Are you an NRI looking to secure your parents’ future in India with LIC insurance? Here’s everything you need to know about buying LIC policies for parents while living abroad.
Can I Buy LIC Policy for My Parents While Living Abroad?
Yes. NRIs can purchase LIC policies for their parents who live in India. As long as the life to be insured (your parent) is an Indian resident, you can initiate the process from abroad.
Who Will Be the Policyholder?
There are two options:
- Your Parent as Policyholder and Life Assured
- You pay the premium from abroad
- Your parent is the owner and insured
- You as Proposer, Parent as Life Assured
- You are the official buyer
- Common in the case of dependent parents
Which LIC Plans Are Best for Parents?
Here are plans ideal for securing your parents’ health, savings, and peace of mind:
- LIC Jeevan Umang – Lifetime cover + annual income after a few years
- LIC Jeevan Labh – Limited premium payment + tax-free maturity
- LIC New Jeevan Anand – Savings + life cover even after maturity
Term plans may not be ideal for elderly parents, as premiums are high with age.
Is Medical Test Required?
Yes, if:
- The sum assured is high
- Parent’s age is above 45
LIC will inform you if a medical check-up is needed. Tests can be done at empaneled diagnostic centers in India.
How Can NRIs Pay the Premium?
You can pay via:
- NRE/NRO bank account
- International debit or credit card
- Indian bank account (if you have one)
Ensure the payment route complies with FEMA guidelines.
Can Parents Avail Tax Benefits?
If your parents are filing taxes in India, they can claim:
- Deduction under Section 80C for premium paid (if policy is in their name)
- Tax-free maturity under Section 10(10D)
If you are the policyholder and do not have Indian income, you may not get tax benefits.
What Happens if Parents Need to Make a Claim?
LIC offers:
- Local branch support across India
- SMS and WhatsApp-based help
- Claims processed within 30 days (with full documents)
Make sure your parents or nominee know how to contact LIC and have policy bond details.
Why NRIs Choose Us for LIC Policies for Parents
- Trusted LIC advisor based in Gurgaon
- 10+ years helping NRIs secure parents’ future
- Assistance with paperwork, premium reminders, and claims
“My father is 67 and I got him a Jeevan Umang plan while I was in Canada. Everything was handled smoothly – Neetu guided us at every step.”
Get Started Today
Securing your parents’ future in India doesn’t have to be complicated. Let’s make it simple.
Talk to Neetu Jain at InsuringGurgaon.com
Contact Us | [email protected]