Policybazaar, India’s leading online insurance marketplace, has observed a significant increase in non-resident Indians (NRIs) choosing term insurance from India via its platform. The surge in demand is driven by the ease, affordability, and accessibility offered by the Indian insurance market. The 18-60 age group has seen a remarkable 130% year-on-year growth, with India emerging as the preferred choice for NRIs.
The affordability and convenience of term insurance from India are the primary reasons for its growing popularity. NRIs residing in the UAE and Singapore can obtain term policies from India at a cost that is 30-50% less. The policies with coverage of up to INR 5 crores can be easily acquired with tele-medical check-ups, eliminating the need for physical visits. Unlike some countries with restricted policy terms and coverage, Indian term plans offer coverage for longer durations, extending up to 99 years.
Policybazaar’s efforts in expanding term insurance protection in both India and overseas markets have contributed to the exponential growth in term insurance purchases from NRIs, particularly from the Gulf nations and Singapore. The unmatched benefits offered by India, including competitive pricing, larger covers, and streamlined processing through video/tele medicals, have significantly contributed to this demand.
NRIs are eligible for an 18% GST exemption upon purchasing term insurance from India through their NRE accounts. The availability of longer-term plans and attractive pricing has led to an increase in demand among NRIs, especially from Gulf nations. The accessibility of these plans is enhanced through seamless processing and the ability to search and compare plans on Policybazaar’s platform.
Policybazaar continues to redefine the landscape of term insurance for NRIs, offering comprehensive coverage, and value-driven solutions to secure the future of their loved ones.
Policybazaar operates in the insurance industry, specifically the online insurance marketplace in India. As the leading platform of its kind, Policybazaar connects customers with various insurance providers, allowing them to compare and purchase policies that suit their needs.
The growing demand for term insurance from non-resident Indians (NRIs) through Policybazaar’s platform reflects the overall trend in the Indian insurance market. The industry has witnessed a significant increase in NRIs opting for term insurance from India due to its ease, affordability, and accessibility.
Market forecasts indicate a continued rise in the popularity of term insurance among NRIs. The 18-60 age group, in particular, has experienced a substantial 130% year-on-year growth. This trend demonstrates that India is becoming the preferred choice for NRIs seeking insurance coverage.
The Indian insurance market stands out for its affordability and convenience, which are the primary drivers behind its increasing popularity among NRIs. Compared to other countries, NRIs living in the UAE and Singapore can obtain term policies from India at a cost that is 30-50% lower. Additionally, the process of acquiring these policies has been made more accessible through tele-medical check-ups, eliminating the need for physical visits.
One significant advantage of Indian term plans is their coverage for longer durations, extending up to 99 years. This surpasses the restricted policy terms and coverage offered in some other countries. NRIs are attracted to the larger coverage options provided by Indian insurers.
Policybazaar’s efforts to expand the availability of term insurance in both the domestic and overseas markets have contributed to the exponential growth in purchases by NRIs. The company’s focus on delivering competitive pricing, larger covers, and streamlined processing through video/tele medicals has attracted NRIs from Gulf nations and Singapore.
A key factor that has spurred the demand for term insurance from NRIs, particularly those in Gulf nations, is the eligibility for an 18% Goods and Services Tax (GST) exemption when purchasing insurance through their NRE accounts. The longer-term plans and attractive pricing further entice NRIs to opt for term insurance from India. Policybazaar’s platform enhances the accessibility of these plans by providing seamless processing and the ability to search and compare different policies.
In conclusion, Policybazaar’s comprehensive coverage and value-driven solutions have redefined the landscape of term insurance for NRIs. As India’s leading online insurance marketplace, the company continues to meet the growing demand for term insurance among NRIs, offering them affordable and convenient options to secure the future of their loved ones.
For more information on the Indian insurance industry and Policybazaar’s offerings, please visit their official website here.