52. Indian Life Insurance Policies

of NRI’s living abroad

Question: HI, I am an NRI in AUSTRALIA, planning to apply for Australian citizenship and then OCI. Back home, I have few LIC policies as an INDIAN CITIZEN. Can you please advice me , when I will be converted from INDIAN CITIZEN to OCI , will any way my insurance policies will be effected? Eg: in case of death, will my nominee be able to get the SUM ASSURED amount? Saugat Dey Answer: Existing polices taken while in India should continue in Indian Currency even after your moving to foreign countries as NRI. However you should keep the concerned servicing branch of LIC informed about your new status and address. LIC actually has a questionnaire form specifically for this purpose. I am posting a link to the LIC Form here. In case the form link does not work let me know and I will email it to you. Any other concerns you may have should be sent in writing to LIC for clarification so as to remove any doubts in your mind. I hear LIC is a pretty reputable concern and they should respond. It may be worthwhile to send letters and documentation to them by registered mail just as a matter of good record keeping and proof if required later.