IndiaFirst Life Makes Landmark Entry into GIFT City

IndiaFirst Life has become the first Indian life insurer to start operations in Gujarat International Finance Tec City (GIFT City). The company introduced its IFSC Insurance Office and plans to offer international, foreign currency-denominated life insurance solutions. The initiative aims to cater to the global audience of GIFT City and contribute to India's growth narrative.

IndiaFirst Life has distinguished itself as the pioneering Indian life insurer to begin operations in Gujarat International Finance Tec City (GIFT City), as announced in a company release on Wednesday.

The insurer inaugurated its IFSC Insurance Office (IIO) at the international financial gateway. Rushabh Gandhi, Managing Director and CEO of IndiaFirst Life, expressed his delight in being 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 partner banks and broker partners,' he said.

According to the release, IndiaFirst Life's IIO will have a specialized team to meet the needs of GIFT City's global audience, offering a specially designed ULIP product, the IndiaFirst Life Wealth Wise plan. The US dollar-denominated plan aims at long-term wealth and legacy creation for international customers. 'By setting up in GIFT City, IndiaFirst Life aims to secure lives, create value, and expand its reach to global citizens,' Gandhi added. Headquartered in Mumbai, IndiaFirst Life boasts a paid-up share capital of Rs 754 crore and lists Bank of Baroda, Union Bank of India, and Carmel Point Investments India Pvt Ltd as shareholders.

(With inputs from agencies.)