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Gift City attracts NRI wealth: Policybazaar sees surge
24 Apr
Summary
- Gift City now leads Policybazaar's NRI customer base by premium value.
- NRI demand is driven by US, UAE, and UK residents seeking dollar products.
- Younger investors aged 28-45 are increasingly participating in these products.
Policybazaar has reported strong early traction from its operations in Gift City, with non-resident Indians (NRIs) from the US, UAE, and UK significantly driving demand for dollar-denominated insurance-linked investment products. The financial enclave now accounts for over 50 percent of the company's NRI customer base, measured by premium value, underscoring the rapid scale-up of its offshore insurance distribution strategy.
Since expanding into Gift City in September 2025, Policybazaar has enabled NRIs across 35 countries to access investment-linked insurance products denominated in US dollars. These high-value transactions, with minimum monthly premiums of around $200 and top ticket sizes up to $15,000, are now a major contributor to the company's NRI segment. The platform also notes a strong skew towards younger investors, with nearly two-thirds of its NRI customers falling within the 28-45 age group.
Gift City's appeal for NRIs is bolstered by several features, including tax-free gains under Section 10(10D), access to dollar-denominated market-linked insurance products, seamless repatriation, and regulation by the International Financial Services Centres Authority (IFSCA). Policybazaar's digital platform in Gift City offers fully digital onboarding, remote KYC, and flexibility in investment choices, including international funds and ETFs.
