Cover story abroad NRIs find cheaper life insurance back home

MUMBAI: For Indians living overseas, peace of mind often comes with a hefty price tag especially when it comes to life insurance. Inka Insurance is betting that many NRIs are paying far more than they need to, with the launch of NRI Shield, a dedicated advisory service aimed at helping overseas Indians secure high-value term insurance from India at significantly lower costs.

The maths is hard to ignore. In markets such as the UAE, term insurance premiums can be up to 65 per cent higher than comparable Indian plans. A Rs 5 crore term cover, for instance, can cost as much as Rs 78,450 a year abroad, while a similar policy from India may start at around Rs 27,808. NRI Shield positions itself as the guide through this gap, helping NRIs, PIOs and OCIs understand where and how they can save.

At its core, the proposition is straightforward. Term insurance purchased in India offers pure life cover, paying a lump sum to the nominee if the policyholder passes away during the policy term. Most leading Indian insurers extend global coverage, meaning claims remain valid even if the event occurs outside India, provided disclosures and conditions are met. Add-on riders such as critical illness and accidental death benefits are also typically far cheaper in India, allowing higher protection without stretching budgets.

What often stops NRIs from exploring Indian policies is complexity rather than cost. NRI Shield attempts to remove that friction by handling the entire journey from plan comparisons and paperwork to underwriting and claims support. The process is fully remote, with digital onboarding and video medicals, while premiums can be paid via NRE, NRO or FCNR accounts, along with eligible international payment options.

Inka Insurance founder Vaibhav Kathju says the service was built around a recurring problem seen among overseas clients. NRIs, he notes, frequently lock themselves into expensive foreign policies without realising that comparable or better protection is available from India at a fraction of the cost. The intent, he says, is to replace confusion with clarity and help families make informed, financially efficient decisions.

As global mobility increases and Indian professionals continue to spread across continents, NRI Shield taps into a growing need insurance advice that understands both Indian policies and international realities. For many overseas Indians, it could mean the rare financial win: stronger cover, lower premiums, and protection that travels with them, wherever life takes them next.