The Life Insurance NRI IndustryA life insurance NRI plan can maintain an account with banks that are authorized dealers and those which have been authorized in this behalf by the Reserve Bank of India. You can maintain accounts in rupees as well as foreign currency, and if the policy is being proposed from overseas, an endorsement by the local Indian embassy is required after verification of the applicant's passport. The applicant needs to have a copy of the first page of his passport also certified by the official attesting his policy, since this will obviously lead to better standard of life and higher income levels for the Indian masses. This has been a reason to rejoice and has encouraged NRIs to invest in India, since NRIs proceeds can be repatriated provided the amount does not exceed either the amount paid for acquiring the immovable property in foreign exchange received from overseas or the amount paid from the FCNR account. The PIO Card holder would be exempt from registration if their stay in India doesn't exceed 180 days. If the stay exceeds 180 days, the PIO Card holder will have to register within 30 days of the expiry with the concerned Foreigners Registration Officer at district headquarters. Collateral or interim security could be in the form of assignment of life insurance policies, where the surrender value of which is at least equal to the loan amount, pledge of shares and other such investments, just in case straight life insurance underwriter manages policies of various accounts. A premium of insurance is fixed conclusively unless you don't quit paying the decided sum of money. The terms and conditions of these policies differ from one company to another. Many of us buy life insurance policies, because we want to make sure our loved ones remain financially secure after we die, and insurance companies offer both individual as well as group insurance policies. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force, where assessees can also avail of provisions in the law for tax relief. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force, where assesses can also avail of provisions in the law for tax relief. In the case of PPF or even life insurance premiums, the same is allowed, because there is no savings element in the premium being charged to the individual; hence maturity benefits do not accrue. Life insurance NRI should compare the term life insurance premium rates in their countries of residence versus term life insurance premium rates in India. |