Overview
The demand for life insurance among non-resident Indians (NRIs) in the UAE is on the rise. This trend is driven by factors such as affordable premiums, promising economic growth in India, and a growing number of expats considering a return to their homeland.
Key Points:
- Increasing Interest: Rajesh Krishnan, from Bajaj Allianz Life, notes a significant uptick in interest among NRIs aged 31 to 45 for life insurance policies. Many subscribe to policies during visits back to India, with around 60% of UAE customers falling within this age bracket.
- Financial Benefits: Term insurance in India is highlighted as significantly cheaper—up to 2.5 times less expensive—than in the UAE and other countries. This cost-effectiveness is a major draw for NRIs seeking to maximize their investments.
- Market Conditions: Krishnan emphasizes that the regulated and transparent nature of Indian markets, including banking, insurance, and equities, coupled with attractive returns on investments, are compelling reasons for NRIs to allocate funds back into India.
- Operational Support: Bajaj Allianz Life has bolstered its GCC presence through a Dubai representative office, offering streamlined services like digital claims processing, auto-payment options via international credit cards, and dedicated customer support tailored to NRI needs.
Conclusion:
As more NRIs recognize the financial advantages and security offered by Indian life insurance policies, early adoption is encouraged to mitigate higher future premiums. This strategic investment approach aligns with their long-term financial planning and aspirations.