• Wednesday, July 24, 2024

Asia

Why more Indian expats in UAE are seeking life insurance

One expert said the non-resident Indians are progressively investing in policies due to India’s rapid growth.

India and UAE flags (iStock)

By: Shubham Ghosh

NON-RESIDENT INDIANS (NRIs) living in the UAE are increasingly looking for life insurance, thanks to reasonable premiums, attractive returns, promising economic prospects, and a growing cohort of expatriates opting to repatriate to their native country, The Khaleej Times reported.

According to Rajesh Krishnan, the chief operations and customer experience officer at Bajaj Allianz Life, a life-insurance company in India, a considerable number of NRIs in the Gulf nation, particularly aged between 31 and 45, are opting for life insurance policies.

“More NRIs are showing interest in life insurance. Our and the Indian regulators are promoting awareness and educating people because life insurance is necessary. Importantly, the premium one pays is minuscule as part of his/her total investment that he/she does across various products,” he was quoted as saying by The Khaleej Times.

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Speaking to the outlet in an interview on Wednesday (12), Krishnan said NRIs often opt for policies when they visit India on vacation from the UAE and other nations.

“Around 60 per cent of our UAE customers are in the age of 31 to 45 bracket with an average range of ticket size is Rs 250,000 per annum,” he said.

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According to him, it is important for the NRIs to consider purchasing policies early upon their arrival in the UAE. Postponing the decision may result in paying higher premiums, underscoring the advantages of early subscription and the potential benefits it offers.

The report added that while around 10 per cent of contribution to Bajaj Allianz Life’s portfolio comes from the NRIs, 26 per cent of it is contributed by Indians who live and work in the UAE.

Krishnan noted that NRIs are progressively investing in policies due to the burgeoning growth of India.

With heightened interest among NRIs in returning to their country, they aim to allocate a portion of their investments to their homeland.

He said the Indian markets are much more regulated — whether it is banking, insurance or equities — and transparent and that the return on various asset classes given in the country is remarkably good

“These are the factors that are leading people to invest back in India,” Krishnan told The Khaleej Times.

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