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NRI Corner

 
Non Resident Indians:
 
A non resident Indian is a citizen of India temporarily residing in the country of his/her present residence and holding a valid passport issued by the Government of India.
 
It is clarified that People of Indian Origin having foreign nationality and residing in foreign countries (PIO) are not considered as NRIs for the purpose of allowing insurance.
Policies are issued in Indian Rupees only.
NRIs are allowed insurance on their visit to India where all formalities are completed during their stay in India.
NRIs can also obtain insurance cover from their present country of residence where all formalities are completed in their country of residence
 
Requirements to apply for life insurance
Duly filled proposal form
Proof of age & income
Initial deposit equivalent to instalment premium under the proposed plan of insurance
Copy of Bank account in India (premium to be paid from Indian Bank account/NRE account)
Duly attested passport copy
NRI questionnaire (refer annexures)
Mailing address along with the proof
Indian Permanent address along with the proof (if different from mailing address)
Pancard or form 60 where premium (total annualized premium under all policies)paid is 1 lac & above
Medical tests wherever applicable.
 
Other conditions-
Proposal form need to be signed in India
Under exceptional cases proposal form signed aboard will be considered if the same is witnessed by-
  The employer in case of employed persons
  Dean or Principal of educational institutes in the case of students
  Banker (Abroad) of the Proposer
  Indian Consulate / Indian Embassy official
  Notary/Attorney working in the country of residence of NRI
Medical tests have to be done in India except where proposal form has been signed outside India. Medical tests to be conducted & medical report format (FMR) will be shared with the client by SBILIFE official.
No plan restriction for standard countries (refer list of standard countries as per annexures)
Riders offered- Accident Death Benefit rider/Accidental & Total & permanent disability Benefit rider/Term Rider & premium waiver benefit rider. No other riders will be offered. No riders will be offered to rate up countries, however riders are country specific and the same will be offered at the discretion of SBI Life.
 
People of Indian Origin having foreign nationality and residing in foreign countries-


Person of Indian Origin (PIO) or Overseas Citizen of India, for this purpose is defined as a citizen of any country other than Bangladesh, Nepal, Sri Lanka or Pakistan, if
S/he at any time held Indian passport or
S/he or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or
The person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b)
 
Documentation, Terms & Conditions for PIO/OCI card holders:
Proposal forms need to be signed in India only.
Copy of passport along with PIO/OCI card
Mailing address along with the proof
Permanent address along with the proof (if different from mailing address)
Pancard or form 60 where premium (total annualized premium under all policies)paid is 1 lac & above
Copy of bank account in India/NRE Account
Proof of employment
Income proof & age proof
NRI questionnaire
E mail ID
Medical tests to be done in India only (wherever applicable)
Term plans will not be offered
No riders will be offered
Policies will be issued in India and in Indian Rupees only
 
Important Note-
  The acceptance of proposal will be at sole discretion of SBI Life after evaluating all the information received
     
   ANNEXURES:
NRI Questionnaire
List of Countries
 
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