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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). It allows the company to offer US Dollar-denominated life insurance products to Non-Resident Indians (NRIs) through its dedicated website, https://international.tataaia.com.
Expanding 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 seeking to secure their families’ financial future.
“The setting up of IFSC GIFT City is a remarkable step by the Government of India towards widening the scope of Indian financial services. It provides a great opportunity for insurers to provide foreign currency denominated products. We are delighted to introduce life insurance solutions for our NRI consumers, enabling them to secure their families and fulfil their aspirations,” Venky Iyer, Managing Director & Chief Executive Officer of Tata AIA.
Product offerings
Tata AIA has introduced its first product, the USD-denominated Life Protect Supreme, a comprehensive term insurance plan. The new offering provides policy benefits in US dollars and covers various risks including 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 cater coverage based on lifestyle, medical history, and occupation
Flexibility to include add-on benefits (Riders) such as:
– Accidental death benefit
– Critical illness cover
– Waiver of premium on accidental total and permanent disability
Future plans
Looking ahead, Tata AIA plans to expand its product line-up by introducing Unit Linked life insurance products. These upcoming offerings will provide NRI consumers with opportunities to benefit from global equity markets.
For more information about Tata AIA’s new offerings for NRIs, visit https://international.tataaia.com, the company said in a press release.
First Published: Sep 02 2024 | 11:36 AM IS