Can OCI holders get life insurance in India?

A. Yes, if you have obtained US citizenship and have OCI card holder, you can buy LIC policy. US citizens can buy LIC policy without visiting India through Mail Order Business.

Can OCI card holders buy insurance in India?

Yes OCI Holder can take medical insurance in India.

Can a foreigner take life insurance in India?

The answer is yes, the Indian government has made some provision in the laws, which allows foreign nationals to buy life insurance in India. There are many companies in India that offer insurance to foreign nationals. Furthermore, there are various types of insurance policies that you can choose from.

Can a US citizen take life insurance in India?

Yes, all NRIs are eligible to buy insurance plans in India; including the people who have become citizens of foreign countries and their children as well i.e. PIO (People of Indian Origin). The Foreign Exchange Management Act allows all NRIs to invest in insurance policies in India.

Is OCI card holder an NRI?

The NRI status can also be given to citizens who live abroad but have the roots connected to India whether through their parents or guardians. On the other hand, OCI cardholders are foreigners or citizens who want to work or to study within the Indian territory.

Can NRI take life insurance policy in India?

Yes, NRIs and PIOs (as defined by FEMA) who reside abroad are allowed to purchase life insurance in India. All persons of Indian origin, regardless of their citizenship status in India, can take such a policy in their home country to protect themselves and their families.

What can OCI not do in India?

OCI cardholders are neither permitted to vote, nor are they eligible to run for public office nor hold government jobs in India, among a few other things. A detailed list of prohibited activities is provided under section 7 of the Indian Citizenship Act, 1955 as amended from time to time.

Can a foreigner buy life insurance?

Yes, you can get approved for life insurance in the United States even if you are not a citizen but you’ll need the proper documentation. When we say proper documentation at minimum you’ll need a Social Security number, and a green card or valid visa. Not all insurance companies evaluate applicants in the same way.

Can a foreign national buy insurance in India?

Yes. The answer is quite simple. The Government of India has created some provisions in Indian law that allow foreign nationals to purchase life insurance in India.

Can OCI have Indian bank account?

Since OCI cardholders are working and receiving their income within the territory of India, these individuals are allowed to open special bank accounts in Indian Bank branches.

Is LIC useful for NRI?

NRIs may obtain insurance cover under our Non-Medical (Special) scheme subject to certain restrictions, some of which are listed below: Applicable if insurance is obtained during visit to India or through Mail Order Business when LIC Agents visit the country of residence of NRI for completing the necessary formalities.