Hi,

If we have LIC ( insurance) policy in India of minimum value, should we file FBAR? ($3000)

The LIC Insurance Policty with a cash value of $3,000 IS an item that needs to be reported on the FBAR.

However, if that is your ONLY reportable asset in overseas accounts, then NO FBAR is needed because you are well below the $10,000 reporting threshold.

Thank you

Glad to help!