I’m a happy buyer of a whole life insurance policy denominated in US dollars. One can’t find such flexible policy loaded with features like “income protection” in India. Thank you Dr Bhat !
India life insurance Policy have money back scheme attached while some of the international agencies do not have the money back scheme which means if you policy term is over the insurance lapses and there is no return on premium or bonus.
Hi sir how r u in UAE Dubai buying term insurance policy there is any education criteria like in India if u buy there is grautute people only eligible .how about the Dubai UAE .if any specific insurance policy Ur recommend pls reply thanks .
I'm so happy to have come accross your Channel last week. Have been watching almost all the videos. This is one of the high level information you are providing on every aspect of financial journey., Not only to NRI's, I'm sure it'll help the general public. Thank you so much for your time and effort Sir.
Dear Mr. Bhat, Thank you for your videos. The problem NRIs face with keeping money in NRE accounts is repatriation of money from the NRE account to their foreign currency account. I am in Australia and struggle to get the money/ interest accumulated in the NRE account back to my Australian bank account at a good exchange rate. Banks are the worst in shaving large sum of the the profit in to-fro movements and there are not many organizations which offer this service. Please advise/ make a video on better repatriation options other than banks if you know of. Thanks again, subscribed!
Dear Ankur Bhat, Yes a problem exist in this sphere . Not many money exchanges are there in India . You Can try Thomas Cook branch to remit back which may give you better rate. Don't transfer small amounts of money as fixed charges from banks will eat up your amounts. You can also consider FCNR deposits in Australian dollars if that helps. You may also consider opening a singapore account with ICICI bank or any other private Indian banks . If you have a specific query send it on my whatsapp 00971 50 1484595. Please subscribe and keep sharing videos.
Let’s say if person A buy insurance policy in USA and then after demise of A, the amount that the spouse B would receive in us dollars, considering they were living in USA . If person B plans to move to India, then will that insurance money would be taxable in India ?
Dr.Bhat, very well put together video. Logical and structured advice. Thanks for sharing. I am wondering what happens if NRI takes foreign citizenship after a period of time has passed. Do the previous Indian policies held by him/her become invalid then?
Why are you not addressing the fact that the Dollar/ Rs variation affects the premium paid also.. when we are job less and back home.. it will become a burden during the retirement...
sir I have one question. When NRI are paying their premium in India interms of dollars he will be paying less am I right sir. when you equate the 1 crore to 250000 $, should you consider the lower dollars he will be paying as premium? let's say he start with 100 rupees when dollars value was 45, he would have paid 2.1 $, now since dollar value is 75, he would be paying a premium of 1.5 $ for same 1 crore coverage.
Thanks for valuable information, but I have 1 question about medical insurance, I work in Kuwait and had medical insurance from my company, should I also buy a medical insurance in India for future stability
Sir your video and information is sure very nice....but its not too beneficial for indian insurance saller........if I though as indian insurance saller...
in china term insurance premium is 80000 INR per year but in India its 10000 INR. So ofcourse there is a huge difference in costing. please suggest where to buy the life insurance if that is the case?
Sir, Thanks for the video. Could you please let me know what are the tax consequences in India if a person purchased the life insurance policy from USA and returned to India during the retirement. Beneficiaries in India want to claim the death benefit from India, could you please advise if any difficulties for the Indian beneficiary to claim the money from US insurer.
Hello Sir I am from the USA, I left India in Feb 2016. I served 9 years in India as Govt employee. Let me know how can I withdraw my whole NPS funds. Right now my age is below sixty.
Great video Mr. Bhat. As an NRI working in the USA, I may possibly return to India with no real base in the USA or Residency Status. In such a case, would it not be hard for my nominee(s) to secure a claim payment from the Insurance Company? You spoke about the claims process from Dubai etc. Any experience with doing so with US-based companies? A deep dive video would be great! Thank you.
Hello Sir, your videos are so helpful. Thanks for your detailed analysis and suggestions. I have a question, could you please consider to provide your view on it. I took some endowment and term insurance policies with LIC some years back and later moved to Europe. Now I am planning to change my Nationality from India to Europe. 1. What happens to my Insurance policies back in India ? 2. Am I still eligible to hold those policies ? 3. Does the maturity and claim process would be easy for me and my family when the time comes ? 4. Also, can I still buy new Term policies in India after the change of Nationality ? (I understood from your video, this is not beneficial, but just for my knowledge purpose). Thanks in advance for your answers.
Current Status : NRI (Term Insurance Applicable) and planning to purchase.. Future Status : OCI ( Overseas Citizen of India) - does Term Insurance will continue and cover or will get terminated after become OCI?
Disagree with your views. Have you tried buying a term insurance in India vs Abroad. Each year the premiums go up abroad while in India it is the same. Under sec 80 you get tax benefit as well if you take policy in India. I would never buy any life insurance policy overseas. There are some policies in India which also give you return of premium.
Sir , I have bought 3 Lic polices while on my visits to india as a NRI .In few months I will become a foreign national by giving up my indian passport and getting a OCI card . My question is can I continue to hold my existing lic policies and pay premiums ?
Hello Sir, Lovely video full of important information, i have a question, Example : My 1 x LIC Policy has lapsed and if i revive it today, then next year i have financial issues and if the same policy lapses again, can this lapsed policy be revived for the second time , what is the LIC rules in regards to this , can 1 policy be revived more than one time in its total premium paying life time, many thanks for your time in advance, all the best.
Sir, my husband works in Angola, I asked for insurance policy in India, at that time he came to India but the lic says it does not applicable in african country Angola. So advise me which insurance company is possible
Endowment plans have cash in the plan , whereas term insurance does not have any residual cash at maturity . Term insurance premium is low compared to Endowment plans
Hi sir, if now i am a NRI working in Singapore and i buy a single premium whole life insurance policy. If i go back to india 3 years later and become a Resident Indian. Do i need to pay taxes when the policy matures in 10 years time?
Hello Mr. Bhat! Thanks for posting this video! May I ask your advice on some insurance companies in USA through which a NRI (like me) can get a life insurance, that would stand well even when go back in India after few years till my cover period?
Dear Mahesh , I don't operate in US Markets. Nevertheless all that you have to check with insurance company is scope of coverage - will it have a world wide coverage ? If you change your domicile, how it affects your policy. If you get satisfactory answers and terms and conditions in policy schedule mentions it so, then you can buy a suitable plan in US . If you have a specific query, send it on whatsapp +971 50 1484595. Please keep sharing the videos
Such valuable info Dr Bhat ! Ur knowledge depth is amazing, and he way u present is fantastic,simple to understand. It's helping not only customers,but also insurance consultants like me , so we can pass right info to society. God bless u with all the growth u truly deserve
Sir - i bought few insurance policies when I was an Indian national but I am now a NRI with foreign citizenship . Will my Indian insurance policies be still valid if they are active or will my change of status to NRI impact them
I'm planning to visit out of India for work for 2 to 3 year... Should i buy a mediclaim pol in india with worldwide coverage or should i but a mediclaim policy from foreign country?
You have a point . Market forces will bring it on par . Indian rates will climb up a bit , UAE rates are likely to go down a bit more . There are ways and means to reduce insurance premium in UAE. Prices are also a function of volumes of business, competitive and regulatory landscape .
@@NRIMoneyClinic Thanks for the Prompt response. I agree with your answer. However, There is no way as I know we can reduce the premiums. The quotes I am receiving are fixed and non negotiable based on your age and non smoker preference. Please suggest how we can reduce the premiums!!. Or may be you have already covered in some video I might have missed. Thanks to cover this aspect.
![KSI - Thick Of It (feat. Trippie Redd) [Official Music Video]](http://i.ytimg.com/vi/At8v_Yc044Y/mqdefault.jpg)
I’m a happy buyer of a whole life insurance policy denominated in US dollars. One can’t find such flexible policy loaded with features like “income protection” in India. Thank you Dr Bhat !
You are welcome Kamal . Keep sharing these videos
Plz share the details of your plan @ mohdrashaz@gmail.com
one additional point to consider is that if you buy term insurance in India as an NRI, you get tax exception under 80C.
India life insurance Policy have money back scheme attached while some of the international agencies do not have the money back scheme which means if you policy term is over the insurance lapses and there is no return on premium or bonus.
Just a thought , in 10 years inflation in India jumped 2X but in USA very less. So I think exchange rate hardly matters here.
Very informative....Thank you very much, Dr. Bhat.
Most welcome!
Hi sir how r u in UAE Dubai buying term insurance policy there is any education criteria like in India if u buy there is grautute people only eligible .how about the Dubai UAE .if any specific insurance policy Ur recommend pls reply thanks .
I'm so happy to have come accross your Channel last week. Have been watching almost all the videos. This is one of the high level information you are providing on every aspect of financial journey., Not only to NRI's, I'm sure it'll help the general public. Thank you so much for your time and effort Sir.
Dear Mr. Bhat, Thank you for your videos. The problem NRIs face with keeping money in NRE accounts is repatriation of money from the NRE account to their foreign currency account. I am in Australia and struggle to get the money/ interest accumulated in the NRE account back to my Australian bank account at a good exchange rate. Banks are the worst in shaving large sum of the the profit in to-fro movements and there are not many organizations which offer this service. Please advise/ make a video on better repatriation options other than banks if you know of. Thanks again, subscribed!
Dear Ankur Bhat, Yes a problem exist in this sphere . Not many money exchanges are there in India . You Can try Thomas Cook branch to remit back which may give you better rate. Don't transfer small amounts of money as fixed charges from banks will eat up your amounts. You can also consider FCNR deposits in Australian dollars if that helps. You may also consider opening a singapore account with ICICI bank or any other private Indian banks . If you have a specific query send it on my whatsapp 00971 50 1484595. Please subscribe and keep sharing videos.
Claiming in India is harder than many other developed countries as I have experienced.
Thank you so much for the video. I have been searching about this topic for a long time and got no clear answer until I saw this video.
Thank you so much . Please subscribe and keep sharing the videos
Thank you so much for this video.. Much needed! Very helpful.
Let’s say if person A buy insurance policy in USA and then after demise of A, the amount that the spouse B would receive in us dollars, considering they were living in USA . If person B plans to move to India, then will that insurance money would be taxable in India ?
Dr.Bhat, very well put together video. Logical and structured advice. Thanks for sharing. I am wondering what happens if NRI takes foreign citizenship after a period of time has passed. Do the previous Indian policies held by him/her become invalid then?
Why are you not addressing the fact that the Dollar/ Rs variation affects the premium paid also.. when we are job less and back home.. it will become a burden during the retirement...
It’s already mentioned in 5:45 … be sure before commenting
In qatar, I had a life insurance cover for 2 years just for 120 qar somthing, for 100000 qar cover . It is 10 times better than India
sir I have one question. When NRI are paying their premium in India interms of dollars he will be paying less am I right sir. when you equate the 1 crore to 250000 $, should you consider the lower dollars he will be paying as premium? let's say he start with 100 rupees when dollars value was 45, he would have paid 2.1 $, now since dollar value is 75, he would be paying a premium of 1.5 $ for same 1 crore coverage.
Yes I was wondering the same
What will happen to existing term insurance purchased in India before becoming NRI ? Can we have coverage after becoming an NRI too ?
Thanks for valuable information, but I have 1 question about medical insurance, I work in Kuwait and had medical insurance from my company, should I also buy a medical insurance in India for future stability
Please let me know your age to answer your query. Will soon come up with a video on this topic . Please subscribe and keep sharing these videos
@@NRIMoneyClinic I am 38 years old, thanks
Dear Hanif , Please send your details to me on whatsapp 00971 50 1484595
Thanks a ton. I got clarified from a big confusion.
Sir your video and information is sure very nice....but its not too beneficial for indian insurance saller........if I though as indian insurance saller...
in china term insurance premium is 80000 INR per year but in India its 10000 INR. So ofcourse there is a huge difference in costing. please suggest where to buy the life insurance if that is the case?
For baby stool test in India -300 rs, in USA the same test cost - 90000 with insurance cover. Which is best India or USA?
Sir, Thanks for the video. Could you please let me know what are the tax consequences in India if a person purchased the life insurance policy from USA and returned to India during the retirement. Beneficiaries in India want to claim the death benefit from India, could you please advise if any difficulties for the Indian beneficiary to claim the money from US insurer.
But during the period his dollars payment also going reducing
What is the taxation on LIC maturity amount to NRO account now?. is it still tax free OR any taxes to be paid in INDIA OR USA?
Many Thanks Sir, is there any video on good investment portfolio,
You need to speak to your financial planner on this.
Hello Sir I am from the USA, I left India in Feb 2016. I served 9 years in India as Govt employee. Let me know how can I withdraw my whole NPS funds. Right now my age is below sixty.
Is it possible to buy USD policy in India for NRI? Are you aware of any insurance service providers which provides in USD?
No Mr. Sumit , In India you get only INR denominated policies . Please keep sharing these videos
Great video Mr. Bhat.
As an NRI working in the USA, I may possibly return to India with no real base in the USA or Residency Status. In such a case, would it not be hard for my nominee(s) to secure a claim payment from the Insurance Company? You spoke about the claims process from Dubai etc. Any experience with doing so with US-based companies? A deep dive video would be great! Thank you.
There should not be any problem with any company anywhere
Hayah insurance is good or not pls advice anyone for term life cover plans hayah insurance company is good for Indian .
Hello Sir,
your videos are so helpful. Thanks for your detailed analysis and suggestions.
I have a question, could you please consider to provide your view on it.
I took some endowment and term insurance policies with LIC some years back and later moved to Europe. Now I am planning to change my Nationality from India to Europe.
1. What happens to my Insurance policies back in India ?
2. Am I still eligible to hold those policies ?
3. Does the maturity and claim process would be easy for me and my family when the time comes ?
4. Also, can I still buy new Term policies in India after the change of Nationality ? (I understood from your video, this is not beneficial, but just for my knowledge purpose).
Thanks in advance for your answers.
what is tax implication on life polity( NRI) on funds received in India after death
Current Status : NRI (Term Insurance Applicable) and planning to purchase..
Future Status : OCI ( Overseas Citizen of India) - does Term Insurance will continue and cover or will get terminated after become OCI?
It will not get terminated
@@NRIMoneyClinic Thank you sir!
Any Term Insurance plan or Providers recommend for OCI citizens?
Crystal information
What if he change citizenship?
Thanks for sharing valuable info.
Dr, How are the proceeds or payouts like bonus or yearly income from policy or a loan on a policy taxed when we return to India.
More inputs are needed to answer your query . You may send your query by whatsapp on 00971501484595
@@NRIMoneyClinic t
Disagree with your views. Have you tried buying a term insurance in India vs Abroad. Each year the premiums go up abroad while in India it is the same. Under sec 80 you get tax benefit as well if you take policy in India. I would never buy any life insurance policy overseas. There are some policies in India which also give you return of premium.
Good content and presentation.
Sir , I have bought 3 Lic polices while on my visits to india as a NRI .In few months I will become a foreign national by giving up my indian passport and getting a OCI card . My question is can I continue to hold my existing lic policies and pay premiums ?
Yes , you can without any problems
LIC is a great institution and I had no problem in getting funds when matured.
Usefull tips
Glad you liked it. Regards
Hello Sir, Lovely video full of important information, i have a question, Example : My 1 x LIC Policy has lapsed and if i revive it today, then next year i have financial issues and if the same policy lapses again, can this lapsed policy be revived for the second time , what is the LIC rules in regards to this , can 1 policy be revived more than one time in its total premium paying life time, many thanks for your time in advance, all the best.
You can revive it any number of times within the wordings of policy conditions for revivals
Highly appreciate your superfast response , all the best.
Review Zurich Futura
Thank you for the information
Thank you sir
You are most welcome. Please subscribe and keep sharing the videos
Sir NRI can buy a policy by submit 6 months salary slip absence of appointment letter and id card
When NRI turned purely foreigner at time of mature the policy then has he pay the tax on that and what percentage
Insurance policies are tax free world wide subject to certain conditions.. let me not answer hypothetical questions .
Sir, can we consult you online ?
Sir,as an nri if I invest in several forward booking contracts with several banks for nris-what is the taxation on maturity
Sir, my husband works in Angola, I asked for insurance policy in India, at that time he came to India but the lic says it does not applicable in african country Angola. So advise me which insurance company is possible
Yes, because in Angola gun control rules and regulations are not strictly followed
How can I differentiate between endowment or term plan
Endowment plans have cash in the plan , whereas term insurance does not have any residual cash at maturity . Term insurance premium is low compared to Endowment plans
Hi sir, if now i am a NRI working in Singapore and i buy a single premium whole life insurance policy. If i go back to india 3 years later and become a Resident Indian. Do i need to pay taxes when the policy matures in 10 years time?
Depends on a few conditions
@@NRIMoneyClinic Do you know a website where i can find info on this? It is very important.
Thanks for info...
Well explained. 👍
Hello Mr. Bhat! Thanks for posting this video! May I ask your advice on some insurance companies in USA through which a NRI (like me) can get a life insurance, that would stand well even when go back in India after few years till my cover period?
Dear Mahesh , I don't operate in US Markets. Nevertheless all that you have to check with insurance company is scope of coverage - will it have a world wide coverage ? If you change your domicile, how it affects your policy. If you get satisfactory answers and terms and conditions in policy schedule mentions it so, then you can buy a suitable plan in US . If you have a specific query, send it on whatsapp +971 50 1484595. Please keep sharing the videos
Such valuable info Dr Bhat ! Ur knowledge depth is amazing, and he way u present is fantastic,simple to understand. It's helping not only customers,but also insurance consultants like me , so we can pass right info to society. God bless u with all the growth u truly deserve
Hi Sir, if the premium was paid on nre money inr can the nominee be paid in nre money for a death claim or does the nominee have to have nro account?
What about GST paid for policy bought when u r NRI?Is it refundable?
No gst
Sir - i bought few insurance policies when I was an Indian national but I am now a NRI with foreign citizenship . Will my Indian insurance policies be still valid if they are active or will my change of status to NRI impact them
Iam a lic insurance advisor
I'm planning to visit out of India for work for 2 to 3 year... Should i buy a mediclaim pol in india with worldwide coverage or should i but a mediclaim policy from foreign country?
buy travel insurance @SushilSahulB
Thank you !!
You're welcome! Please subscribe and keep sharing videos
Hello Sir, Does the sum assured on maturity of LIC term policy is taxable in USA?
Mostly No , but please check with a CPA in US
@@NRIMoneyClinic Thank you
I stay around 8 months out of india as i am in merchant navy,can i buy term insurance?
Yes you can buy term insurance there would be some clauses. Let me know your contact details I will guide you
I disagree with your statement that the Cost of Insurance is more or less similar every where. Cost of Policies in UAE is higher than that of India
You have a point . Market forces will bring it on par . Indian rates will climb up a bit , UAE rates are likely to go down a bit more . There are ways and means to reduce insurance premium in UAE. Prices are also a function of volumes of business, competitive and regulatory landscape .
@@NRIMoneyClinic Thanks for the Prompt response. I agree with your answer. However, There is no way as I know we can reduce the premiums. The quotes I am receiving are fixed and non negotiable based on your age and non smoker preference. Please suggest how we can reduce the premiums!!. Or may be you have already covered in some video I might have missed. Thanks to cover this aspect.
Send whatsapp message on 00971 50 1484595
Sir being an indian can we by policy outside India in dollars
Yes , you can . You should check with individual companies whether they can accept such business . Please subscribe and keep sharing the videos
Are u based out of dubai??
Yr WhatsApp is not responding
Yes . If you have difficulty please send request by email ID busybee2316@gmail.com
Fantastisk video
Can foreign wife be nominee ?
Yes , you can
😮😊🎉😂😅😊
Based on the topic, your videos are useless. We were expect atleast taxation against NRI life insurance etc.. Plz stop wasting people time🙏🏼🤕🤕🤕
Where is taxation against life insurance? Please communicate correctly