A recent data from Policybazaar highlights a demand for term insurance among NRIs, confirming a steep 35% month-on-month rise in the past two years.

Global uncertainty, in particular the war situation in the Middle East, has directed young NRI buyers to focus on financial security for themselves and their families in India.

Buyers in the age group of 25–35 account for 54% of total demand, which was 44% in 2024.

Individuals from the Middle East are the largest contributors, with a record 50% of demand.

The UAE tops the list of contributing countries. The US, Canada and the UK, besides Saudi Arabia and Qatar, are the other contributors to demand from the region.

High-income earners, who earn ₹40 lakh and above annually, opt for ₹3–5 crore coverage. Mid-income groups choose ₹2–3 crore, while entry-level earners prefer ₹1 crore cover.

Most buyers seem to opt for longer coverage periods, stretching beyond 70 years. Many prefer add-ons such as accidental total and permanent disability and accidental death riders.

Digital processes come in hand for NRIs to buy policies and settle claims remotely.

Varun Agarwal, Head of Term Insurance at Policybazaar.com said, “Term insurance is no longer a decision NRIs are postponing. Purchases from India have doubled, largely driven by younger, digitally savvy professionals. This shift is being supported by seamless online journeys, including video medicals for covers up to ₹5 crore, along with tax-free premiums and costs that are 20–30% lower than international markets.” – Image credit: freepik – editor@nrifocus.com