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Offer NRIs life insurance with currency flexibility: IFSCA panel
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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.
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