Tata AIA Life Insurance Co. Ltd. (Tata AIA), a prominent life insurer in India, has unveiled its offshore branch at Gujarat International Finance Tech-City (GIFT City), India’s inaugural International Financial Services Centre (IFSC). This new branch will provide US dollar-denominated life insurance products exclusively to Non-Resident Indians (NRIs) via its website https://international.tataaia.com.
Venky Iyer, Managing Director & Chief Executive Officer of Tata AIA, expressed, “The establishment of IFSC GIFT City by the Government of India is a significant move to expand the reach of Indian financial services. It presents a valuable opportunity for insurers to offer products denominated in foreign currencies. We are thrilled to launch life insurance solutions tailored for our NRI customers, helping them safeguard their families and achieve their dreams.”
The company will initiate operations with a distinctive term plan, USD-denominated Life Protect Supreme, which offers policy benefits in US dollars. This plan safeguards against risks including death, accidents, disabilities, and critical illnesses, up to the age of 100. NRI consumers have the option to select from five different plan variants to customize their coverage based on their lifestyle, medical background, and occupation. These plan options also allow for the inclusion of additional benefits (Riders) such as accidental death coverage, critical illness protection, and waiver of premiums in case of total and permanent accidental disability.
Additionally, Tata AIA plans to soon introduce Unit Linked life insurance products, enabling consumers to capitalize on potential investment gains in global equity markets.
