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NRI Insurance
Frequently Asked Questions
NRIs can purchase insurance in India if they hold a valid Indian passport and meet the insurer's age and medical requirements. Additionally, they must provide proof of income and residency status. Insurers may also require an in-person or online medical examination depending on the policy.
Yes, NRIs can avail of tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, on premiums paid and maturity benefits received. However, these benefits are subject to specific conditions and the individual's tax residency status in India.
NRIs can connect with insurance providers through multiple channels, including dedicated NRI customer service lines, online chat services, email, or through local representatives at Axis Bank branches.
Before purchasing insurance in India, NRIs should consider factors such as policy coverage, premium costs, claim settlement ratios, global coverage options, and the insurer's reputation. It’s also essential to evaluate currency options for premium payments and understand any tax implications based on their residency status.
