How are claims settled for beneficiaries?
• For Non-Resident Beneficiaries: Non-resident beneficiaries of Insurance claims/maturity/surrender value settled in foreign currency may be permitted to credit the same to NRE (Non-Resident External)/ FCNR (Foreign Currency Non-Resident) Account if they so desire. • Claims/maturity proceeds/Surrender Value in respect of rupee life insurance policies issued to non-resident Indians for which premiums have been collected in non-repatriable rupees may be paid only in rupees by credit to NRO (Non-Resident Ordinary) account of the beneficiary. This would apply in cases of death claims being settled in favour of non-resident assignees.
