Daijiworld Media Network- New Delhi
New Delhi, Aug 13: Purchases of term insurance plans by Non-Resident Indians (NRIs) from India have doubled in the past two years, driven by competitive premiums, long-term policy options, and rupee-denominated benefits, according to an analysis by Policybazaar. Data shows a 100 per cent growth in NRI term insurance purchases between FY22 and FY26 year-to-date.
The report noted that many NRIs continue to have dependents, home loans, and investments in India, making domestic insurance plans an attractive choice. The UAE and Gulf Cooperation Council (GCC) countries account for 59 per cent of all such purchases, with most buyers being salaried professionals and business owners in construction, retail, and services. Lower premiums and rupee-settled benefits remain key draws for Gulf-based NRIs.
Europe and Australia-New Zealand have also witnessed rapid growth, posting a combined CAGR of 87 per cent in the same period, largely from tech professionals and long-term residents opting for India-linked plans.
Women now represent 15 per cent of total NRI buyers, with stronger uptake from the UAE and North America. Around 80 per cent of NRIs prefer monthly premium payments, though single-premium policies—covering up to 40 years—are gaining traction in the UAE.
The analysis concluded that India’s insurance sector is emerging as an increasingly attractive market for NRIs worldwide.