The demand for life insurance among non-resident Indians (NRIs) in the UAE is witnessing a significant rise, spurred by affordable premiums, attractive returns, promising economic growth in India, and the increasing number of expats planning to return to their homeland.
This surge is driven by a combination of factors, including attractive premiums, promising investment opportunities in India, and the growing number of NRIs planning to return.
Rajesh Krishnan, Chief Operations and Customer Experience Officer at Bajaj Allianz Life, highlighted that many NRIs from the UAE, particularly those aged between 31 and 45, are increasingly subscribing to life insurance policies.
“More NRIs are showing interest in life insurance. Both our company and Indian regulators are actively promoting awareness and education about the necessity of life insurance. Importantly, the premium is a minor part of the total investment an individual makes across various products,” Krishnan stated in an interview with Khaleej Times.
“Around 60 percent of our UAE customers fall within the 31 to 45 age bracket, with an average policy size of Rs 250,000 per annum,” he said. He emphasized the importance of purchasing policies early upon arrival in the UAE to avoid higher premiums later.
Approximately 10 percent of Bajaj Allianz Life’s portfolio contributions come from NRIs, with 26 percent of this segment consisting of Indians living and working in the UAE.
Benefits and Services for NRIs
Krishnan also points out the benefits Bajaj Allianz Life offers specifically to NRIs. These include:
- Digital claims process: This allows for faster claim settlements.
- Auto-pay options: NRIs can set up automatic payments for their premiums using international credit cards.
- Dedicated NRI desk: This ensures NRIs have access to specialists who understand their needs.
- Digital onboarding: The application process can be completed online.
- Multilingual customer support: NRIs can get help via video calls, WhatsApp, live chat, and a call center that caters to different time zones.
