Can PIO/OCI card holders buy term insurance in India?

[lokeshz]

As per LIC India website -
NRI or PIO cannot apply to insurance in India if -
1- NRI should not be a green card holder. He/She should not have applied for or planning to apply in the near future for acquiring citizenship of his /her present country of residence or any other country.

2- It is clarified that People of Indian Origin having foreign nationality and residing in foreign countries (PIO) are not considered as NRIs for the purpose of allowing insurance.

[Madhura]

who is Person of Indian Origin(PIO)?
A Person of Indian Origin means a citizen of any country (other than Bangladesh or Pakistan), if:
a.he at any time held an Indian passport; or
b.he or either of his parents or grand parents was a citizen of India by virtue of the Constitution of India or the Citizenship Act,1955 (57 of 1955); or
c.he is a spouse of an Indian citizen, or of a person referred to in (a) or (b) above.

‘PIO’ can hold insurance policies in India and pay premium thereon without any permission. Settlement of claims in foreign currency by insurance companies is permitted in certain cases where the premium has been paid in foreign currency or remittance from abroad.

[ABCD]

Thanks Madhura for your help! May I have a link - where all the above info is present?

[Madhura]

Thanks Madhura for your help! May I have a link - where all the above info is present?

Check here - http://www.licindia.in/nri_centre.htm

[ABCD]

Thanks again! this is very quick.