@sourav93 , while agreeing with the general answer by my colleague @ThomasM125 , if you are talking about a foreign life insurance, generally you do not declare anything till a distribution occurs. Depending how regulated it is , you may be talking about a PFIC and a requirement to Mark-to-market.
Please provide more details : such as what is it, name of the Insurance Company , located in which country, how long is your term, has it matured and therefore ready for distribution , your own immigration status US citizen/ GreenCard/ Resident for Tax Purposes) and your , at least directional longer term plans ( i.e. are you going to be back in your home country / away from US at the time of maturity/distribution of the proceeds.
Note that if you feel that this is not of general interest you are welcome to PM me ( just no PII, please ).
pk
