Term insurance from India emerges as preferred choice for NRIs
seeking affordability and convenience
SINGAPORE, March 30,
2024 /PRNewswire/ -- Policybazaar, India's leading online insurance marketplace,
is witnessing a significant increase in non-resident Indians (NRIs)
choosing term insurance from India
via its platform. This surge is driven by the unparalleled ease,
affordability and accessibility offered by the Indian insurance
market. While several factors contribute to the growing interest in
term insurance in India,
affordability and convenience stand out as primary reasons. The
demand among the 18-60 age group has seen an impressive 130%
year-on-year growth, with India
emerging as the preferred choice for NRIs.
The surge in demand from NRIs can be credited to several
standout features and benefits. Term policies from India cost up to 30-50% less for NRIs residing
in the UAE and Singapore.
Additionally, policies with coverage of up to INR 5 crores can be easily obtained with tele-medical
check-ups from India, eliminating
the need for physical visits. Unlike some countries with restricted
policy terms and coverage, Indian term plans offer coverage for
longer duration, extending upto 99
years.
Sarbvir Singh, Joint Group CEO, Policybazaar, states,
"We are witnessing exponential growth in term insurance
purchases from NRIs, particularly from the Gulf nations and
Singapore. Policybazaar has
focused its efforts on expanding term insurance protection in both
Indian and overseas markets. The unmatched benefits offered by
India, including competitive
pricing, larger covers, and streamlined processing through
video/tele medicals, are significant contributors to this demand.
It is heartening to see NRIs realising the importance of securing
their dependents' future and choosing Indian term insurance
policies."
Term Insurance for a
35 year old male, non-smoker
Policy term - 30 years
|
Country
|
India
|
Singapore
|
Cover
Amount
|
INR 2 Cr / SGD 323
K
|
SGD 328 K
|
Max Cover
Upto
|
99 years
|
85 years
|
Premium INR /
SGD
|
INR 22,193 / SGD
359
|
INR 32,783 / SGD
538.4
|
Free
Add-ons
|
Early Payout on
Terminal Illness + Waiver of premium
|
Early Payout on
Terminal Illness + Waiver of premium
|
Price
Benefit
|
-
|
32 %
|
Source:
Policybazaar.com
|
NRIs are also eligible for 18% GST exemption* upon purchasing
term insurance plans from India
when paying via their NRE accounts. This attractive pricing, along
with the availability of longer-term plans, has led to a rise in
demand among NRIs, especially from Gulf nations, where 65% of term
insurance buyers hail from, with the UAE alone contributing
35%.
Rhishabh Garg, Head of Term Insurance at
Policybazaar, adds, "The evolution in the Indian term
insurance industry is marked by innovative offerings designed to
meet the distinct needs of consumers overseas. The consumer-centric
features in term plans from India
are increasingly appealing to NRIs, which include return of premium
at no extra cost, early pay-outs for terminal illness, premium
waivers for permanent disability, and immediate pay-out of up to
INR 2 lakhs on claim intimation for immediate
obituary expenses."
The accessibility of these plans is further enhanced through
seamless processing for NRIs, whose average annual income exceeds
INR 35 lakhs. Insurers now also offer a sum assured of up to
5 crores, ensuring adequate coverage
based on Human Life Value (HLV) calculations. NRIs can also
leverage Policybazaar's search and comparison engine to browse the
best suitable plans as per their needs and preferences.
With a commitment to providing comprehensive coverage and
protection, Policybazaar continues to redefine the landscape of
term insurance for NRIs, empowering them to secure their loved
one's future with peace of mind. As NRIs continue to seek
comprehensive coverage and value-driven solutions, Policybazaar
remains dedicated to delivering innovative term insurance products
and services tailored to their evolving needs.
*Tax benefits are subject to change in tax laws
About Policybazaar.com
Policybazaar.com is one of India's largest insurance marketplace. It is
the flagship platform of PB Fintech, which owns the fintech brand,
Paisabazaar.com, and lending & insurance marketplace in the UAE
region, Policybazaar.ae. Policybazaar.com started with the purpose
to educate people on insurance products and with its offerings has
addressed the large and highly underpenetrated online insurance
markets.
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