transfer of funds from Ireland to India for LIC Policies

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jagmohangulu
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Posts: 22
Joined: Wed Jan 07, 2009 3:45 pm

transfer of funds from Ireland to India for LIC Policies

Post by jagmohangulu » Tue Nov 01, 2011 4:51 pm

Hi , my daughter had taken out the Jeevan Saral policy with LIC
earlier this year and one premium has been paid. In the meanwhile she has
become a naturalised irish citizen. Is there any problem in continuing the
policy and transfer of funds via the banks in Dublin to her bank in India
and onward standing transfer to LIC as per the frequency of premiums. LIC
have confirmed that they have no issues with continuing with the policy. may someone advise on the tax and other legal liabilities if any.
Many thanks. Jagmohangulu-Dublin

MANOJ M K
Posts: 11
Joined: Wed Oct 19, 2011 7:46 am
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Location: KOCHI , INDIA

Re: transfer of funds from Ireland to India for LIC Policies

Post by MANOJ M K » Wed Nov 02, 2011 11:23 am

Dear Sir,
Thanks for your enquiry. Normally there is no problem for transfering your funds to indian banks.

*People of Indian Origin having Foreign Nationality and residing in Foreign Countries.*
Existing policies taken while in India will continue in Indian Currency even after your moving to foreign countries as NRI. Please keep the concerned servicing branch of LIC informed about your new status i.e. NRI and your new address. Please submit to them NRI questionnaire form duly filled and signed. . You may continue to pay premiums through various approved channels to LIC.

PLEASE SENS YOUR EMAIL ID TO MY MOBILE +91 9895921008. I WILL SEND YOU MORE INFORMATION AND FORM C ( NRI Quistionnaire.



As per LIC rules, Person of indian origin can also join NEW LIC schemes.

FOR TAKING NEW SCHEMES....
Proposal would be under medical scheme only.
Policy in Indian Currency would be issued, only during their stay in India.
Report by designated LIC agents is compulsory.
Claim would be paid in India in Indian Currency only.
Maximum sum assured would be Rs. 50 lakhs and high risk plans and joint life plans are not allowed.

PLEASE SENS YOUR EMAIL ID TO MY MOBILE +91 9895921008. I WILL SEND YOU MORE INFORMATION.

Regards,

MANOJ MK
CM's CLUB MEMBER & LIC home Loan Consultant.
LIC OF INDIA
LIC PRM POINT
PALARIVATTOM
COCHIN - 25
KERALA, INDIA
MOBILE : +91 9895921008
.

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