Foreign life insurance policies require regulatory permission, with Indian-funded premiums triggering prompt repatriation of maturity and claim proceeds. A person resident in India may take or continue holding a life insurance policy issued by an insurer outside India only under specific or general ... Summary
Foreign life insurance policies require regulatory permission, with Indian-funded premiums triggering prompt repatriation of maturity and claim proceeds.
A person resident in India may take or continue holding a life insurance policy issued by an insurer outside India only under specific or general permission of the Reserve Bank of India. A policy obtained while the person was resident outside India may continue to be held after becoming resident in India. Where premiums were paid through remittances from India, maturity proceeds and claim amounts must be repatriated to India through normal banking channels within seven days of receipt.
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