A non-resident Indian is either an Indian citizen or a person of Indian origin, residing in another country for employment, business, vacation or any other reason for an indefinite stay abroad. Person of Indian Origin means a citizen of any country (other than Bangladesh, Pakistan or Sri Lanka) who either (a) held Indian passport at any time (b) the person or either of the parents or grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (c) the person is a spouse of an Indian citizen or a person referred to in sub clause (a) or (b).

Foreign Nationals of Indian Origin and Green card holders are not treated at par with NRI as far as Insurance is concerned. The underwriting guidelines for Insurance in India are different for Foreigners and NRI’s. Any person who has resided in India for more than 182 days during the previous year or more than 365 Days in the preceding previous 4 years and 60 days in the previous year is considered as Resident.

NRI can need insurance for various reasons:

Health insurance / Pension plans:
NRI’s can take care of the financial safety and security of their family members even when they are not present in India by purchasing various available health cover such as hospitalisation, critical illness, personal accident and pension plans. In India the health insurance premiums are very low when compared to other countries. Buying a health insurance cover for your parents or dependent’s back in India is a far more sensible decision than trying to take care of their health needs from abroad.

Life Insurance / Investment plans:
NRI’s can invest and save for themselves as well as for their dependents in India. There are various investment avenues/products available with quite a wide variety of fund management options. Depending on one’s risk taking appetite and return expectations one can opt for either the safe government securities and debt funds or the high risk high return equity funds or a balanced combination of both.
NRI must have an NRO/NRE/FCNR account with a bank in India. He/she has to be in India on the date of signing the application form. A copy of the passport showing entry to India is required. If the insured is a juvenile, a copy of the passport showing entry in India is required for both - the Insured and the applicant. Medical requirements would be on a case to case basis. The premium payment can be made either in Indian Rupee or Foreign Currency. However, he/she is eligible to get the sum assured only in Indian Rupees.

Travel Insurance:
NRI’s definitely want to cover parents or loved ones (staying in India) planning to visit them in abroad or for their children (staying in India) planning to go abroad for higher education.

Asset Protection:
Safety of the assets that you own back in India is an issue of major concern to most NRIs. You are residing in a far away land so who will safeguard you against any damages to your assets in your absence in India. For protecting your home, office, car etc in India against unforeseen damages one can avail home/office insurance for content as well as structure, car insurance etc.