How can an NRI remit premium to the insurance companies?
Aditi Nair, Kochi
An NRI can remit premium to the insurance companies in any of the following manner:
1. By direct remittance from abroad through Banking Channels in approved manner (preferably by Indian Rupee drafts drawn in favour of insurer) or by remittances through Money Order
2. By payment out of funds held in Non-Resident (External) Account or Foreign Currency (Non- Resident) Account with a Bank in India
3. By Cheques drawn by Non-resident policy holder on Bank Accounts held in India in his own name (either solely or jointly with another member of the family) whether or not the account has been designated as non-resident
4. By cheque drawn on account maintained by resident parent or spouse of policy holder in their own name or joint names with other close relatives
5. By the absolute Assignee in India wherever such policies have been absolutely assigned to a resident in India
6. By the employers in respect of policies issued to their employees who have been deputed abroad by them
7. Premiums can be paid in cash by a resident parent or spouse of the non-resident policyholder subject to their submitting a letter stating the relationship with the policyholder.