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:

• Credit Card – Domestic & International
• Net Banking
• Debit Card
• Wallets (Paytm)
• Unified Payment Interface UPI (Amazon Pay, Google Pay, Phone Pe, Paytm, BHIM)

You can also register for the below Auto pay options for seamless premium payments in future.

• Online Mandate
• Credit Card Standing Instructions (CCSI)
• National Automated Clearing House (NACH)

Yes, NRI can purchase Bajaj Allianz Life insurance policy through the online platform by adhering to the below given checklist:

• The proposal form must be filled in completely online.
• 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
  • Proof of residence in India and Overseas 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, in case income is earned in India
  • Foreign Residency Supplementary Questionnaire (NRI/PIO Questionnaire)

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 mandated.
• Medical examination should be performed by a postgraduate doctor in allopath. Further, he/she should state his standing in practice, along with his signature and seal.
• 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.

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:

• Visit our Customer Portal (Life Assist) / Website
• Download Life Assist App available on Android and IOS
• Speak with our chatbot BOING
• Call NRI Customer Care Number – +91 20 678 71700
• Customer Care Number (India) – 1800 103 7272
• Email – customercare@bajajallianz.co.in

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:

• 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)

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.

• 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 NRE / 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.

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:

• 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 from registered email ID along with scanned images of relevant documents.
• Visit Branch office and place relevant service request

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
• Visit nearest Bajaj Allianz Life branch to place the relevant request.

“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:

• 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

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:

• 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 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:

• Log in to the Customer 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

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.