Weaker rupee, growing competition in India, and products offered through Gift City prompt NRIs in the UAE and other countries to choose insurance policies in India
Non-resident Indians (NRIs) are increasingly purchasing life insurance policies in their home country due to weaker rupee making it more affordable and growing competition giving them more options, an industry executive said.
Jude Gomes, managing director and CEO of Ageas Federal Life Insurance, said Gift City places them and other insurers in a better position to offer a diverse range of products to the Indian diaspora.
“Earlier, life insurance was treated just as a tax tool in India, because of mandatory taxation. Today, people are looking at this as a protection tool. Those who are living outside India know that they need protection for themselves and their families. So, people are making need-based purchases for themselves. Customers who are more mature and financially aware are buying a lot of protection products for themselves in India,” Gomes said.
In October 2025, India launched a foreign currency settlement system via the country’s tax-neutral zone, Gift City, to speed up foreign currency transactions.
During an interview with Khaleej Times, Gomes added that a weaker rupee should be another benefit for NRIs due to currency exchange. The rupee hit a record low against the US dollar and the UAE dirham in January 2026.
He noted that the insurance products in the other markets are more expensive than the Indian products.
“Generally, NRIs buy from the Indian market, but if certain products are not available, they purchase them in foreign countries. The launch of Gift City will place us in a position to offer all the products. Considering that many NRIs are returning to India, it makes financial sense to buy from Indian companies, as they will receive the majority of the proceeds, along with tax benefits in India,” he added.
Through Gift City, Gomes added, Indian products will be much more competitive.
“We have a large segment of NRI customer database because we work with Federal Bank, which is among the leading financial institutions in terms of remittances. So, we have a captive database of NRI customers and, because of our banking partner, Federal Bank, it makes for a win-win situation.”
The company recently rebranded itself to make it much more agile.
Moreover, the managing director and CEO of Ageas Federal Life Insurance said the regulator in India has been very customer-friendly, as there have been a lot of interventions from the regulator to strengthen servicing and claim payment capabilities over the past five to six years, and this gives customers greater comfort in buying from and transacting with an Indian insurance company.
Jude Gomes added that Dubai is a globally recognised financial hub with strong regulatory frameworks, a diverse customer base, and strategic access to international markets.
“It combines a mature expatriate population, high awareness of financial protection, and a stable, forward-looking regulatory environment, making it one of the most attractive insurance markets globally. Our initial focus is on the Indian diaspora and the broader expatriate population through our Gift City offering, with a calibrated, phased approach to expanding into wider customer segments over time,” he concluded.
