NRI Insurance: Growing Demand for Term and Health Insurance Options
The Rapid Growth of NRI Term Insurance
NRI insurance, particularly term insurance, has seen NRIs now account for 12% of India’s term insurance customers, achieving an annual growth rate of over 50% recently, largely due to the COVID-19 pandemic raising awareness of financial safety.
With competitive premiums and online convenience, term insurance has become appealing for many. Notably, 61% of buyers are aged between 31-40, where family responsibilities grow, leading to increased purchases.
Health Insurance Demand Among NRIs
The NRI market for health insurance has surged, with a remarkable 140% increase in FY 2023-24 and an additional 100% forecasted for FY 2024-25. This growth is attributed to NRIs wanting access to quality healthcare for themselves and their families.
The Gulf region, primarily the UAE, accounts for 60% of these purchases, emphasizing the trend towards securing healthcare access in India.
Shifting Preferences and Future Outlook
- Increased interest in OPD and preventive care features, growing from 5% to 25% in two years.
- 25% of NRIs now prefer global coverage plans.
- 40% of policyholders with existing conditions are seeking Day 1 coverage.
The growing demand for both NRI term insurance and health insurance underscores a significant shift in financial strategies for families in India, showcasing the evolving landscape.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.