{"id":42614,"date":"2019-08-28T10:23:22","date_gmt":"2019-08-28T04:53:22","guid":{"rendered":"https:\/\/www.newsilike.in\/?p=42614"},"modified":"2019-08-28T10:23:24","modified_gmt":"2019-08-28T04:53:24","slug":"policy-settlement-guidelines-for-nris","status":"publish","type":"post","link":"https:\/\/www.newsilike.in\/policy-settlement-guidelines-for-nris\/","title":{"rendered":"Policy Settlement Guidelines for NRIs"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"450\" src=\"https:\/\/www.newsilike.in\/wp-content\/uploads\/policy-settlement-guidelines.png\" alt=\"policy settlement guidelines\" class=\"wp-image-42615\" title=\"\" srcset=\"https:\/\/www.newsilike.in\/wp-content\/uploads\/policy-settlement-guidelines.png 800w, https:\/\/www.newsilike.in\/wp-content\/uploads\/policy-settlement-guidelines-500x281.png 500w, https:\/\/www.newsilike.in\/wp-content\/uploads\/policy-settlement-guidelines-768x432.png 768w, https:\/\/www.newsilike.in\/wp-content\/uploads\/policy-settlement-guidelines-700x394.png 700w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption>Image source &#8211; Getty<\/figcaption><\/figure>\n\n\n\n<p>Insurance companies in India\noffer customized solutions for Non-Resident Indians (NRIs) who are keen on\nbuying a life insurance policy in India. However, before you purchase a policy,\nit is important to understand the NRI\npolicy guidelines and then make a decision. The payout regarding\nmaturity benefit, death benefit, or during the term of the policy will be based\non the NRI insurance settlement\nguidelines. When you have an understanding of the payout guidelines, you\ncan make a better decision about choosing the right type of policy for your\nneeds. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><em>Determining your policy payout<\/em><\/strong><strong><em><\/em><\/strong><\/h2>\n\n\n\n<p>The policy payout for your\npolicy will depend on the type of <a href=\"https:\/\/insurance.kotak.com\/\" class=\"broken_link\" target=\"_blank\" rel=\"noopener\">life\ninsurance policy<\/a> you\nhave. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><em>Type of policy payouts<\/em><\/strong><strong><em><\/em><\/strong><\/h2>\n\n\n\n<p>You have the facility to choose\nfrom the different types of policy payout options. Based on the type of life insurance policy that you have, you\ncan choose from the three different payout options. The payout amount will be\ndirectly credited to the bank account and the payment will be made only in\nIndian Rupees. The payout options include:<\/p>\n\n\n\n<ul><li><strong><em>Maturity\nbenefit<\/em><\/strong><\/li><\/ul>\n\n\n\n<p>Those who choose a\nsavings-focused plan or a Unit-Linked Insurance Plan (ULIP) will receive a lump\nsum, which is known as the maturity benefit. This amount will be paid to you at\nthe end of the policy term. <\/p>\n\n\n\n<ul><li><strong><em>Death\nbenefit<\/em><\/strong><\/li><\/ul>\n\n\n\n<p>In case of an untoward event,\nyour family will receive an amount, which is equal to the sum assured or the\nfund value, depending on investment made in the policy.<\/p>\n\n\n\n<ul><li><strong><em>Payout\nduring the policy term<\/em><\/strong><\/li><\/ul>\n\n\n\n<p>This is an alternative wherein\nyou receive money at regular intervals throughout the policy term. It is\navailable in a traditional savings plan or a ULIP.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><em>Documents required while\nregistering your bank account details<\/em><\/strong><strong><em><\/em><\/strong><\/h2>\n\n\n\n<p>It is important to provide the\nnecessary documents to receive the payout at the earliest. The documents\ninclude:<\/p>\n\n\n\n<ul><li>Cancelled\ncheck of an Indian bank account<\/li><li>Signed\ncopy of an identity proof like Aadhaar card, PAN card, passport, or&nbsp; Driving License<\/li><li>Electronic\nPayout Mandate Form<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><em>For receiving payouts in a\nNon-Resident External (NRE) account<\/em><\/strong><strong><em><\/em><\/strong><\/h2>\n\n\n\n<p>As per the NRI policy settlement guidelines, if\nyou want to receive the payout in the NRE account, you will have to provide a\n\u2018Source of Premium\u2019 proof. You can submit it at the insurer\u2019s branch office or\nemail it to them.<\/p>\n\n\n\n<p>The payout check will be issued\nwith the letter stating the source of funds and it will be deposited in the NRE\naccount. There will be a deduction of tax as per the laws. \n\nNow\nthat you are aware of the different payout options, keep them in mind when you\nbuy life insurance online. Compare\ndifferent plans and make a decision keeping your requirement at the forefront. \n\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insurance companies in India offer customized solutions for Non-Resident Indians (NRIs) who are keen on buying a life insurance policy in India. However, before you purchase a policy, it is important to understand the NRI policy guidelines and then make a decision. The payout regarding maturity benefit, death benefit, or during the term of the&hellip;<\/p>\n <a href=\"https:\/\/www.newsilike.in\/policy-settlement-guidelines-for-nris\/\" title=\"Policy Settlement Guidelines for NRIs\" class=\"entry-more-link\"><span>Read More<\/span> <span class=\"screen-reader-text\">Policy Settlement Guidelines for NRIs<\/span><\/a>","protected":false},"author":2,"featured_media":42615,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"Layout":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Policy Settlement Guidelines for NRIs.","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[5220],"tags":[],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.newsilike.in\/wp-content\/uploads\/policy-settlement-guidelines.png","_links":{"self":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/posts\/42614"}],"collection":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/comments?post=42614"}],"version-history":[{"count":0,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/posts\/42614\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/media\/42615"}],"wp:attachment":[{"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/media?parent=42614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/categories?post=42614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsilike.in\/wp-json\/wp\/v2\/tags?post=42614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}