The HDFC group on Thursday announced the launch of its life insurance and asset management services for NRIs and the global Indian diaspora at the International Financial Services Centre (IFSC) in Gujarat’s GIFT City.
This will be done through HDFC International Life and Re, which is a wholly-owned subsidiary of HDFC Life, and HDFC AMC International (IFSC) Ltd — an arm of HDFC Asset Management Company.
Among the two, while HDFC Life International will offer US dollar-denominated life as well as health insurance solutions, HDFC AMC International will provide fund management and advisory solutions as part of its offshore hub.
HDFC Life International will offer insurance solutions and its 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.
It added that 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 2016, is based at the Dubai International Financial Center (DIFC), Dubai, UAE and is regulated by the Dubai Financial Services Authority (DFSA).
