IndiaFirst Life becomes 1st Indian life insurer to start ops in GIFT City

IndiaFirst Life has become the first Indian life insurer to commence operations in Gujarat International Finance Tec City (GIFT City), the company said in a release on Wednesday.

The company inaugurated its IFSC Insurance Office (IIO) at the country's international financial gateway on Wednesday, it said.

Speaking on the occasion, Managing Director and CEO, IndiaFirst Life, Rushabh Gandhi, said, "We are delighted to be the first Indian life insurance company to commence operations in GIFT City IFSC. Our IIO will offer foreign currency-denominated life insurance solutions to international customers of our partner banks and our preferred broker partners".

IndiaFirst Life's IIO will have a dedicated team involving specialists who will cater to the needs of GIFT City's global audience, said the release, adding that the company offers a specially designed ULIP product for global Indians -- IndiaFirst Life Wealth Wise plan.

This US dollar denominated plan is ideal for international customers looking for long-term wealth and legacy creation, it said.

"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," Gandhi said.

Headquartered in Mumbai, IndiaFirst Life Insurance Company Ltd, with a paid-up share capital of Rs 754 crore, is one of the country's youngest life insurance companies. Its current shareholders include Bank of Baroda, Union Bank of India, and Carmel Point Investments India Pvt Ltd.