For high-net-worth NRIs, term insurance is crucial for securing their family's financial future, considering factors like inflation and global living costs. Indian insurers offer cost-effective policies with benefits like GST waivers, premium refunds, and worldwide coverage.

The GST Council is expected to announce a significant tax cut on life and health insurance premiums in its upcoming meeting. The move could lower costs for policyholders and boost insurance penetration across India.