Is Indian Life Insurance Valid If You Move Abroad?

Does life insurance cover out of country?

International life insurance is a term life insurance plan that provides coverage for individuals traveling overseas.

Like domestic life insurance policies, international life insurance provides a lump sum in the case of the insureds death, but domestic insurance may not provide coverage for deaths that occur abroad..

What happens to your insurance LIC policies when you give up the citizenship of India?

Since LIC policies provide coverage anywhere in the world, there is no reason to surrender your policy unless you plan on giving up Indian citizenship altogether. LIC also operates an NRI center to assist policyholders living in another country.

Can a will change a life insurance beneficiary?

Your Will cannot override your life insurance beneficiary nomination. However, if none of your named beneficiaries is alive when you pass away, the life insurance proceeds will typically be paid to the policyholder’s estate.

What happens when you are the beneficiary of a life insurance policy?

If you pass away, the life insurance company can pay out a death benefit to the person or persons you named as beneficiaries to the policy. Some life insurance policies can offer both death benefits and living benefits. A living benefit rider allows you to tap into your policy’s death benefit while you’re still alive.

Does a will supersede a life insurance beneficiary?

A will or trust doesn’t supersede a life insurance policy. Life insurance beneficiaries are final. Most life insurance policies make it easy to change or update your beneficiary if you change your mind about who should get the death benefit, for example after a divorce.

What happens to your life insurance policy if you move abroad?

Existing Policies Even if you pass away while overseas, the insurance company will pay out to your beneficiary as long as the legal death certificate is presented. … If you are moving to a country with risks of war, you may want to look for a new policy.

Can NRI purchase life insurance in India?

Everything You Need To Know If You Are An NRI Planning To Buy Life Insurance. The Foreign Exchange Management Act has made it possible for Non Resident Indians (NRIs) and Person of Indian Origin (PIOs) to attain term insurance in India.

Can life insurance beneficiary be in another country?

If your life insurance beneficiary is in another country, you can still list him or her onto your policy. You would need to make sure that he or she has an insurable interest in your death and also have ways of reaching out to the life insurance company.

What types of death are not covered by life insurance?

Murder of the policyholder. … Death happens under the influence of alcohol. … Not disclosing the habit of smoking. … Death by participating in hazardous activities. … Death due to pre-existing health conditions. … Death due to childbirth. … Suicidal death. … Also read: Is suicide covered in life insurance?More items…•