SME Times is powered by   
Search News
Just in:   • Exports fall by over 9 pc YoY in Nov  • Bharti Airtel arm picks up 4.9% stake more in Bharti Infratel  • Engineering exporters seek easier GST refund rules at BoT meet  • Centre to incubate electronics startups opened in K'taka  • Samsung tops global smartphone production in Q3: Report 
Last updated: 23 Oct, 2020  

Accounting.9.Thmb.jpg Offer NRIs life insurance with currency flexibility: IFSCA panel

   Top Stories
» Exports fall by over 9 pc YoY in Nov
» Engineering exporters seek easier GST refund rules at BoT meet
» 'Corporate India gradually reverting to normalcy'
» Manufacturing sector loses growth momentum in November
» GST collection at nearly Rs 1.05 lakh Cr in Nov
SME Times News Bureau | 23 Oct, 2020
The International Financial Services Centres Authority's (IFSCA) Expert Committee on international retail business development in the IFSC said that NRIs and PIOs should be allowed to buy portable life insurance policies which offers them flexibility to pay the premium in rupees or in foreign currency, based on their choice, after they return to India.

In its second interim report submitted to the IFSCA Chairperson, it has recommended that permission should be granted to NRIs and PIOs to buy life insurance policies for themselves as well as their family members who are based in India and abroad from companies set up in the IFSC and they be allowed to pay premium in the currency of their choice.

This interim report covers a number of suggestions aimed at swift and efficient development of international retail businesses in the IFSC, and focuses on recommendations for international insurance activity to flourish in the IFSC, an IFSCA statement said.

It has also suggested allowing residents to buy overseas health insurance for themselves and their dependents (in India and overseas) from insurance companies or intermediaries in the IFSC for medical treatment anywhere in the world.

Further, it has recommended that insurance companies should be allowed to offer health insurance products to NRIs and PIOs including covering their family members who are based in India.

It also said that the insurance companies in the IFSC should be allowed to offer personal accident cover, baggage loss, documents loss cover and travel health insurance anywhere in the world for NRIs or PIOs and to any other non-resident.
Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 02 Dec, 2020
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(1)
» MSME registration(1)
» MSME schemes - Do you know all of them?(1)
» Biodiesel is the fuel of future: Santosh Verma(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter