Policybazaar is seeing strong early traction from its operations in Gift City, with non-resident Indians from the US, UAE and UK driving demand for its dollar-denominated insurance-linked investment products. The financial enclave now accounts for over 50 per cent of the company’s NRI customer base (by premium value), underlining the early scale-up of its offshore insurance distribution strategy.

The platform, which expanded into Gift City through a branch in September 2025, has enabled NRIs across 35 countries to access investment-linked insurance products denominated in US dollars. According to Lakshit Mahajan, Head of NRI Investment Business at Policybazaar, the Gift City channel is already generating high-value transactions, with a minimum monthly premium of about $200 and top-ticket sizes reaching up to $15,000.

“Gift City now contributes to more than 50 per cent of our NRI customer base in terms of total premium value. These are high-value transactions,” Mahajan said. He added that within this base, around 30 per cent of customers are from the US, 25 per cent from the UAE and 10 per cent from the UK, indicating early concentration in key global diaspora markets. In terms of volume, NRI customers from Gift City account for about 25 per cent of total users in this segment, he noted.

Gift City is emerging as a preferred investment destination for NRIs, supported by features such as tax-free gains under Section 10(10D), access to US dollar-denominated market-linked insurance products, seamless repatriation, and a single unified regulator under the International Financial Services Centres Authority (IFSCA).

Mahajan said Policybazaar’s IFSC Insurance Intermediary Office (IIIO) in Gift City operates as a comparison platform similar to its domestic business, allowing users to evaluate and purchase products digitally. NRIs can invest directly through NRE or overseas bank accounts, with fully digital onboarding, remote KYC, and no requirement for physical presence. Customers can choose from international funds as well as gold and silver ETFs, with flexibility in premium payments and partial withdrawals. Certain policies also offer tax benefits, while Double Taxation Avoidance Agreements (DTAAs) help reduce the risk of double taxation across jurisdictions.

The company also noted a strong skew toward younger investors, with nearly two-thirds of its NRI customer base in the 28–45 age group, highlighting growing participation from digitally active, globally mobile professionals allocating to dollar-based instruments. “We have seen more customers in the 25-30 years coming to our platform and buying these kinds of products,” Mahajan added.

Published on April 24, 2026