According to Guinness, "the well-known billionaire client" resides in the Silicon Valley area of California and is actively known in the technology space.
The policy features a combined death benefit to be paid upon the death of the single insured that more than doubles the previous record, Guinness said in a statement.
The previous record was set in 1990 by an insurance policy of USD 100 million on the life of a US entertainment industry figure.
"Bringing this transaction together required negotiating concurrently with over two dozen insurance companies and complex underwriting requests from each insurance company," said Frances.