New Delhi: Policybazaar has introduced US dollar-denominated term insurance plans for Non-Resident Indians (NRIs) through GIFT City’s International Financial Services Centre (IFSC), enabling customers to pay premiums and receive claim payouts in US dollars. The move aims to protect NRIs from currency depreciation while aligning insurance coverage with their overseas financial commitments.
The offering, available through Policybazaar’s partner insurers, marks a significant step in expanding cross-border financial solutions under India’s GIFT City framework. By denominating both premiums and claims in US dollars, the product addresses the long-term impact of rupee depreciation on insurance payouts for Indians living abroad.
For many NRIs, financial responsibilities span multiple countries, including overseas home loans, children’s education, and supporting families in India. Traditionally, life insurance purchased in India has been denominated in rupees, exposing policyholders to exchange rate fluctuations over time. Policybazaar noted that the Indian rupee has depreciated by nearly 3% annually against the US dollar over the past three decades, reducing the global purchasing power of rupee-based insurance benefits.
The new insurance solution is designed to eliminate this currency mismatch by ensuring beneficiaries receive claim settlements in US dollars, offering greater certainty and financial stability during critical times.
Policybazaar has also built a fully digital purchase journey, allowing eligible NRIs to complete onboarding and medical underwriting remotely, making the product accessible to customers across the globe.
Commenting on the launch, Vivek Jain, Chief Business Officer – Life Insurance, Policybazaar, said that GIFT City has laid the foundation for a new generation of financial products for global Indians. He added that Policybazaar aims to bridge the gap between innovative financial solutions and the evolving needs of NRIs by making internationally aligned products simple and easily accessible through its digital platform.
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The launch further strengthens GIFT City’s role as India’s international financial hub, offering globally competitive banking, investment, and insurance solutions while operating within India’s regulatory ecosystem.
