Tata AIA Life Insurance Co. Ltd, one of India’s top life insurance companies, has announced the launch of a new US dollar-denominated life insurance product for Non-Resident Indians (NRIs) through its newly established offshore branch at Gujarat International Finance Tech-City (GIFT City), India’s first International Financial Services Centre (IFSC). This new initiative offers NRIs the flexibility of holding life insurance policies in US dollars, catering specifically to their unique financial needs.
Venky Iyer, Managing Director and CEO of Tata AIA, hailed the opening of the GIFT City branch as a strategic move, stating, “The setting up of IFSC GIFT City is a remarkable step by the Government of India towards widening the scope of Indian financial services.” The new life insurance product offers comprehensive coverage for various risks, including death, accidents, disability, and critical illness, providing protection up to the age of 100 years.
Coverage Options Tailored to NRI Needs
According to Tata AIA, policyholders can choose from five different plans, allowing them to customize their coverage based on lifestyle, medical history, and occupation. The plans also provide the flexibility to add riders such as accidental death benefits, critical illness coverage, and premium waivers in case of total and permanent disability due to accidents.
In its press release, Tata AIA highlighted that these policies are designed to meet the needs of NRIs seeking robust financial protection while dealing with cross-border risks.
Plans to Expand with Investment Opportunities
In addition to these plans, Tata AIA is planning to introduce unit-linked life insurance products soon, giving policyholders the opportunity to invest in global equity markets and potentially benefit from exciting international investment opportunities.
Tata AIA is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA), one of Asia’s largest insurers. The Tata Group, founded in 1868 by Jamsetji Tata, operates across various industries, including steel, automotive, and consumer goods, and is a global conglomerate with 30 companies across 10 business verticals.
