An opportunity for NRIs to invest and gain from India’s growth

Settlement Guidelines

Remittance of bonus, maturity proceeds, surrender value or claims proceeds in respect of Rupee policies, issued to foreign nationals who are not permanent residents in India, may be paid in Indian Rupees or may be remitted abroad, if the claimant so desires.

• Remittance of bonus, maturity proceeds, surrender value or claims proceeds shall be made in Indian Rupees.
• In the event the premium is paid in foreign currency, the remittance will be permitted only in proportion to the premium paid in the foreign currency.
  
• Remittances in respect of policies issued to NRIs, for which premium have been collected in non-repatriable Rupees may be paid only in Rupees by making credit to the NRO account of the beneficiary. This would also apply in cases of death claims being settled in favour of non-resident assignees / nominees.

Note - Premium paid through credit card issued outside India will not be treated as payment in foreign currency as it will be credited to Max Life in Indian Rupee.