August 22, 2023: Two of the HDFC Bank group companies are set to commence operations from GIFT City – IFSC.
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.
Deepak Parekh, Chairman, HDFC Life and HDFC AMC commented on this milestone in HDFC Life and HDFC AMC’s journey and said, “We are delighted to share with our customers, investors and shareholders, our upcoming and novel foray from GIFT City, India. The unified regulator IFSCA has been constantly focusing on establishing India as a strong and stable international financial platform for the entire region and the global economy as a whole. With this association, we look forward to further contributing to the India growth story and to make world class foreign currency denominated insurance solutions available for NRIs and Global Indians through HDFC Life International and; Indian investment solutions available to global investors and global investment solutions available to resident investors through HDFC AMC International (IFSC) Limited”.
“Congratulating the newly established HDFC Life International and HDFC AMC International (IFSC) Limited in GIFT City, Shri Tapan Ray, IAS (Retd.) Managing Director & Group CEO, GIFT City said ''HDFC Life International’s presence as the first international insurer in GIFT City and HDFC AMC International (IFSC) Limited as HDFC AMCs offshore hub, is a resounding validation of our commitment to creating a hub for world class business infrastructure that caters to global and domestic financial enterprises. We highly value this association and are delighted to partner with the HDFC Bank Group towards making this venture a benchmark for future successes in the insurance domain''
Shri K Rajaraman, IAS, Chairperson, IFSCA commented “The IFSCA’s reputation as a hub for international financial activities continues to grow, attracting a diverge range of financial institutions. The IFSCA regulatory framework is designed to foster an environment of transparency, stability and innovation and holds immense potential and opportunities for the global financial community.”
Vibha Padalkar, MD & CEO, HDFC Life added, “HDFC Life celebrates the contribution made by the overseas Indian community towards the development of India. We are proud that our subsidiary, HDFC International Life and Re, is expanding its products and solutions from the branch at GIFT City - IFSC, India. These products will be suitable for NRIs and will deliver high quality life and health insurance solutions. We urge our distribution partners to come to GIFT City and partner with us on these offerings.”
Navneet Munot, MD & CEO, HDFC AMC commented “The establishment of HDFC AMC International (IFSC) Limited as the offshore hub for HDFC AMC further strengthens our commitment towards providing a wider platform for global investors to access our time tested and industry leading investment capabilities. It will also help us broaden the scope of our offerings by providing options for investors looking at global investment options. HDFC AMC International (IFSC) Limited would act as the bridge connecting global investors with Indian markets and Indian investors with global markets”.
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