Tata AIA Life Insurance Co. Ltd. (Tata AIA) has launched its offshore branch at Gujarat International Finance Tec-City (GIFT City), India’s first International Financial Services Centre (IFSC). This enables the company to offer US dollar-denominated life insurance products to Non-Resident Indians (NRIs) through its dedicated website, https://international.tataaia.com.
Expansion of financial services for NRIs
With the opening of the GIFT City branch, Tata AIA plans to cater to the unique needs of the NRI community. By offering dollar-denominated policies, the company will provide greater flexibility and convenience to NRIs looking to secure their families’ financial future.
“The establishment of IFSC GIFT City is a notable step by the Government of India to expand the reach of Indian financial services. It offers a great opportunity for insurers to offer foreign currency denominated products. We are delighted to introduce life insurance solutions for our NRI consumers, enabling them to protect their families and fulfil their aspirations,” Venky Iyer, Managing Director & CEO, Tata AIA.
Product Offers
Tata AIA has introduced its first product, Life Protect Supreme, a comprehensive term insurance plan denominated in US dollars. The new offering offers policy benefits in US dollars and covers various risks such as death, accidents, disability and critical illness, with coverage extending up to 100 years of age.
Key features of the Life Protect Supreme plan include:
Five plan options to provide coverage based on lifestyle, medical history and occupation
Flexibility to include additional benefits (Riders) such as:
– Accidental death benefit
– Coverage for serious illnesses
– Waiver of premium in case of accidental total and permanent disability
Future plans
Looking ahead, Tata AIA plans to expand its product range with the introduction of Unit Linked Life Insurance. These upcoming offerings will provide NRI consumers with an opportunity to benefit from global equity markets.
For more information on Tata AIA’s new offerings for NRIs, visit https://international.tataaia.com, the company said in a press release.
First published: September 2, 2024 | 11:36 am IS
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