Permission to hold foreign life insurance policies requires RBI approval and repatriation of proceeds through banking channels. A person resident in India may take or continue to hold a life insurance policy issued by an insurer outside India only if the policy is held under a specific or general permission of the Reserve Bank of India. If premiums were paid by remittance from India, the policyholder must repatriate maturity proceeds or claim amounts to India through normal banking channels within seven days of receipt.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Permission to hold foreign life insurance policies requires RBI approval and repatriation of proceeds through banking channels.
A person resident in India may take or continue to hold a life insurance policy issued by an insurer outside India only if the policy is held under a specific or general permission of the Reserve Bank of India. If premiums were paid by remittance from India, the policyholder must repatriate maturity proceeds or claim amounts to India through normal banking channels within seven days of receipt.
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