NRIs' term insurance purchases from India double in last 2 years: Report analysis
Gulf region leads with nearly 60% share
Between FY22 and FY26 year-to-date, the UAE and Gulf Cooperation Council (GCC) countries accounted for 59% of NRI term insurance policies purchased via Policybazaar. Most buyers are salaried professionals and business owners in construction, retail, and services. Gulf-based NRIs often have ongoing financial obligations in India, such as dependents, home loans, and investments, making India-based policies a cost-effective and practical choice.
Strong growth in Europe and ANZ
Europe and Australia - New Zealand (ANZ) markets have recorded a combined compound annual growth rate (CAGR) of 87% over the past four years. The demand is largely driven by technology professionals and permanent residents who value long-tenure coverage and rupee-settled payouts. Policybazaar sees these regions as key markets for future expansion in NRI term insurance uptake.
Younger buyers driving adoption
Buyers under 40 now make up 62% of NRI policyholders. Many are securing 35-40 year plans, often locking in low premiums early in their careers. The 30-39 age group is the most active segment, showing an awareness of the benefits of early health underwriting and long-term financial planning.
Preferred income and coverage segments
Around 45% of NRI buyers report annual incomes between ₹25-35 lakh, balancing affordability with substantial coverage. Another 16% earn above ₹50 lakh annually, reflecting the growing appeal among higher-income groups. The ₹2-3 crore cover range is the most popular, offering adequate protection while keeping premiums reasonable, particularly among Gulf and ANZ professionals.
Rising female participation
Women now account for 15% of NRI term insurance buyers, with stronger uptake seen in the UAE and North America. This reflects increasing financial independence and proactive planning among female NRIs.
Monthly premiums dominate, long-term policies favoured
Nearly 80% of buyers prefer paying monthly premiums, though single-premium policies are gaining traction in the UAE, where some policyholders choose to pay upfront for 30–40 years of coverage. The average policy tenure now stands at 36.7 years, with most plans covering buyers until retirement or dependent independence milestones.'In just two years, NRI purchases of India-based term insurance have doubled, recording a 100% growth rate. This momentum has been led by Gulf-based NRIs, who now account for nearly 60% of all such policies bought via Policybazaar. A significant majority of these buyers are under 40, securing 35–40 year terms and opting for monthly premiums. This demand can be linked to the appeal of India-based term plan: lower premiums compared to global markets and the comfort of rupee-denominated payouts for dependents back home. It's a prudent way for globally mobile Indians to build financial security across geographies,' Policybazaar said in a statement.
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