NRI Corner

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• Online Premium Payment

  Now easily pay your renewal premium from anywhere, in just a few clicks

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• claim settlement

  Get the claim amount you are entitled to, through our simple claim settlement process

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• tax implication

  Understand the tax implications of your insurance benefits and premiums

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Income Tax benefits available under insurance policies

Life Insurance Policies:

• Tax benefit on premium paid Income tax benefit/deduction on premium paid is available under section 80C of the Income Tax Act, 1961 ("Act). In case the premium paid during the financial year exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured.
• Tax benefit on maturity/surrender value Income tax exemption under section 10(10D) of the Act is available at the time of maturity/surrender, subject to the premium not exceeding 10% of the sum assured in any of the years during the policy term.
• Tax benefit on death proceeds Death proceeds are not taxable. However, this is subject to certain conditions under section 10(10D) of the Act.
• TDS on proceeds Insurance proceeds, which are taxable under section 10(10D) of the Act, may be subject to TDS as per the prevalent income tax laws applicable to Resident Indians and Non Resident Indians(NRI’s)*.

* Subject to Double Taxation Avoidance Agreement (DTAA) in case of NRI's

Pension/Annuity Policies:

• Tax benefit on premium paid Income tax benefit/deduction is available on premium paid, under section 80CCC of the Act.
• Tax benefit on pension proceeds On vesting, the policy holder can currently commute up to one-third of the policy proceeds which is exempted from tax under Section 10(10A)(iii) of the Act. The non-commuted pension proceeds taken in the form of immediate annuity are taxable in the hands of the recipient.
• Tax benefit on death proceeds The lump sum death proceeds are not taxable.
• Surrender/annuity proceeds Under pension policy, these are taxable in the hands of the recipient. In case of Non Resident Indians (NRI's), TDS may be applicable on such surrender proceeds as per the prevalent income tax laws, subject to DTAA.

Health Riders/In-built Benefit:

In case of premium paid towards Health Riders (i.e. Critical Illness, etc), deduction under Section 80D is available.

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Taxes/cess applicable on insurance premium/ULIP charges

Goods & Service Tax (GST)/ Cess and/or any other statutory levy/ duty/ surcharge, at the rate notified by the Central Government/ State Government / Union Territories of India from time to time, shall be levied on premium / charges (as applicable) as per the provisions of the prevalent tax laws.

In case of Non-Linked Insurance/Traditional Plans:

• Base Premium
• Rider Premium (if any)
• Any other charge as per the product feature

In case of Unit Link Insurance Plans (ULIP):

• Mortality Charges
• Policy Administration Charges
• Fund Management Charges
• Discontinuance / Surrender Charges, if any
• Partial Withdrawal Charges, if any
• Any other charge as per the product features

Disclaimer: All the above mentioned provisions, as applicable, are as per the prevalent Income Tax laws in India and subject to change from time to time. Please consult your tax advisor for details. Also you may visit http://www.incometaxindia.gov.in for further details.



• NRI enrollment

  As an NRI you can grow your wealth and protect your future by investing in our plans

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We offer various insurance plans for NRIs that provide protection and opportunity for savings and wealth creation. The information below will help you understand how you can enroll with us.

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.

• Policies are issued in Indian Rupees only.
• NRIs/PIOs are allowed insurance on their visit to India where all formalities are completed during their stay in India.
• NRIs/PIO can also obtain insurance cover from their present country of residence under exceptional circumstances where all formalities are completed in their country of residence.

Requirements to apply for Life Insurance:

• Duly filled Proposal Form
• Proof of age & income
• A recent photograph
• Initial deposit equivalent to installment premium under the proposed plan of insurance
• Copy of Bank account in India (premium to be paid from a bank account in India/NRE account)
• Duly attested passport copy
• NRI Questionnaire (refer annexures)
• Permanent address in India along with the proof (if different from the mailing address)
• Pan card or Form 60 where premium (total annualized premium under all policies) paid is 50,000 & above
• FATCA form for NRI as well as PIO/OCI details of TIN number to be quoted where proposer is tax resident of country outside India
• Email ID
• Medical tests wherever applicable

Other Conditions:

• Proposal Form needs to be signed in India
• Under exceptional cases, Proposal Form signed abroad 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 (SBI)
  • Indian Consulate / Indian Embassy official
  • Notary/Attorney working in the country of residence of NRI
  • Justice of Peace appointed by the State in the country of residence
  • Other Government officials with their identification documents attached
• Medical tests have to be done in India except when the Proposal Form has been signed outside India. The list of medical tests to be conducted & format of the medical report (FMR) will be shared with the client by our SBI Life official.
• Riders offered
  • Accident Death Benefit Rider
  • Accidental Total and Permanent Disability Benefit Rider
  • Term Rider
  • Premium Waiver Benefit Rider
  • No riders will be offered to rated up countries (nonstandard 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/her parents or any of his/her 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:

• Copy of passport along with PIO/OCI Card
• A recent photograph
• Permanent address along with the proof (if different from mailing address)
• Pan card or Form 60 where premium (total annualized premium under all policies) paid is 50,000 & above
• Copy of bank account in India/NRE Account
• Proof of employment
• Income proof & age proof
• NRI Questionnaire (refer to the Annexure)
• Email 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

Please note - Acceptance of the proposal will be at the sole discretion of SBI Life after evaluating all the information received.