IFSCA Urged For Provision of Giving Life Insurance to NRIs

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 offer the 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.