The holder of a policy of insurance issued by an insurer in respect of insurance business transacted inIndia after the commencement of this Act shall have the right, notwithstanding anything to the contrary contained in the policy or in any agreement relating thereto, to receive payment inIndia, of any sum secured thereby and to sue for any relief in respect of the policy in any Court of competent jurisdiction inIndia; and if the suit is brought inIndia any question of law arising in connection with any such policy shall be determined according to the law in force inIndia:

Provided that nothing in this section shall apply to a policy of marine insurance.