Can NRI purchase life insurance in India?

The Indian Insurance Industry has matured over the years and self-awareness for insurance and its important has slowly crept into the minds of the pro-active financial planners across the globe. This in fact has been triggered by the recent fall in premium for online Term Plans. The surge of interest of Non Resident Indians to purchase a Life Insurance Product in India has given a platform to many insurance companies to re-strategize and capitalize on the huge potential of tapping the NRI or the Person of Indian Origin, PIO.

Since Term Plans are pure protection plans, it is a great choice for family security. Most Term Policies offered by most insurance companies in India can be purchased by a Non Resident Indian, NRI or a Person of Indian Origin, PIO simply by filling an additional NRI Questionnaire. They are not separate policies but the same policies that are offered to resident Indians as well.

However, only a few companies have actually streamlined their processes for issuing insurance policies to NRIs. They will help you with documentations and other requirements for medical tests, etc. as well. Some of the companies who have managed to stream line their NRI centre are:

• Life Insurance Corporation of India (LIC) 
• ICICI Prudential Life Insurance 
• Max Life Insurance 
• Kotak Life Insurance

There is a choice of insurance plans available to an NRI which depends on the country of residence, age and other relevant details.

However, there are some basic things to know if you are an NRI or a PIO and you wish to purchase a Life Insurance Policy in India, like:

• Location- It is not necessary for the NRI or the PIO to be present within the geographical location of India while purchasing a Life Insurance Policy. However, if the policy involves medical examination, it would have to be done at the policyholder’s expense if he were out of India at the time of the policy inception. 
• No Additional Premiums charged- The premiums are the same for Resident and Non-Resident Indians if the risk involved is the same. The premium would increase only if the associated risk increases and not otherwise. 
• Online Payment- An NRI can make Online Payment by any of the following modes: 
  o Remittance in foreign currency
  o NRO bank account
  o NRE/ FCNR bank account

Even the death and maturity benefit can be paid out to any of the mentioned Bank Account details and the same are repatriable to the extent of premium paid in foreign currency in relation to the total premium paid. Thus, if the premiums are paid in Foreign Currency, then the proceeds are fully repatriable but if is paid in INR through the NRO Account, then the same would be considered as an earning in India and would not fully repatriable. However, this does not affect the working of the plan and the status of the proceeds whatsoever.

Deepak Yohannan

How to identify fake Rs 500 currency notes

Fake notes have no exchange value. These means that if you go to the bank and deposit any forged notes, they would sign it and send it for further verification without giving you any exchange money. Fake notes is a growing menace in the country. So it is very important to check for the genuineness of all notes you receive-specially the larger denominations.

We have put together all the signs and authentication marks through which you will be able to judge the authenticity of notes:



1.The floral design marked by number one in the picture above is actually ‘500’ written half way. If you move the note against light you will be able to see the complete ‘500’ written on it.

2.When viewed against light, this empty place has a hidden picture of Mahatma Gandhi, multi-directional lines and ‘500’ written on it.

3.The colour of this ‘500’ appears green as such, but if you tilt the note to a certain angle, it would turn blue.

4.The ground, on which the number of the note is printed, glows when exposed to ultraviolet light.

5.This thread which appears broken is actually complete and can be looked at from behind when put against light. In addition to this, you will be able to see ‘Bharat’ ‘RBI’ and ‘500’ written on it.

6.The ‘panch sau rupiye’ written in the middle as well as the ‘Reserve Bank of India’ written on the top of the note, are written in raised ink and can thus be felt by hand.

7.Under the vertical floral design marked by number 7, you will find ‘500’ written when held against light.

8.Behind Mahatma Gandhi’s portrait, you will find ‘RBI’ and ‘500’ written, if you look with the help of a magnifying glass.

9.If you touch the note a little above the Ashoka emblem, you will be able to feel a small circle, although you won’t be able to see it.

10.Right on the center bottom, on the back side of the note, the year the printing appears and you would be able to see it clearly.

11.On the back side of the note, you will be able to identify ‘500’ entangled in the floral design. It would appear when looking at the note against light.
            
With these signs and markings you cannot miss out a fake note coming to you. It is for our own good to check every note that comes to us so as too help ourselves and our country weed out this evil.