Foreign insurance policies for Indian residents require remittance, governmental, or insurance regulatory conditions depending on policy and insured asset.

Persons resident in India may hold foreign health insurance within the Liberalised Remittance Scheme limit, while insurance for Indian property or Indian-registered vessels and aircraft requires insurance regulatory permission. Other foreign general insurance requires specific or general Central Government permission, subject to continued holding by persons who acquired such policies while resident outside India. Where premium was remitted from India, policy maturity proceeds and claim amounts must be repatriated through normal banking channels within seven days of receipt.

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