Non-Resident Indians can now purchase US dollar-denominated term insurance plans in India, with Policybazaar offering such plans through its partner insurers at the International Financial Services Centre (IFSC) at GIFT City, according to an Economic Times report on July 27.
Premiums are paid in US dollars and claim payouts are also received in the same currency, addressing the currency mismatch faced by NRIs who earn in dollars but hold rupee-denominated policies. Policybazaar noted that over the past three decades, the rupee has depreciated nearly 3% annually against the US dollar — a Rs 2 crore cover worth about USD 5.5 lakh in 1996 would be worth roughly USD 2 lakh today at current exchange rates.
The entire buying process is digital: eligible customers can complete onboarding and medical underwriting remotely, making protection accessible to global Indians while remaining within India's regulatory framework.
Source: Economic Times (July 27, 2026)