Can NRI invest in any insurance plan
I got a query that can NRIs invest in any insurance plans in India. I will expand this question as can NRI or person of Indian origin (PIO) invest in insurance plans in India. The answer to this question or query is big YES.
Any NRI or PIO can invest in any insurance plan of India even if the family of that NRI or PIO stays in India or not.
Tax benefits:Moreover the premium paid by NRI is eligible for tax deduction up to Rs. 1 lakh according to Indian tax laws. The maturity amount will be tax-free and the amount can be remitted even during stay abroad but with a maximum limit of one million per financial year that is from first of April of any year to 31st of march of next year.
Also read: How to save income tax?
Conclusion: The NRI or PIO can invest in any insurance plan in India and can avail the tax benefits.