Yes, NRIs can buy Insurance in India; however they have to be present in India, while taking the Insurance. They should therefore plan to buy the insurance when they are on a trip to India. One important point, is that the premiums should be paid from an NRE account, if the maturity value is to be repatriable, else only the partial amount will be repatriable,(for which premiums were paid from NRE account.) One has to make sure, they have all the necessary documents in place before they come to buy insurance.
The documents include:
• PAN Card
• Income Address proof
• Overseas Proof of Address
• Proof of Income (Salary slip, Bank Statement or ITR for last 3 yrs)
• You will also have to fill a seperate form called NRI Questionnaire depending on the insurance product purchased.
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