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  #1  
Old 15th October 2016, 08:15 AM
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Default ICICI Prudential Plan OK for Foreign Nationals?



I am a USA citizen living in India. I was born in USA. I only have a USA passport. I am not of Indian origin. I have a PAN card and I pay Indian taxes each year.

Am I eligible to enroll in the ICICI Prudential Elite Life II investment plan?

Or is this plan only for Indian citizens?

I'm getting different answers on this from different people. A CA says I can invest. An SBI bank manager says India tax rules says this is only for Indian citizens.

Which is correct?

Thanks.
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  #2  
Old 19th October 2016, 03:29 PM
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Originally Posted by m3110w View Post
I am a USA citizen living in India. I was born in USA. I only have a USA passport. I am not of Indian origin. I have a PAN card and I pay Indian taxes each year.

Am I eligible to enroll in the ICICI Prudential Elite Life II investment plan?

Or is this plan only for Indian citizens?

I'm getting different answers on this from different people. A CA says I can invest. An SBI bank manager says India tax rules says this is only for Indian citizens.

Which is correct?

Thanks.
Looks like you can't. Only PIO or NRIs can. Please check this doc:

http://www.oifc.in/Uploads/MediaType...e_in_India.pdf
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  #3  
Old 20th October 2016, 08:29 AM
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Originally Posted by m3110w View Post
I'm getting different answers on this from different people. A CA says I can invest. An SBI bank manager says India tax rules says this is only for Indian citizens.
Your CA is correct.

Quote:
You are eligible to buy our life insurance plans if you are a:

Non-Resident Indian
Person of Indian Origin
Foreign National (residing in India)
https://www.iciciprulife.com/service...insurance.html

You should directly contact the insurance company to buy insurance. That will make things easier for you.

I am not sure what tax laws the manager is talking about, but generally tax laws in India distinguish between residents and non-residents and NOT CITIZENS AND NON-CITIZENS.
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  #4  
Old 27th October 2016, 09:37 AM
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Quote:
Originally Posted by m3110w View Post
I am a USA citizen living in India. I was born in USA. I only have a USA passport. I am not of Indian origin. I have a PAN card and I pay Indian taxes each year.

Am I eligible to enroll in the ICICI Prudential Elite Life II investment plan?

Or is this plan only for Indian citizens?

I'm getting different answers on this from different people. A CA says I can invest. An SBI bank manager says India tax rules says this is only for Indian citizens.

Which is correct?

Thanks.
Its very common case these days.

However I would like to know? How's your overall experience living in India with US citizenship. US has citizen based tax system. You should pay tax to US (not to the Indian govt).
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