NEW
YORK, March 29, 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, benefits and accessibility
offered by the Indian insurance market. While several factors
contribute to the growing interest in term insurance in
India, large covers with longer
coverage 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 residing in the US, Canada, and select European countries.
The surge in demand from NRIs can be credited to several
standout features and benefits. Term policies from India that offer coverage of up to INR 5
crores or ~665K USD 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, says,
"We are witnessing exponential growth in term insurance
purchases from NRIs, particularly from the US, Canada and the Europe. Policybazaar has focused its efforts
on expanding term insurance protection in both Indian and overseas
markets. The unmatched benefits offered by India, including 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."
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.
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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SOURCE Policybazaar.com