HDFC International Life & Re, IFSC Branch & HDFC AMC International (IFSC) announce new global propositions from GIFT City – IFSC

Press Release, Aug 22, 2023, 8:16 PM IST

HDFC Life, one of India’s leading insurers has announced that the overseas branch of its international subsidiary HDFC International Life and Re, will now offer US Dollar denominated life and health insurance solutions for Non-Resident Indians (NRIs) from GIFT City – IFSC, India under the brand name HDFC Life International.

HDFC Life International will cater to NRIs and the global Indian diaspora, offering insurance solutions with world-class features that are not limited by borders. Most importantly, these products can be purchased using foreign currency such as the US Dollar. The full range of solutions offered by HDFC Life International includes products that address an individual’s financial needs related to Savings, Health and Retirement.

The first product – “US Dollar Global Education Plan”, is now open for enrolment and is designed to help parents build a US Dollar denominated corpus to meet future expenses for their child’s overseas education. This product aims to eliminate any future mismatch between the currency of investment and the currency of expenses.

HDFC International Life and Re, operational since January 2016 is a wholly owned subsidiary of HDFC Life. It is based in the Dubai International Financial Center (“DIFC”), Dubai, United Arab Emirates and is regulated by the Dubai Financial Services Authority (“DFSA”).

The overseas branch at GIFT City – IFSC has received requisite approvals and grants of registration from the International Financial Services Centre Authority (“IFSCA”), the unified regulator at GIFT City – IFSC. Bespoke and innovative foreign currency denominated life and health insurance products and solutions have been created after carefully examining the insurance needs of global Indians and NRIs.

These products will be made available under the aegis of the “HDFC Life International” brand, through the newly launched website, www.hdfclife-international .com.

This easy-to-navigate and informative website carries glimpses of the first product, a guide for busy parents to plan for their children’s education, a comprehensive education calculator, pre-packed offerings, upcoming product segments, seamless servicing options and the provision to reserve seats for new offerings, among others. The aim is to support long-term planning by parents in a meaningful manner.

Products will be available online for enrolment and customers can avail a smooth service experience, aided by international experts on call. These multi-currency life and health insurance product and solutions from GIFT City will complement the existing suite of INR products offered by HDFC Life, thus widening the available choices for its prevailing and new customers.