Policybazaar unveils dollar-denominated term insurance for NRIs via GIFT City

Many Indian people live in other countries, and they are called NRIs.

NRIs often want insurance that protects their families back home.

Until now, buying insurance in India usually meant dealing with Indian rupees.

But the value of currencies can change, which is a risk for NRIs.

A company called Policybazaar now lets NRIs buy term insurance in US dollars.

That means they pay their premiums in dollars and get their money in dollars too.

This protects them if the Indian rupee loses value.

This is possible because of a special financial area in India called GIFT City.

Policybazaar works with its insurance partners to offer these plans.

A leader at Policybazaar, Vivek Jain, says the company wants to make these new products simple and accessible for NRIs.