If the life assured is an Indian national or a person of Indian origin temporarily residing in the country of his present residence, he can get insurance. Even green card holders and foreign nationals of Indian origin can get life insurance in India.
More than nine million policies with a combined risk cover of over Rs 1,00,000 crore lapsed in 2008-09, reveals the Insurance Regulatory and Development Authority (Irda).
If an insured dies, the nominee will get the money but kin or creditors can stake a claim. Here are ways to prevent this.
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