I am an NRI and have an LIC policy, which was purchased while I was an Indian resident. Can I repatriate the periodic returns and maturity benefits from this policy?
Aruna Hegde, Muscat
As the policy bought by you was issued in India while you were an Indian resident, any periodic return or the sums received on the maturity of your life insurance policies is payable in India in Indian rupees, irrespective of the mode of payment or the type of account from which the payment was made to the insurer. Therefore, the periodic payments or the amount received on maturity of policies is not repatriable.
