NEW YORK, March 29, 2024 /PRNewswire/ — Policybazaar, of India a leading online insurance marketplace, has witnessed a significant increase in non-resident Indians (NRIs) opting for term insurance from India through its platform. This surge is due to the unparalleled ease, benefits and affordability offered by the Indian insurance market. While several factors are contributing to the growing interest in term insurance in India, large covers with longer coverage stand out as the main reasons. Demand among the 18-60 age group saw an impressive growth of 130% year-on-year, with India emerges as the preferred choice for NRIs residing in the US, Canadaand select European countries.
The growth in demand from NRIs can be attributed to several notable features and benefits. Term policies from India which offer coverage up to INR 5 crores or ~665K USD can easily be obtained with telemedicine examinations from India, eliminating the need for physical visits. Unlike some countries with limited terms and policy coverage, Indian term plans offer coverage for a longer period of time durationexpansion to 99 years.
Sarbvir Singh, Collaborative group CEO, Policybazaar, says “We have witnessed exponential growth in term insurance purchases by NRIs, especially from the US, Canada and on Europe. Policybazaar has focused its efforts on expanding term insurance protection in both the Indian and overseas markets. The unmatched benefits offered by India, including larger covers and streamlined processing through video/telemedicine services, are significantly contributing to this demand. It is heartening to see NRIs realizing the importance of securing the future of their dependents and opting for Indian term insurance policies.”
NRIs are also eligible for 18% GST exemption* on purchase of term insurance plans from India, when they pay through their NRE accounts. This attractive pricing along with the availability of longer term plans has led to an increase in demand among NRIs.
Rishab Garg, Head of Term insurance at Policybazaar, adds “The evolution of the Indian term insurance industry has been marked by innovative offerings designed to meet the distinct needs of overseas consumers. India are increasingly attractive to NRIs which include return of premium at no extra cost, early payouts for terminal illness, waiver of premiums for permanent disability and immediate payout of up to INR 2 onxis in notice of claim for immediate obituary costs.”
The affordability of these plans is further enhanced by hassle-free processing for NRIs whose average annual income exceeds INR 35 lakhs. Insurers now also offer sum insured up to 5 crores, providing adequate coverage based on Human Life Value (HLV) calculations. NRIs can also benefit Policybazaar’s search and comparison engine to browse the most suitable plans according to their needs and preferences.
With a commitment to provide comprehensive coverage and protection, Policybazaar continues to redefine the term insurance landscape for NRIs, empowering them to secure the future of their loved ones with peace of mind. As NRIs continue to seek comprehensive coverage and value-oriented solutions, Policybazaar remains dedicated to providing innovative term insurance products and services tailored to their evolving needs.
*Tax benefits are subject to changes in tax laws
About Policybazaar.com
Policybazaar.com is one of the of India the largest insurance market. It is the flagship platform of PB Fintech, which owns the fintech brand Paisabazaar.com and the loan and insurance marketplace in UAE region, Policybazaar.ae. Policybazaar.com was launched with the aim of educating people about insurance products and has targeted the large and highly underdeveloped online insurance markets with its offerings.
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SOURCE Policybazaar.com
