Question

What is the premium collection requirement for Overseas Medical Insurance Schemes for Indian residents traveling abroad for employment?

a.

Premiums must be collected in foreign currency

b.

Premiums must be collected in rupees

c.

Premiums must be collected in rupees for visits other than employment and in foreign currency for employment visits

d.

Premiums must be collected in foreign currency or rupees, depending on the preference of the policy holder

Posted under IC 14 Regulations of Insurance Business

Answer: (c).Premiums must be collected in rupees for visits other than employment and in foreign currency for employment visits Explanation:For Overseas Medical Insurance Schemes for Indian residents traveling abroad, premiums may be collected in rupees for visits other than employment and in foreign currency for employment visits. This premium collection requirement ensures compliance with regulatory guidelines and facilitates insurance coverage for different purposes of travel abroad.

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Q. What is the premium collection requirement for Overseas Medical Insurance Schemes for Indian residents traveling abroad for employment?
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