I am 36 years old. I have permanent residency in a European Country. My spouse is of Balkan origin and I have life insurance there. In case something happens, she will get the money. My mother is in India. Can I buy life insurance here? And if something happens, can she get the money?
Insurance providers do offer cover to individuals having PIO (Person of Indian Origin) or OCI (Overseas Citizen of India) status. You can include your mother as a nominee. And yes, the policy will be valid even if death occurs outside India.
What are the implications of overdue premium? I lost my job recently due to Coronavirus-related issues.
As a practice, life insurance companies offer a certain amount of time after the due date to pay the premium, which is called the 'grace period'. This period is usually 15 days for the monthly premium mode and 30 days for the annual mode of payment and is governed by the relevant clause of the respective product's document filed and approved by the Insurance Regulatory and Development Authority of India. Paying premiums on time or within the grace period enables the policyholder to continue enjoying the benefits under the insurance policy. If the premium payment remains overdue even after the grace period, the policy lapses and usually the benefits of the policy are no longer available to the policyholder.
A lapsed policy can be revived by paying the due premiums, revival fees and other charges as applicable within a stipulated time from the date of lapsation, depending upon the insurance plan and other applicable conditions.
Due to the COVID-19 pandemic, IRDAI has permitted a further extension in the grace period by an additional 30 days for annual and 15 days for monthly mode life insurance policies, which are due for renewal in the months of March and April 2020. Policyholders can connect with their insurance providers regarding the grace period for their policies and the payment options available to ensure continuity of benefits under their policies.
The writer is MD & CEO, HDFC Life. The views expressed are the expert’s own. Send your queries to firstname.lastname@example.org