Author: ronakp(Newbie)Newbie 5 Oct 2021Hello All I would like to get your expert opinion on Tax implication in case where sums are received from insurance policy (taken from India, which is tax free in India) on death or on survival (at the end of the policy i.e. on maturity of the policy term). In that regards, I am looking to get life insurance endowment policies, where I will be contributing to premiums on annual basis and at the end of the term, I will receive a lumpsum payment or in case of death, my nominees will receive a lumpsum payment. Now, in both the above mentioned cases i.e. in case of maturity or dealth, the person receiving these payments is not taxed in India as these are totally tax free. However, I want to understand the situation in my case where I am currently a resident for tax purposes in Australia (as well as a PR from immigration point of view), will this be taxed in Australia when either me (in case of maturity) or my nominees (in case of death), shall receive the payment from the insurance company in India? Thanks
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