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Tax implications for NRIs on insurance maturity proceeds
Mint Mumbai
|August 27, 2025
I'm a UK-based NRI looking to buy the IndiaFirst Life Wealth Wise Plan from Gift City and want to understand the tax implications on its maturity proceeds in India.
—Name withheld on request
From 1 April 2025, maturity proceeds from life insurance plans issued by insurers located in an IFSC (International Financial Services Centre) are fully exempt from income tax, irrespective of the premium amount, provided the premium paid in any of the years of the term of the policy does not exceed 10% of the sum assured, according to the amendment introduced by the Finance Act 2025.
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