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A person resident in India, is desirous of taking a life insurance policy from a foreign insurance company, the yearly premium of which is US $25,000 as per Foreign Exchange Management Act,1999 and the FEMA Regulations..is it possible.
Indian residents are prohibited from taking insurance cover from foreign insurers who are not licensed in India per the Foreign Exchange Management (Insurance) Regulations,2000 unless prior permission of the RBI (for life insurance policies) and the central government (for general insurance policies) is obtained. In some limited instances, prior approval has been granted. For example, sea food and other perishable food/food product exporters can buy rejection risk cover from a foreign insurer. Indian nationals are also permitted to purchase life and general insurance covers from foreign insurers while they are resident outside India and continue the cover even if they subsequently become resident in India. If any part of the premium is remitted from India, all claim amounts and maturity proceeds are to be repatriated to India, within7 days of receipt.
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