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Can NRIs Invest in ULIP Plans Offered in India?

Can NRIs Invest in ULIP Plans Offered in India?
  • 16th Mar 2022 |
  • 453

Among all the investment options in India, ULIP is one of the most popular options currently and a lot of people are investing in it. However, what if an NRI wants to invest in ULIP in India? Obviously, there are many questions - “Can non-residents invest in India?” or “Are NRIs allowed to invest in India?” and so on.

Hence, to clear such doubts and learn more about how to invest in ULIPs as NRI, we will go through the regulations concerning the NRIs’ investment options in ULIP in this article. We will also discuss the documents required for the same and highlight other details as well.

Can non-residents invest in India?

Yes, Non-residents can invest in India. As per the Government of India and the regulations of FEMA (Foreign Exchange Management Act), NRIs are allowed to invest in India. The best part is that under the above-mentioned regulations, NRIs can invest in ULIP plans too. It is suggested that as an NRI, you should look through all the ULIP investment options available in India, and select the best ULIP policy in India that fits your investment goals.

Why NRIs should invest in India?

There are many reasons why an NRI should invest in India. Here are a few important points to note:

  • India ranks among the top ten countries of the world in terms of economic growth.
  • NRIs get new investment opportunities from India-based banks and NBFCs.
  • NRIs get a wide range of investment options available in India.
  • From traditional investment options like PPF, Insurances, etc., to modern market-linked investment options like ULIPs, NRIs can invest as per their needs.
  • As an NRI, by investing in India, you get access to your country’s stock market, through options like ULIPs, which allows you to get a bundle of insurance and investment at once. Also, if you plan on a long-term ULIP investment, the possibility of return is much higher.
  • You get a better opportunity to plan your future moves by investing in a market that you know and are aware of.

How to invest in ULIPs in India if you are an NRI?

If you are an NRI, all you need is to have the required documentation and a mode of payment through an Indian bank to invest in India. There may be other minor requirements, but in general, you only need to fulfill the documentation part and have an Indian source of payment for investing in the country. You will be asked for an NRE/NRO bank account in an Indian bank as well.

List of documents NRIs require to invest in ULIP in India?

In order to be eligible to invest in India as an NRI, you must comply with the rules and regulations. Here is a general list of documents required to be submitted by NRIs to invest in India:

Note

The actual list of documents might vary depending on the insurer and their policy.

  • An updated and recent copy of passport for identification and age.
  • Passport size photographs (Recent).
  • Proof of residence (Overseas).
  • Proof of residence (In India).
  • Proof of Income.
  • Overseas Citizenship of India (OCI) or a Persons of Indian Origin (PIO) Card - In case you are a permanent overseas resident having an Indian origin.
  • A copy of form 60 or PAN card (if you have an Indian source of income).

Furthermore, there are some basic documents that are required to comply with the KYC and anti-money laundering norms. The insurer might ask for some other documentation, which must be cleared while selecting a ULIP Policy!

Kotak e-Term Plan

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

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