NRI vs OCI - Know The Difference Between NRI and OCI | Tata AIA (2024)

OCI stands for Overseas Citizen of India, a status given to foreign nationals of Indian origin that provides the right to stay and work in India indefinitely.

On the other hand, NRI refers to a Non-Resident Indian who resides outside India for employment, business, or any other purpose. It can be for a temporary duration.

The basic difference between NRI and OCI is that NRIs will continue to have their Indian citizenship, and the OCIs will have their respective citizenship based on the country of their origin.

Yes, OCI cardholders are subject to taxation based on their residential status for the concerned year.

An individual will be referred to as a Resident in India for the previous year if they satisfy the following conditions.

• If they were residing in India for 182 days or more in the previous year or

• If they were residing in India for 60 days or more in the previous year and 365 days or more for 4 years immediately preceding the said previous year.

Therefore, the OCI will be a Resident of India based on their residential status. Further, for taxation purposes, they must determine whether they are Resident Ordinarily Residents (ROR) or Resident but Not Ordinarily Residents (RNOR).

RORs are taxable for their global income in India. On the other hand, RNORs are liable for paying tax on income arising or accruing in India, income received or deemed to be received in India, or income deemed to accrue or arise in India. Further, it applies to the income that arises or accrues outside India from a professional set-up or business controlled in India.

Aadhaar Card enrolment is applicable to the residents of India. NRIs, although they are Indian citizens, cannot enroll for the Aadhaar card if they have not stayed in India for more than 182 days in the 12 months preceding the date of application for the enrolment for the Aadhaar card.

And OCI cardholders who have stayed in India for over 182 days in the 12 months immediately preceding the date of application for the enrolment and have an Indian address can apply for the Aadhaar Card.

• The complete name of Tata AIA Sampoorna Raksha Supreme is Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN:110N160V03) - A Non-Linked Non-Participating Individual Life Insurance Plan.

• The complete name of Tata AIA Fortune Pro is Tata AIA Life Insurance Fortune Pro (UIN: 110L112V04) - Unit Linked Individual Life Insurance Savings Plan.

• The complete name of Tata AIA Fortune Guarantee Plus is Tata AIA Life Insurance Fortune Guarantee Plus (UIN: 110N158V10) - Non-Linked, Non-Participating, Individual Life Insurance Savings Plan.

• The complete name of Tata AIA Fortune Guarantee Pension Plan is Tata AIA Life Insurance Fortune Guarantee Pension Plan (UIN:110N161V04) - A Non-Linked Non-Participating Individual Life Insurance Plan

• ^{^}Applicable for specific plan options. Please refer brochure for additional details.

• ^~Under Life Plus Option, an amount equal to the 105% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier.

• ^*“Guaranteed Annual Income” shall be a fixed percentage of the Annualised Premium / Single Premium (excluding discount) payable in a year. Guaranteed Annual Income as per the chosen Income Frequency shall commence after maturity till the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.

• ^#Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.

• ^%Return of Premium shall be the return of Total Premiums Paid (excluding loading for modal premiums, discount, any extra premium, rider premium and taxes) by the policyholder and shall be payable at the end of the Income Period irrespective of survival of the life insured(s) during the Income Period.

• ^$All funds open for new business which have completed 5 years since inception are rated 4 or 5 stars by Morningstar on a 5 year basis as of Mar’2023

• ^@The word Guaranteed and Guarantee means the annuity payout is fixed at inception of the policy and will be payable for whole of life or till death of the Annuitant(s).

• Tata AIA Life Insurance Company underwrite this product Ltd.

• The plan is not a guaranteed issuance plan, and it will be subject to company’s underwriting and acceptance.

• Insurance cover is available under this product.

• For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.

• Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.

• In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.

• Risk cover commences along with policy commencement for all lives, including minor lives.

• Policies sourced through PoS Channel will not have any medical examination. This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.

• All Premiums and interest payable under the policy are exclusive of the taxes, rider premiums, underwriting extra premiums, loading for modal premiums, if any which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust, and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.

• Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policy holder will not be able to surrender/ withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year.

• Tata AIA Life Insurance Company Limited is only the name of the Insurance Company & Tata AIA Life Insurance Fortune Pro is only the name of the Unit Linked Life Insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.

• The fund is managed by Tata AIA Life Insurance Company Ltd.

• For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.

• Past performance is not indicative of future performance. Returns are calculated on an absolute basis for a period of less than (or equal to) a year, with reinvestment of dividends (if any).

• All investments made by the Company are subject to market risks. The Company does not guarantee any assured returns. The investment income and price may go down as well as up depending on several factors influencing the market.

• Please make your own independent decision after consulting your financial or other professional advisor.

• Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. Please know the associated risks and the applicable charges, from your Insurance Agent or Intermediary or Policy Document issued by the Insurance Company.

• Various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. The underlying Fund's NAV will be affected by interest rates and the performance of the underlying stocks.

• The performance of the managed portfolios and funds is not guaranteed, and the value may increase or decrease in accordance with the future experience of the managed portfolios and funds.

• Premium paid in the Unit Linked Life Insurance Policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Insured is responsible for his/her decisions.

• Please know the associated risks and the applicable charges, from your insurance agent or the Intermediary or policy document issued by the Insurance Company.

• Insurance cover is available under the product.

• The products are underwritten by Tata AIA Life Insurance Company Ltd.

• The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.

• For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

• L&C/Advt/2023/Jul/2319