Can OCI holder buy LIC insurance in India

Question: Can OCI holder buy LIC insurance in India?

Answer(s)

Raju Kanumuri: NRIs are allowed to purchase LIC policies whereas foreigners cannot.
Sometimes there is confusion over NRI status in the minds of people as they classify all former Indian nationals as NRIs. Technically, non-resident Indians commonly referred to as an NRIs, are Indian citizens and temporarily reside in a foreign country, for reasons such as temporary employment etc.
Former Indian citizens, who have acquired foreign citizenship are not NRIs but Persons of Indian Origin (PIO).
The Life Insurance Corporation (LIC) website clearly states that:
‘People of Indian Origin having a foreign nationality and residing in foreign countries (PIO) are NOT considered as NRIs for the purpose of allowing insurance.
’The LIC website also clarifies that for an NRI to purchase a policy, the NRI should not be a green card holder. He/She should not have applied for or planning to apply in the near future for acquiring citizenship of his /her present country of residence or any other country.

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