Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
What is FATCA and how does it affect your taxes?
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You must have heard the terms FATCA and FATCA compliance before. Although it is a US law, it affects financial laws and financial institutions all over the world. Contrary to the myth of FATCA for NRIs only, it affects others too. Let's find out what it is all about.
What is FATCA? The Foreign Account Tax Compliance Act is a US legislation aimed at preventing US taxpayers from evading tax through offshore investments and accounts in foreign institutions. As per this law, financial institutions have to send a report of information of accounts held indirectly or directly by US persons to the US Internal Revenue Services (IRS).
What if financial institutions don't report this information? If a Foreign Financial Institution (FFI) does not follow the reporting and customer identification requirements, they face a 30% withholding tax.
How does it affect Indian financial institutions? India and USA had signed an IGA (Inter-Governmental Agreement) in 2015, under which Indian financial institutions will provide information to the Indian tax authority, and the authority will then send it to the US periodically. This agreement was essentially made because of customer confidentiality rules of financial institutions.
How does it affect you? All NRI and Indian investors must fulfil FATCA compliance through self-declaration, under which the following details are required.
- Name
- Address
- PAN
- Nationality
- Place of birth
- Occupation
- Annual Income (gross)
If you are another country's resident, the additional details required are
- Country's details
- Tax ID number
How are the effects of FATCA for NRIs? If a US NRI does not have FATCA compliance, there could be severe repercussions such as NPS account blocking, bank accounts being frozen, and mutual fund investments being suspended. Thus, FATCA for NRIs becomes very crucial.
Does it affect others? FATCA generally does not apply to non-US persons. However, in any of these cases, you might be liable to provide additional information.
- You have a US residence
- You were born in the US
- You have a US address
- You have a US telephone number
- You have made repetitive payments to a US address or a US account
- You have granted signatory authority or Power of Attorney to a person who has a US address
- If your only address is a c/o or 'hold mail' address.
Does it directly affect your tax rates? No, it doesn't. It is only meant for increasing compliance.
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Here are answers to some of the questions you might have.
Life insurance is a financial safety net that supports your loved ones in your absence. If something happens to you, it provides them with funds to help cover everyday expenses, repay debts, and achieve future goals. It gives you peace of mind, knowing your family’s financial future is secure— no matter what.
The right plan depends on your needs.
Start by assessing your life stage, financial goals, and the needs of your family. Consider factors like your income, outstanding loans, future expenses and goals (like children’s education, foreign travel, study abroad), and desired coverage amount. We offer a wide range of plans that cover multiple goals and budgets. To get a better idea and make a confident choice consult with a financial advisor or call us on 1800 102 2355.
A good rule of thumb is to aim for coverage that's 10–15 times your annual income. Consider your family’s living expenses, outstanding loans, children’s education, and long-term goals. The right amount ensures your loved ones can maintain their lifestyle and meet future needs— even in your absence.
We would love to help you choose and buy the right policy for your needs. Call our toll-free number 1800 102 2355 or drop us an email at care@generalicentral.com.
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Disclaimers
Understand your policy better with key details and insights into our Generali Central Life Insurance.
This Product is not available for online sale. Life Coverage is included in this Product. For detailed information on this plan including risk factors, exclusions, terms and conditions etc., please refer to the product brochure and consult your advisor, or, visit our website before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. If you have any request, grievance, complaint or feedback, you may reach out to us at care@generalicentral.com For further details please access the link: www.generalicentrallife.com/customer-service/grievance-redressal-procedure.
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