Bangalore: “Pardesh Jaake Humme Bhul Na Jaana”, before your friends and family say this and you catch a flight to travel abroad, don’t forget to complete a few tasks in India which will help you save time and lots of paperwork once you become an NRI (Non Resident Indian).

Who is an NRI?

A Non Resident Indian (NRI) as per India’s Foreign Exchange Management Act 1999 (FEMA), is an Indian citizen or Foreign National of Indian Origin, resident outside India for purposes of employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period. An individual will also be considered NRI if his stay in India is less than 182 days during the preceding financial year.

If you are planning to leave India and become an NRI soon, here is a list of 10 things you must do, reports Manish Chauhan for Jagoinvestor.com.

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1. Take a Term Insurance

Never leave India without being insured. After you become an NRI it would get very difficult for you to buy a term plan from an Indian insurance company. Hence it is better and advisable to first take a term plan and then leave Hindustan. If not, later for applying for a term plan you would be called back to India to complete some formalities and paperwork, which would again be more expensive and time consuming. Also remember that even getting an online term plan will not be that easy. So better complete this step before you become an NRI. Even the premiums you will pay will be lower.

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