Tata AIA Launches Offshore Branch at GIFT City for NRI Life Insurance

Tata AIA Life Insurance Co. Ltd. announced its new offshore branch at Gujarat International Finance Tech-City (GIFT City). The branch will offer US dollar denominated life insurance products to NRIs. This move, backed by Tata AIA’s strong financial performance and strategic global partnerships, aims to enhance insurance solutions for NRIs.

Tata AIA Life Insurance Co. Ltd., a leading life insurer in India, announced the inauguration of its offshore branch at Gujarat International Finance Tech-City (GIFT City). The branch will provide US dollar denominated life insurance products to Non-Resident Indians (NRIs), accessible through its website https://international.tataaia.com.

Managing Director & Chief Executive Officer Venky Iyer expressed, 'The IFSC GIFT City initiative by the Indian government broadens the horizon for Indian financial services. This step presents a massive opportunity for insurers to offer foreign currency denominated products. We are thrilled to introduce life insurance solutions for NRIs, allowing them to secure their families and achieve their aspirations.'

The offshore branch will start with a unique term plan, Life Protect Supreme, offering policy benefits in US dollars covering risks up to 100 years of age. NRIs can customize their plans based on lifestyle, medical history, and occupation, with additional options like accidental death benefit and critical illness cover. Tata AIA also plans to roll out Unit Linked life insurance products, providing investment opportunities in global equity markets.

Tata AIA, a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd., reported a 25% increase in Premium Income for FY24, totalling INR 25,692 crore. The company stands among the Top 3 Private Insurers in Individual Weighted New Business Premium (IWNBP) and boasts a 99.13% Individual Death Claims Settlement ratio.

(With inputs from agencies.)