Can I assign a Life Insurance Policy to a Non Resident india

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PostPosted: Wed May 13, 2009 12:39 pm   Post subject:   

Yes, Resident Indian can assign life insurance policy to NRI. Since life insurance policy is classified as securities by foreign exchange regulation act, insurance policy document cannot be taken out of country without formal approval of Reserve Bank of India. Policy should be in Indian currency.(Rupees). Prior consent of RBI is not required where assignment is without consideration in favour of policy holders NRI wife or other dependent relatives.

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