IndiaFirst Life Becomes the First Indian Life Insurer to Commence Operations in GIFT City
FinTech BizNews Service
Mumbai, 27 August 2024: IndiaFirst Life Insurance Company Ltd (IndiaFirst Life) is the first Indian life insurer to commence operations in Gujarat International Finance Tec City (GIFT City). The company inaugurated its IFSC Insurance Office (IIO) at the country’s international financial gateway today.
Speaking on the historic occasion, Rushabh Gandhi, Managing Director & CEO, IndiaFirst Life said, “We are delighted to be the first Indian life insurance company to commence operations in GIFT City IFSC. Our IIO will offer world class, foreign currency-denominated life insurance solutions to international customers of our partner banks – Bank of Baroda and Union Bank of India and our preferred Broker Partners. This is a key milestone in our pursuit to expand distribution through innovative channels.”
IndiaFirst Life’s IIO will have a dedicated team involving specialists who will cater to the needs of GIFT City’s global audience. The company offers specially designed ULIP product for global Indians -- IndiaFirst Life Wealth Wise plan. This dollar (USD) denominated plan is ideal for international customers looking for long-term wealth and legacy creation. It provides flexible investment options that allows customers to infuse funds at any time during the policy term whilst also participating in the India growth opportunity.
“IndiaFirst Life’s commitment to contributing to India's growth narrative remains steadfast. By setting up a base at GIFT City, IndiaFirst Life aims to secure lives, create value, and expand its reach to global citizens. We are truly thankful to the regulator for this opportunity.” added Mr. Gandhi.
