Affordability, customisation and convenience: Term plans from India become more attractive and accessible for NRIs
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.
- 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%.
- The accessibility of these plans is further enhanced through seamless processing for NRIs, whose average annual income exceeds INR 35 lakhs.
- NRIs can also leverage Policybazaar's search and comparison engine to browse the best suitable plans as per their needs and preferences.