The company opened its IFSC Insurance Office (IIO) on the country's international financial portal on Wednesday. | Image: Bloomberg
IndiaFirst Life is the first Indian life insurer to start operations in Gujarat International Finance Tec City (GIFT City), the company said in a press release on Wednesday.
The company opened its IFSC Insurance Office (IIO) on the country's international financial portal on Wednesday, it said.
Speaking on the occasion, Rushabh Gandhi, Managing Director and CEO, IndiaFirst Life, said, “We are delighted to be the first Indian life insurance company to start operations at GIFT City IFSC. Our IIO will offer foreign currency life insurance solutions to the international customers of our partner banks and our preferred broker partners.”
IndiaFirst Life's IIO will have a dedicated team of specialists to cater to the needs of GIFT City's global audience, the release said. The company will also offer a specially designed ULIP product, IndiaFirst Life Wealth Wise plan, for Indians across the world.
This US dollar-denominated plan is ideal for international clients interested in building long-term wealth and legacy, it said.
“IndiaFirst Life's commitment to contribute to India's growth story remains unwavering. By setting up a base at GIFT City, IndiaFirst Life aims to save lives, create value and extend its reach to the global population. We are truly grateful to the regulator for this opportunity,” Gandhi said.
First Life Insurance Company Ltd, based in Mumbai, India, is one of the youngest life insurance companies in the country with a paid-up share capital of Rs 754 crore. Its current shareholders include Bank of Baroda, Union Bank of India and Carmel Point Investments India Pvt Ltd.
First published: August 28, 2024 | 10:20 p.m. IS
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