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How can a NRI obtain an insurance policy?

In terms of obtaining a policy, NRI is no different, and he has to undergo all the steps of obtaining a policy Viz,. Filling of proposal form, Medical examination report,Moral hazard report, payment of premium, detailed procedure of which is as follows:

1. PROPOSAL FOR INSURANCE

• Proposal form can be obtained by requesting the respective insurer or can be downloaded from the insurer's website.

• Duly filled in Proposal form should be submitted by the proposer.

• The signature of the Proposer on the proposal form must be witnessed by a designated Official of the Local Indian Embassy or other Indian Diplomatic Representative or Medical Examiner after verifying proposer's passport.

• If no such Diplomatic Representative is locally available, the proposal must be witnessed either by a Notary Public or by a Justice of Peace, or Medical Examiner after verifying proposer's passport.

• In case of students, the Proposal may be witnessed by the Dean/ Principal of his/ her college or Medical Examiner, after verifying proposer's passport. The witness must affix his office seal below his signature.

• While getting the Proposal form witnessed, the Proposer should produce his original Passport, together with a Photostat copy of the FIRST PAGE thereof before the Witnessing Official and get the copy attested by the Official UNDER HIS OFFICE SEAL or Medical Examiner after verifying proposer's passport.

• This attested copy of the first page of the Passport must be submitted along with the Proposal papers.

• NOTE:
  Any fees payable for witnessing the Proposal and attesting the copy of the first page of the Passport are to be borne by the proposer.

2. MEDICAL EXAMINATION

Medical examination of the life to be assured should be done by a qualified doctor as per the details given:-

Sum assured	Minimum qualification of the medical examiner
Rs. 50,000/- M.B.B.S. equivalent Doctor with five years standing. Rs. 50,000/- to Rs.1, 00,000/- M.B.B.S. equivalent Doctor with 10 years standing. Rs.1, 00,000/- to Rs.2, 00,000/- Post Graduate Doctor with 10 years standing. 2,00,000/- and above Two medical reports - one each by a Post-graduate Doctor with 10 years standing.

• Female lives should be examined only by a lady doctor. If the lady doctor is not available the medical examination can be conducted by a male doctor provided the female proposer has no objection to having full examination including Per Vaginal examination without the aid of a nurse or a midwife.

• After completing the Proposal papers, the proposer should hand over the entire set of forms to the doctor together with his passport.

• The proposer should sign at the bottom of the Proposal Form in the presence of the doctor and the doctor has also to sign in the space provided for at the bottom of the proposal form.

• The doctor will then examine the proposer on behalf of the Insurer and send his/ her report along with the other Proposal papers directly to the Branch Office of the Insurance company by Air Mail. For this purpose, the proposer should hand over a stamped envelope with the address of the Branch Office to the doctor, so that there would not be any delay in dispatch of the papers by the doctor.

• The proposer should collect the Passport from the doctor after the proposal papers are sent by him to the Branch Office

• Amount of fees payable to doctor, will be Rs.200/- or actual fees or at the rate of Rs.4.00 per thousand of sum assured, which ever is less. However the fee paid is refunded to the proposer, if and only if proposal results in a policy. And on submission of the fees receipt to the company, the said amount shall be credited towards the premium payable.

3. Moral hazard report

   • In case the business is canvassed by the agent, he will give M.H.R. If he is not entitled to give Moral Hazard Report then the Development Officer/Assistant Branch Manager (S), Branch Manager/Senior Branch Manager will give Moral Hazard Report after making proper enquiries.

4. Premium Payments

   The manner of payment of premiums under the policy is as follows.

   1. By direct remittance from abroad through Banking Channels in approved manner (preferably by Indian Rupee drafts drawn in favor of insurer) or by remittances through postal channels like Foreign Money Order.

   2. By payment out of funds held in Non-Resident (External) Account or Foreign Currency (Non- Resident) Account with a Bank in India.

   3. By Cheques drawn by Non-resident policy holder on Bank Accounts held in India in his own name (either solely or jointly with another member of the family) whether or not the account has been designated as non-resident.

   4. By cheque drawn on account maintained by resident parent or spouse of policy holder in their own name or joint names with other close relatives.

   5. By the absolute Assignee in India wherever such policies have been absolutely assigned to a resident in India.

   6. By the employers in respect of policies issued to their employees who have been deputed abroad by them.

   7. Premiums can be paid in cash by a resident parent or spouse of the non-resident policyholder subject to his / her submitting a letter stating the relationship with the policyholder.

   8. Premiums due on policies issued to Indian students who have gone abroad for higher studies may be collected in Rupees out of the Resident Bank Account in India or any of their representatives in India by cash or cheques.

   Note:
   In respect of premiums collected in cash from sources mentioned in iii) to viii), it should be noted that the policy moneys cannot be paid abroad in foreign exchange but has to be paid in India only.

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