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Can a person residing in India hold a foreign-currency policy?

April 26, 2017hold India person policy residing

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Can a person residing in India hold a foreign-currency policy?

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A permanent resident of India cannot hold a foreign currency policy. However, a person resident in India but not permanently resident may continue to hold any insurance policy issued to him by an insurer outside India, if the premium on such policy is paid out of foreign currency resources outside India.