HT Syndication

Gurugram (Haryana) [India], May 13: Policybazaar, one of India's largest online insurance platforms, has launched through its insurance partners a comprehensive suite of initiatives tailored to the needs of Non-Resident Indians (NRIs) and their families residing in India. With a sharp focus on offering significant financial advantages and dependable elder care solutions, these initiatives aim to address two of the most pressing concerns for NRIs: affordability and peace of mind.

Why NRIs are turning to Indian Health Insurance

An increasing number of NRIs are opting for health insurance in India, not just for their families but also for themselves. Data shows that 30% of NRI customers purchase health plans as a backup for their own healthcare during frequent visits or in preparation for returning to India, while 70% seek to cover loved ones such as parents, spouses, and children living in India.

India also offers an attractive value proposition. Health insurance premiums are at least 35% lower than in countries like the USA, Canada, Gulf nations, or Europe. Additionally, medical procedures, medicines, and consultations in India cost 70% to 90% less than in most Western countries, making high-quality care accessible at a fraction of the cost.

This affordability, combined with India's growing reputation in medical tourism, has fueled the segment's growth, with the NRI health insurance market witnessing 70% growth in FY 2022-23, 140% in FY 2023-24, and an estimated 130% in FY 2024-25.

Currently, 50% of Policybazaar's NRI customers are from the Gulf region, followed by 23% from Europe, 13% from North America, and the rest spread across Asia and other regions.

Exclusive Financial Benefits for NRIs

To further ease the financial burden, Policybazaar, in collaboration with leading insurance partners, is offering NRI-specific benefits such as:

* Up to 40% Discounts on Premiums: Available to NRIs who maintain a no-claim status upon submission of valid documentation like a passport and proof of international residence.

* 18% GST Refund: Applicable for annual premiums paid via NRE accounts, subject to necessary KYC, address, and banking documentation.

* Multi-Year and Annual Policy Savings: Discounts of up to 15% reward long-term policy commitments.

* Lower Overall Premiums: Indian health plans sold via Policybazaar are, on average, 35% more cost-effective than similar offerings in the GCC, USA, Canada, and UK, helping NRIs insure their families without compromising on quality.

NRI Care Program, A Trusted Lifeline for Elderly Parents

For NRIs deeply concerned about the health and well-being of ageing parents back home, Policybazaar has introduced the NRI Care Program in partnership with top insurers. This service is designed to provide personalised and dependable support, including:

- 24/7 Emergency Helpline and Claims Assistance: A rapid-response setup ensures timely support in urgent situations.

- Hospitalisation Coordination: Concierge-like services to manage hospital admissions, documentation, and discharge.

- Doctor-on-Call and OPD Coverage: Timely medical guidance, minor treatments, and follow-ups without needing hospitalisation.

- Wellness & Emotional Support: Tools and resources to maintain seniors' mental and emotional well-being, addressing isolation and inactivity.

- Fast-Track Claims Processing: On-ground assistance is provided within 30 minutes during emergencies, offering NRIs peace of mind that their loved ones are never left unsupported.

'Our endeavour is to ease the dual burden NRIs often face, managing their lives abroad while ensuring their families in India are financially protected and well cared for,' said Sarbvir Singh, Joint Group CEO, PB Fintech. 'With these offerings, we are combining intelligent financial solutions with deeply empathetic caregiving support. It's about giving NRIs the assurance that their loved ones are protected with the same care and efficiency they would expect anywhere in the world.'

About Policybazaar: As India's one of the largest insurance brokers, Policybazaar is committed to making insurance accessible, transparent, and personalised for every Indian and global customer. Since 2008, Policybazaar has empowered over 80.5 million registered users, issued 49.3 million policies, and helped protect 9 million families against death, disease, and disability.

With a dominant market share of over 93% in India's digital insurance aggregator space and over Rs 15,000 crore in annual premium collection (FY24), Policybazaar works with 50+ insurance partners offering products across health, life, motor, and corporate insurance. The company supports customers with 24/7 digital assistance and an on-ground team of 6,000+ insurance advisors, ensuring a seamless experience across all touchpoints.

For more information, visit www.policybazaar.com. All discounts are provided by insurers as per IRDAI approved insurance plans. T&C Apply.

For media queries, please contact:

Avneet Kaur Chadha

PR and Corporate Communications, Policybazaar.com

[email protected]

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