FATCA stands for Foreign Account Tax Compliance Act. It is a U.S. federal law introduced to prevent tax evasion by U.S. taxpayers holding financial assets abroad. FATCA mandates financial institutions worldwide, including LIC, to report details of financial accounts held by U.S. citizens, residents, or entities.

Importance of FATCA Declaration for LIC Policyholders

• Global Compliance: Ensures LIC complies with international tax laws.

• Transparency: Helps track and disclose foreign financial accounts.

• Applicability: Necessary for NRIs, U.S. citizens, and residents investing in LIC policies.

How to Submit FATCA Declaration to LIC

1. Download the Form: Obtain the FATCA declaration form from the official LIC website or visit the nearest LIC branch.

1. Fill in the Details: Provide accurate information such as your name, address, tax identification number (TIN), and citizenship status.

1. Submit the Form: Submit the completed form at your LIC branch or upload it via the LIC portal.

Consequences of Not Submitting FATCA Declaration

Failure to submit the FATCA declaration may result in restrictions on policy transactions, withholding tax penalties, or compliance issues with international tax laws.