HDFC Group introduces life insurance, asset management services from Gujarat’s GIFT City’s IFSC

To provide services to Non-Resident Indians (NRIs) and the worldwide Indian diaspora, HDFC International Life and Re was created by HDFC Life, and HDFC AMC International (IFSC) Ltd was established by HDFC Asset Management Company.

The group said in a statement that HDFC AMC International would offer fund management and advisory services as part of its offshore centre, while the new unit operating under the name HDFC Life International will offer life and health insurance options denominated in US dollars.

According company’s release, HDFC Life International will offer insurance products with top-notch features that are not restricted by national boundaries to NRIs and the worldwide Indian diaspora. Most importantly, international currencies like the US Dollar can be used to pay for these products. The whole spectrum of services provided by HDFC Life International comprises products that take care of a person’s financial requirements for retirement, health care, and savings.

The group company also announced that enrollment in its first product, the “US Dollar Global Education Plan,” which aims to assist parents in building a corpus denominated in US dollars to cover future costs associated with their child’s abroad education, is now available. This product attempts to end any future inconsistency between the investment currency and the currency of expenses.

On the other hand, HDFC AMC International (IFSC) Ltd aims to create 6 funds as part of the initial product rollout, which will feed into several HDFC Mutual Fund schemes encompassing equities (across market size) and hybrid strategy.

The creation of these products offers a practical and realistic means for foreign investors to access their India investment alternatives. Thus, the long and illustrious history of HDFC AMC, the expertise of its sizable and seasoned investment staff, and its methodical, process-driven investment methodology all benefit international investors, the company said in a press note.

Deepak Parekh, Chairman, HDFC Life and HDFC AMC commented on this milestone in HDFC Life and HDFC AMC’s journey and said, “We are delighted to share with our customers, investors and shareholders, our upcoming and novel foray from GIFT City, India. The unified regulator IFSCA has been constantly focusing on establishing India as a strong and stable international financial platform for the entire region and the global economy as a whole.

With this association, we look forward to further contributing to the India growth story and to make world class foreign currency denominated insurance solutions available for NRIs and Global Indians through HDFC Life International and; Indian investment solutions available to global investors and global investment solutions available to resident investors through HDFC AMC International (IFSC) Limited”.

Updated: 17 Aug 2023, 06:16 PM IST