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NRIs Demand For Insurance Cover For Their Property In India

By SiliconIndia   |   Thursday, July 10, 2014   |    2 Comments
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BANGALORE: Real estate has been one profitable investment option for non-residential Indians. Whether the market is hot or not, many NRIs like to have a place in India.  NRI’s have no restrictions on the number of residential as well as commercial properties they can buy in India.. Nowadays it seems that NRIs are looking for insurance cover for their properties in India apart from health and medical cover for their family, reports Business Standard. According to Renuka Kanvinde, assistant vice-president (health insurance) at Bajaj Allianz General Insurance, there has been a rapid increase seen in demand for health insurance products byNRIs for their parents and dependents in India.

“This is not only because of higher awareness about health insurance but also because of the many innovative products available in the Indian market today. NRIs usually look for a higher sum insured, comprehensive health insurance coverage with benefits suitable for parents and spouses such as pre-existing and maternity,” said Kanvinde. General insurance firms usually offer NRIs with insurance packages like health cover with worldwide coverage, overseas travel insurance for family, health insurance with emergency medical services and home insurance for the property. Also according to the sector officials although motor insurance for any cars in India constitutes a very small percentage of the NRI Insurance business, covers are usually taken for luxury cars.

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