Secure your future from anywhere in the world
- Protect your loved ones in India from anywhere in the world
- Plan confidently for savings, retirement, and long-term goals
- Apply and manage your policy conveniently from abroad
- Insurance solutions designed specifically for NRIs and PIOs
Insurance plans for all your needs
Term Insurance Plan
Protection at an affordable cost
Get high life cover at low premium
Saving & Investment Plans
Save with confidence for tomorrow
Retirement Plans
Plan now for a worry-free retirement
Unit Linked Insurance Plans
Market-linked growth with life protection
*The above illustration is for Salaried, Male(18 yr), Non Smoker, Life Variant - Regular pay , Policy Term:20 yrs with Base Sum Assured: Rs 50 lakh
**The above illustration is for a Male (35 yr), Non Smoker, with Premium Payment Term of 7 yrs, Policy Term of 14 yrs
^The above illustration is for Male(30 yr), Non Smoker, Single Life Annuity Variant, Premium Payment Term: 5 yrs, Deferment Period: 5 yrs
^^The above illustration is for Male(35 yr), Non Smoker, Regular Pay Variant, Policy Term: 15 yrs
Residential Status Criteria (As per Income-tax Act)
"Non-Resident Indian" is an individual who is a citizen of India or a person of Indian Origin and who is not a resident of India. As per section 6 of the Income-tax Act, an individual is said to be 'Non-Resident' in India if he is not a resident in India and an individual is deemed to be resident in India in any previous year if he satisfies any of the following conditions
|
Category |
Condition 1 |
Condition 2 |
|---|---|---|
|
Indian Citizen / Person of Indian Origin (PIO) |
Stayed in India for 182 days or more during the financial year |
If he is in India for a period of 60 days or more during the previous year and 365 days or more during 4 years immediately preceding the previous year |
|
All Other Individuals |
Stayed in India for 182 days or more during the financial year |
Stayed in India for 60 days or more during the financial year and 365 days or more during the 4 preceding financial years |
If any one of the conditions in your applicable category is satisfied, you will be considered a resident of India for that financial year. If none of the conditions are met, you will be classified as a Non-Resident Indian (NRI).
Mode of Payment
- NRI to have bank account in India
- GST undertaking letter to be submitted along with the proposal wherever client opting for SWIFT transfer in annual mode
For further clarification, please seek advise from your tax expert. Disclaimer: The above provisions are subject to change from time to time.
Key Points
-
Riders are not allowed
-
Only Individual cover plans are allowed
-
While opting for term plan the life assured has to be in India and proposal form has to be signed in India. Medicals and financials will be mandatory
-
Keyman and partnership insurance not allowed
-
Base policy is issued in Indian Rupees.Maturity proceeds will be paid in Indian Rupees
Tax Benefits available to NRI
-
Deduction under section 80C/80CCC: Premium paid upto Rs 1.50 lacs towards life insurance policies, among other deductions
-
Exemption under section 10(10D): Tax exemptions can also be availed on earning and maturity benefits for the life insurance policies which are compliant to the provisions of Section 10(10D)
TDS applicability
-
Tax will be deducted at source (TDS) under Section 195 of the Income Tax Act, 1961 on any sum paid under a life insurance policy to Non-Resident Indians ONLY if the policy is not exempt under Section 10(10D)
-
There is no threshold limit to deduct TDS under section 195
In case of Claims
Mandatory Documents
- Claim Form A - Death Claim*
- Claim Form B - To be filled by Last Treating Doctor providing detail of medical treatment in India and abroad *
- Claim Form C - Certificate of Identity - Overseas Claim - To be filled by Indian Embassy or Employer (attached herewith)
- Original Policy Document *
- Original Death Certificate *
- Copy of Passport with Visa and Immigration stamps page *
- KYC of Claimant *
- Bank Authorisation Form of Claimant’s Bank (A/c Opening Date filled in, Claimant’s Photo and signature, both duly attested by the Bank) supported by Bank Passbook Copy / Cancelled Cheque Leaf of the same account *
- Medical Records such as Admission Notes / Discharge Summary / Medical Tests *
- Previous Hospital / Medical Reports *
- Copy of Central Identity card / Social Security Card / Health card
- Documentary evidence if body was brought to India
- Certificate of Burial or Cremation
- Employer Certificate (in case of salaried Life Assureds')
- Claimant Questionnaire (where Claim Intimation Date is after 6 months from Date of Death)
* Denotes Mandatory Documents
Mandatory Documents
- First Information Report *
- Post Mortem Report *
- Viscera / Chemical Analysis Report where applicable
- Final Police Investigation Report where applicable
- Valid Driving Licence if Life Assured was driving, and if Accident Benefit is opted / In-Built *
* Denotes Mandatory Documents
The Company may call for additional documents where required
FAQs
Digital Service Channels
INL Customer Connect App – For Android | For iOS
Chat with NOVA – 24x7 Digital Assistant
Other Service Channels
Email - customerservice@indusindnipponlife.com
Toll-Free Number - 1800 102 1010
Visit your nearest INLIC branch
Registered & Corporate Office
IndusInd Nippon Life Insurance Company Limited. IRDAI Registration No. 121. Registered & Corporate Office: Unit Nos. 401B, 402, 403 & 404, 4th Floor, Inspire BKC, G Block, BKC Main Road, Bandra Kurla Complex, Bandra East, Mumbai 400051