Mutual Funds

Public Provident Fund

Mutual Funds

Mutual Funds pool the money of several investors and invest this in stocks, bonds, money market instruments and other types of securities. Mutual funds are considered as one of the best available investments as compared to others, they are very cost efficient and also easy to invest in, thus by pooling money together in a mutual fund, investors can purchase stocks or bonds with much lower trading costs than if they tried to do it on their own. But the biggest advantage to mutual funds is diversification, by minimizing risk & maximizing returns. A common man is so much confused about the various kinds of Mutual Funds that he is afraid of investing in these funds as he can not differentiate between various types of Mutual Funds with fancy names.LIC Mutual Funds can be classified into various categories under the following heads:-

NRI Center

Welcome to NRI Centre. We have made an attempt here to furnish important features applicable to Non-Resident Indians (NRI) and People of Indian Origin having foreign nationality and residing in foreign countries ( FNIOs).

NON-RESIDENT INDIAN / FOREIGN NATIONAL OF INDIAN ORIGIN/OCI:

  1. A non-resident Indian is a citizen of India temporarily residing in the country of his/her present residence and holding a valid passport issued by the Government of India.
  2. 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.
  3. It is clarified that People of Indian Origin having foreign nationality and residing in foreign countries FNIOs/ Green card holders are not considered as NRIs for the purpose of allowing insurance.
  4. Policies are issued in Indian Rupees only. Our Branches and Joint Venture Companies ( refer to option ; ‘Associates’ on main page for details ) issue policies in their local currencies. e.g. Our U.K. Branch issues policies in Sterling Pound currency.
  5. NRIs are allowed insurance on their visit to India where all formalities are completed during their stay in India. In such cases they would be treated at par with Indian Lives for the purpose of allowing insurance.
  6. NRIs may also obtain insurance cover from their present country of residence where all formalities are completed in their present country of residence and this process is called ‘Mail Order Business’.
  7. Minimum Sum Assured allowed would be Rs. 10 lakhs and maximum would depend on conditions of insurability. However, under mail order business, maximum sum assured would be limited to Rs. Three Crore only.Proof of income in the form of income tax returns, copy of employment contract where emoluments are mentioned, Certificate from Chartered Accountant, Personal Financial Questionnaire (PFQ) etc. would be required if the sum assured is high or if the proposal is submitted through Mail Order Business.
  8. All types of plans are allowed subject to the conditions that.
    • Critical Illness Benefit is not granted.
    • Term Rider Benefit would be restricted to certain limit of Sum assured.
    • Sum Assured would be restricted in respect of term insurance plans.
  9. NRIs may obtain insurance cover under our Non-Medical (Special) scheme subject to certain restrictions, some of which are listed below:
    • Applicable if insurance is obtained during visit to India or through Mail Order Business when LIC Agents visit the country of residence of NRI for completing the necessary formalities.
    • Maximum age at entry would be 50 years.
    • Plans with high risk cover and term rider benefits would not be allowed.
    • The proposer should be employed in Government or reputed commercial firm or should be a professional such as Chartered Accountant, Doctor, Teacher, Lawyer, Accountant, Engineer, etc.
    • This scheme is applicable to those NRIs who are residing in Group V countries only. (See Annexure-V for group details).
  10. Rules regarding insurance under medical scheme through ‘Mail Order Business’ are given in Annexure-I.
  11. The rules regarding granting insurance cover to NRIs during their visit to India would be similar to those applicable to Indian Lives. Help of a local agent/ development officer / branch office of LIC may be obtained. Addresses of our Offices can be obtained from the option:‘locator’.
  12. The main papers required to obtain insurance cover would be
    • Prescribed proposal form depending on the type of policy selected.
    • NRI Questionnaire.
    • Medical Report (not applicable if the proposal is under non-medical scheme)
    • Special questionnaire (if proposal is under ‘Mail Order Business’ and if the agent does not visit the country of residence of proposer)
    • Special Medical Reports, if called for.
    • Attested copy of Passport.
    • Proof of age and income.
    • Initial Deposit equivalent to Installment Premium under the proposed plan of insurance.
  13. A reference may please be made to Annexure-V for details such as Residence Extra and other restrictive conditions.
  1. Mail order business will not be allowed
  2. Policy in Indian Currency would be issued, only during their stay in India.
  3. Report by designated LIC agents is compulsory.
  4. Claim would be paid in India in Indian Currency only.
  5. Please refer to Annexure-V for details such as residence extra and other restrictive conditions and Plans allowed, Maximum sum assured etc.
  6. Other rules are same as NRIs.
Existing policies taken while in India will continue in Indian Currency even after the life assured moves 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. (See Annexure-II). You may continue to pay premiums through various approved channels to LIC.

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Type Of Investments

  • Equity Funds / Schemes
  • Gilt Funds / Schemes
  • Index Funds
  • Money Market Funds / Schemes

Time Of Closure Of The Scheme

  • Open Ended Schemes
  • Close Ended Schemes

Type Of Investments

  • Sector Specific Funds
  • Debt Funds / Schemes (Also Called Income Funds)
  • Diversified Funds / Schemes (Also Called Balanced Funds)

According To The Time Of Payout:

  • Dividend Paying Schemes
  • Reinvestment Schemes

Public Provident Fund

Public Provident Fund ( PPF ) was introduced in India in 1968 with the objective to mobilize small saving in the form of an investment, coupled with a return on it. It can also be called a savings-cum-tax savings investment vehicle that enables one to build a retirement corpus while saving on annual taxes. Therefore, anyone looking for a safe investment option to save taxes and earn guaranteed returns should open a PPF account.