A recent survey by Policybazaar reveals that NRIs in the UAE and other GCC (Gulf Cooperation Council) countries account for 59% of total NRI term life policies purchased between FY22 and FY26 year-to-date via the platform.

Competitive premiums, long policy tenures, and rupee-denominated payouts, seem to be a big draw among salaried professionals and business owners, making NRI term life insurance purchases double in the past two years.

With Europe and Australia-New Zealand witnessing the fastest expansion, the Gulf has dominated in terms of volumes. While women comprise 15% of NRI term insurance buyers, younger NRIs in the under-40 age group are emerging as a huge segment with 62% of buyers from that category.

Varun Agarwal, Head of Term Insurance, Policybazaar, said, “This can be linked to the appeal of India-based term plans: lower premiums compared to global markets and the comfort of rupee-denominated payouts for dependents back home.”

With most plans extending until retirement, the average policy tenure across NRI segments stands at 36.7 years. – editor@nrifocus.com