans which parents can avail for their child These plans help in creating a corpus for your child’s future. Many plans come with an inbuilt premium waiver benefit, which waives the premium if the parent passes away. The policy continues undisturbed, and the plan benefits are paid on maturity. This creates a secured corpus for the child’s future even when the parent is not around.
Pension plans	These are retirement-oriented life insurance plans which help in creating a retirement corpus and generating an assured annuity payable for life.

Can you purchase Life Insurance Plans for NRIs In India?

NRIs can buy life insurance plans in India. There are two ways of buying the policy, which are as follows –

While in India
When you are visiting India, you can buy a life insurance policy online or offline and complete the purchase process easily. The premium is payable in Indian Rupees (INR) and the policy is issued after underwriting.
From the country you reside in
You can also buy a life insurance policy in India from your residential country abroad. You can buy the policy online or offline and send the documents and the proposal form by mail. In the case of medical check-ups, you can get the check-ups done in the residential country and mail the reports to the insurance company.

Who can buy Life Insurance for NRIs in India?

You can buy a life insurance policy for yourself, your spouse, and your dependent children. If your spouse and/or dependent children are NRIs, you can buy a policy for them in India.

NRI Life Insurance Plans:

Some of the benefits of NRI life insurance plans are as follows –

Financial protection

Life insurance plans are meant for providing financial protection against the risk of premature demise. This helps in creating a safety net for yourself and your family members against unforeseen eventualities. If the breadwinner passes away, the family can manage the financial loss with the benefit received from a life insurance policy. Thus, life insurance plans help NRIs provide financial protection to their families in their absence.

Goal planning

With savings-oriented life insurance plans, NRIs can create a corpus for their financial goals. Moreover, there are goal-specific insurance plans too, like child plans and pension plans, which help in creating a corpus for specific goals and help in goal fulfilment.

Tax benefits

NRIs can get tax benefits from life insurance policies, which is another reason why they buy the plan. The tax benefits available are as follows –

Premiums paid for life insurance plans qualify as a deduction under Section 80C up to ₹1.5 lakhs¹. To qualify for the deduction, the premium should be up to 20% of the capital sum assured if the policy is issued on or before 31^st March 2012¹. If the policy is issued on or after 1^st April 2012, the premium should be up to 10% of the capital sum assured¹. If the policy is issued on or after 1^st April 2013 and you suffer from an illness or disability specified under Section 80DDB or 80U, the premium should be up to 15% of the capital sum assured¹.

The death benefit is tax-free¹

The maturity benefit received from the policy is tax-free under Section 10(10D), subject to specific terms and conditions¹.

If ULIP policy/policies issued on or after 1 February 2021 with annual aggregate premium more than Rs. 2.50 lakhs, gain from such policy is taxable as “Capital Gain” in the hands of recipient.

If non-ULIP policy/policies issued on or after 1 April 2023 with annual aggregate premium more than Rs. 5.00 lakhs, gain from such policy is taxable in the hands of recipient.

Features of Life Insurance Plans for NRIs

Some of the features of life insurance plans for NRIs are as follows –

NRIs can choose from different types of life insurance plans depending on their needs
Life insurance plans offer flexible premium payment modes. NRIs can choose from single premiums, limited premiums and regular premiums depending on their affordability
The premium of life insurance plans is payable in Indian Rupee (INR)
Premiums can be paid annually, half-yearly, quarterly or monthly, depending on the plan selected
There are optional riders available under most life insurance plans, too. You can choose the suitable riders at an additional premium.

Term Plan by Bajaj Allianz Life

How can you purchase the best NRI Life Insurance Policy for NRIs?

To buy the right life insurance policy, here are some factors that NRIs should consider –

The right plan

Before buying a life insurance policy, you should find the type of plan which suits your coverage needs. A term plan is suitable for basic protection, which helps you cover the financial loss suffered in the case of a premature demise. Besides a term plan, you can choose from other life insurance plans depending on your needs. For instance, you can buy a child plan if you wish to create a secured amount for your child’s future. Similarly, you can buy pension plans for retirement planning.

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The right sum assured

After choosing the right plan, the next step is to choose the right sum assured. Having optimal coverage is important so that the plan can compensate you and your family adequately. A low sum assured might not fulfil your financial protection need. To find the right sum assured, you can use life insurance calculators online and find the right coverage for your needs.

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Premiums

Assess the premium of the policy and ensure that it is affordable. This will help you pay the premium over the chosen premium-paying term. Plus, the premium should be competitive so that you get the best deal on your life insurance policy.

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Riders

Assess the optional riders available with life insurance plans. Choose the suitable riders for complete protection depending on your needs.

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Policy term

The terms of your life insurance policy should be aligned with your financial goals. If you are planning for a short-term goal, you can choose a short-term policy tenure. If you are planning for a long-term goal, the tenure should be such that you get the benefits when you need them the most.

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Premium payment terms and frequency

The premium payment term and frequency should also be suitable so that you can affordably pay the premium. For instance, if you want to pay the premium in a lump sum and enjoy long-term protection, you can choose a single premium. Similarly, if monthly premiums are more affordable, you can choose to pay the premium monthly instead of annually.

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Documents required to buy life insurance policies in India

Some of the documents that are required to buy life insurance policies in India are as follows –

Identity proof

Age proof

Recent coloured photographs

Address proof

Income proof

Medical reports

Eligibility Criteria for Life Insurance for NRI in India

NRIs can buy a life insurance policy in India if they meet the eligibility parameters of the policy that they choose to buy. Some of the common eligibility parameters are as follows –

Age limit – Life insurance policies specify a minimum and a maximum age limit for buying the policy. NRIs falling within the specified limits can buy the plan.
Income – NRIs wishing to buy a life insurance policy should have adequate income to pay the premium of the policy

Conclusion

Understand the need for life insurance and buy a suitable policy for your coverage needs. As an NRI, you can buy a life insurance policy in India and create a financial safety net for your loved ones. Moreover, with the different types of plans available, you can buy suitable plans and plan for your financial goals. The tax benefit is an added advantage. So, buy the right plan with the right sum assured and enjoy financial security.

99.23%

Claim Settlement Ratio^~

1 Day

Get 1 Day Claim Approval^%

AAA

Stable Rating by CARE^$$

₹1,20,994 Cr

Assets Under Management (AUM)^**

4.19 Cr

Number of Lives Covered^#

432%

Solvency Ratio of 432%^{^^^}

Disclaimer:^~Individual Death Claim Settlement Ratio for FY 2023-2024 | ^%96.70% of non-investigative individual claims approved in one working day for FY 2023-24. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices | ^$$For details refer to press release published by CARE | ^**All figures as on 31 January, 2025 | ^{^^^}Solvency ratio 432% as at 31 March 2024 against IRDAI mandated 150% | ^#Individual and group, as on 31 March, 2024.

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LIFE ASSIST APP/PORTAL

Our one stop, self-servicing tool that enables you to do any policy related transactions on your own.

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WHATSAPP SERVICING

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BOING CHATBOT / LIVE CHAT CONNECT

BOING is your personal assistant BOT to help you manage your queries.

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INSTANT PREMIUM PAYMENT

Pay your premium through preferred mode-credit/debit card, net banking, e-wallet, UPI or register your policy on auto-debit facility.

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VIDEO CONNECT (I-SERV)

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Frequently Asked Questions

Life Insurance Process
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Calling us from INDIA	18002097272
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New Customer

Buy New Policy

+ 91-20-35125850
(Call charges apply)

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

Email us on

websaleslife@bajajallianz.co.in

Existing Customer

Service Related Assistance

@ 1800-209-7272

Monday to Sunday: 9:00 AM to 7:00 PM (IST)

Email us on

customercare@bajajallianz.co.in

NRI Service Helpline

24/7 (All Weekdays)

Corporate Office

Bajaj Allianz Life Insurance Co. Ltd.

Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra

Tel No: 020-66026773

Branch Visit Timings (IST):

Monday to Friday - 9:00 AM to 3:30 PM

Saturday - 9:00 AM to 1:00 PM

Locate Branch

Dubai Office

UAE Representative Office

Bajaj Allianz Life Insurance Co. Ltd 0215, 2nd floor,Hamsah building, Near Ansar Gallery, AL Karama, Dubai, United Arab Emirates Office

Office Timing:

Contact No: +971-43426742

Monday to Friday: 9:00 AM to 6:00 PM (GST)

For Assistance, visit our Dubai Office

Visit Dubai Office

Customer Speaks

Happy with the services

I have invested in various products of Bajaj Allianz Life Insurance - I am happy with the services, returns and diversified product portfolio.

Rashmi Bhavnani

Satisfied, Trust

I am a happy customer who is satisfied with the after sales service. I have full trust in Bajaj Allianz Life Insurance Company.

Shrikant A Karande

Happy with the returns

I was introduced by my advisor to invest in Bajaj Allianz Life Insurance .I have invested in the same and am happy with the returns and services.

Kavita Goplani

Very Happy

I am a 7 year old customer of Bajaj Allianz Life Insurance and very happy about the services.

Dhruv Soni

References:

https://cleartax.in/s/life-insurance-taxability

Reviewed by Life Insurance Experts

Bajaj Allianz Life is a trusted insurance partner

At Bajaj Allianz Life, we are here to support you in building a secure and worry-free financial future. With over 24 years of experience, we provide a variety of life insurance plans, including protection, retirement, savings, investment and health, to meet your unique needs.

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: Medicines (M) - 10% Lab-test booking (L) - 10%	Throughout the year	Assumption – Total expense on these services throughout the year	Total discounts that can be availed throughout the year
M - ₹ 5,000	₹ 500
L - ₹ 5,000	₹ 500
Total per year as per assumption	₹ 31,000

Market-Linked Returns with Tax Benefits^$

Returns upto 26.7%*

Starting from ₹3000/ Month¹

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^$,*,1T&C Apply

^$Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) 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

¹Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

*Benchmark: Nifty 500 Multicap Momentum Quality 50 Index past 5 CAGR Returns, as on 31st December 2024. Past returns of a fund are not necessarily indicative of the future performance of the fund. | Please consult the financial advisor before investing.

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 Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01) are only the name of the unit linked insurance contracts 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. 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.

Nifty 500 Multicap Momentum Quality 50 Index Fund is available Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01)

In addition to the already existing funds, Nifty 500 Multicap Momentum Quality 50 Index Fund is now available with the above mentioned products. Customer has an option to choose from other available funds apart from Nifty 500 Multicap Momentum Quality 50 Index Fund.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS

IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

CIN: U66010PN2001PLC015959 | Registered Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune-411006, Maharashtra

Email: customercare@bajajallianz.co.in | Tollfree: 1800 209 7272

Disclaimer: Images used on this website and the models photographed in them are for representative purposes only and are not indicative of anyone's personal thoughts or ideas.

The Logo of Bajaj Allianz Life Insurance Co. Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo and Allianz SE to use its “Allianz” logo.

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Disclaimer

For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

¹©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

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Life Insurance Plans for NRIs

What is Life Insurance for NRIs?

Types of Life Insurance for NRIs

Can you purchase Life Insurance Plans for NRIs In India?

Who can buy Life Insurance for NRIs in India?

NRI Life Insurance Plans:

Features of Life Insurance Plans for NRIs

Term Plan by Bajaj Allianz Life

The right plan

The right sum assured

Premiums

Riders

Policy term

Premium payment terms and frequency

Identity proof

Age proof

Recent coloured photographs

Address proof

Income proof

Medical reports

other document

Eligibility Criteria for Life Insurance for NRI in India

Conclusion

Why Bajaj Allianz Life Insurance ?

Claim Settlement Ratio~

Get 1 Day Claim Approval%

Stable Rating by CARE$$

Assets Under Management (AUM)**

Number of Lives Covered#

Solvency Ratio of 432%^^^

Frequently Asked Questions

Life Insurance Guide

Articles

Calculators

Podcasts

Videos

Customer Speaks

Market-Linked Returns with Tax Benefits$

New Term Plan Launched!

Claim Settlement Ratio^~

Get 1 Day Claim Approval^%

Stable Rating by CARE^$$

Assets Under Management (AUM)^**

Number of Lives Covered^#

Solvency Ratio of 432%^{^^^}

Market-Linked Returns with Tax Benefits^$