I am an Non-Resident-Indian living in gulf country. I wanted to take a Life insurance Policy from LIC. I came to know there is something called LIC international, which is wholly owned subsidiary of LIC India, operating in Gulf countries. Where should i take an insurance policy from ... LIC International or LIC India? The fact is LIC International accepts only USD and returns in USD and LIC India in INR.
2006-12-22 17:16:59 · 3 answers · asked by coolbuds 2 in Business & Finance ➔ Taxes ➔ India
Some of facts to take decision:
1. Both are managed by LIC however LIC of India is corporation in India whereas LIC (International) B.S.C. Bahrain is a Joint Venture Offshore Company, promoted by Life Insurance Corporation of India with head quarter in Bahrain.
2. As you mentioned, maturity value in LIC policy will be in INR whereas from international it will be in USD.
3. Premium when converted in INR is little higher in case of LIC International.
4. They also charge little service charges.
5. If you are regularly sending money to India and will need money in India from insurance policy then better go for LIC instead of LIC International whereas if you do not have much back home and more or less settled in Gulf then go for LIC International
Sites for both is appended in sources.
2006-12-30 09:41:47 · answer #1 · answered by Jigyasu Prani 6 · 0⤊ 0⤋
Now many companies provide insurance schemes for NRIs in gulf. There are many schemes designed exclusively for NRIs in gulf. I availed one such schemes from citi bank.. I took which had investment options. There are many other options too. May be you can consider this option too. Just check www.citinri.com. Moreover, you can avail these schemes in Indian rupees
2006-12-28 00:28:07 · answer #2 · answered by arun 1 · 0⤊ 0⤋
Sorry. I do not know. Please visit LIC web site. www.licindia.com ..
2006-12-26 02:32:04 · answer #3 · answered by Anonymous · 0⤊ 1⤋