I have recently taken up a job in Australia. As an NRI how do I make the payment on my existing life insurance policies?
R D Singh, Sydney
As an NRI you have various options of payment of premium on your life insurance policies bought in India. You may pay the premium in any of the following modes:
- By direct remittance from abroad through Banking Channels in approved manner (preferably by Indian Rupee drafts drawn in favour of insurer)
- By remittances through postal channels like Foreign Money Order
- By payment out of funds held in Non-Resident (External) Account or Foreign Currency (Non- Resident) Account with a Bank in India
- By Cheques drawn on Bank Accounts held in India in your name (either solely or jointly with another member of the family) whether or not the account has been designated as NRO
- By cheque drawn on account maintained by your resident parent or spouse in their own name or joint names with other close relatives
- By the absolute Assignee in India wherever such policies have been absolutely assigned to a resident in India
- By the employers in respect of policies issued to their employees who have been deputed abroad by them or the Premium can be paid in cash by your resident parent or spouse of subject to his/her submitting a letter stating the relationship with the policyholder.
