NRI Insurance

large number of Indians have been migrating and settling abroad. Usually they shift there alone or with their immediate family. Most of the Non-Resident Indians have their dependents (parents, wife, children etc.) and assets (home, car, office etc.) back in India.

NRI insurance enables these non-resident Indians to insure their dependants and assets in India. With the facility of internet, they can now buy and manage their policies from anywhere, anytime.


Contents
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* 1 Who is an NRI?
* 2 NRI Insurance Needs
* 3 Answer to NRI insurance needs
* 4 Sources

[edit] Who is an NRI?

An NRI is defined as "An Indian Citizen who stays abroad for employment/ carrying on business or vacation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. ( persons posted in U.N. organizations and officials deputed abroad by Central/ State Government and Public Sector Undertakings on temporary assignments are also treated as non-resident) Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens."


[edit] NRI Insurance Needs

Assets in India

NRI's usually have properties back in India - their home, office, vehicles etc. They have also played a significant role in India’s real estate market by investing in property market in India. Their participation has augmented the growth of the realty segment. NRIs holding Indian passport can buy and sell residential and commercial properties in India. So, for an NRI, holding residential or commercial property in India, it becomes imperative to protect these assets against natural and man-made calamities.

Health of dependants

A lot of NRIs have their dependent parents and families back in India. They are more concerned about their dependants' health as they are far away and might not be able to be physically present during an emergency. Also, it is important that the claim process is easy and convenient for their families to handle. In this case, having an insurance company with a large number of cashless hospitals makes a lot of sense. Cashless hospital list is basically a list of hospitals an insurance company has tied up with for direct settlement of the medical expenditures.

Traveling abroad

Usually parents of NRIs are frequent flyers since they fly across the world to spend time with their children or grandchildren. Medical cover is a must for them when traveling overseas. The nature and duration of stay varies drastically. Thus, one needs a wide range of products to choose from.

[edit] Answer to NRI insurance needs

Online insurance is the answer to their needs. The Indian insurance companies have now started selling online enabling Non-Resident Indians to secure their dependants and assets from any place any time. The comprehensive websites allows one to compare policies, get quotes, buy, track their policies, make a claim as well as renew their policies online!


[edit] Sources

* Visitors Insurance for NRIs
* Visitor Medical Insurance for NRIs
* Property Insurance News for NRI
* Travel Insurance for NRIs