“Third-party motor insurance especially for high-end sports cars and premium luxury cars are being taken by NRIs, to ensure that their liability is covered if any family member takes out the car for a drive, when they are away,” said the head of products at a mid-size private general insurer. When compared with other countries, in India the liability for third-party motor accidents is on the owner of the car and the insurance policy. Hence, even if the owner does not drive the car, she or he will be liable to pay the third-party in case of an accident.

The overall contribution by the NRI segment seems to be 20-25 per cent in the overall business.  NRI’s are taking policies for themselves too apart from their families.  Manasije Mishra, CEO, Max Bupa Health Insurance, said that they have various product offerings for NRIs and special services for their family members back home. “An NRI can opt for our indemnity plan for self and family in India. He can avail all the benefits as per the terms and conditions of the policy, just like any other customer. On the basis of a generic questionnaire that entails details of the customer’s NRI status, place of residence etc, the customer can purchase a health policy in India which will cover him or her and his or her family for treatment in the country," he said.