FATCA stands for Foreign Account Tax Compliance Act, and includes reporting the details of accounts (policies) held by individuals being a citizen or resident of United States of America (‘US’) as may be prescribed.

CRS stands for Common Reporting Standard, and includes reporting the details of account (policies) held by an individual belonging to a registered country, other than US citizens or US residents.

Central Board of Direct Taxes (CBDT) has prescribed rules on due diligence, maintenance of information and reporting of the accounts (policies) regarding NRI who are covered under the Foreign Account Tax Compliance Act (FATCA) or Common Reporting Standard (CRS).

FATCA/CRS declaration is currently mandatory for any NRI who is purchasing any type of Life Insurance policy in India. This declaration has a standardized format and needs to be filled out and submitted to the Life Insurance company along with the Life Insurance proposal form. Some of the key details that need to be provided in the FATCA/CRS declaration are – TIN (Taxpayer Identification Number), Country of Tax and overseas address of the applicant.

To update your FATCA details, please click here . Alternatively, you can mail the following documents to us at nri.helpdesk@maxlifeinsurance.com from your registered email ID:

• Duly filled and signed request letter
• Valid KYC proof
• Self-Certificate Form and FTIN number with document proof.

* If changing nationality to anything other than Indian