US Tax reporting for Indian Insurance Plans

[Edu4life]

Hi,

Those of you who have been reporting for FBAR or who started with the OVDI, how are you able to obtain the LIC policy information regarding the Cash Surrender Value (CSV) , if applicable, for your policy for the last few years.
I am trying to get it from LIC but have been told that they can tell the CSV as of today's date and would not be able to tell about previous years. In our situation the value we are interested is regarding the Last Calendar year.

Any help or guidance in this regard is appreciated.

Thanks

[gen12]

http://www.irs.gov/businesses/small/article/0%2C%2Cid=186963%2C00.html

On cursory reading.... Indian "residents" are exempted from this tax based on the tax treaty with US. How one defines a "resident" is another matter. H1, GC, USC. My guess is USC may not qualify for the exemption ?

Following is the updated link to that excise tax exemption. No company from India is listed on this page as having entered into a closing agreement with IRS for this tax exemption.
https://www.irs.gov/businesses/international-businesses/exemption-from-section-4371-excise-tax

More details on this insurance in [URL="https://www.irs.gov/pub/irs-mssp/foreign_insurance.pdf"]https://www.irs.gov/pub/irs-mssp/foreign_insurance.pdf
[/URL]"For life insurance, sickness and accident insurance, and annuity contracts, the policy or contract must be with
respect to the life or hazards to the person of a citizen or resident of the United States". I understand this to be a USC living anywhere in the world will not qualify for the exemption.

.

[URL="https://www.irs.gov/pub/irs-mssp/foreign_insurance.pdf"]
[/URL]
[URL="https://www.irs.gov/businesses/international-businesses/exemption-from-section-4371-excise-tax"]

[/URL]