The Global Wealth Plan combines market-linked investments with life insurance protection and is being distributed through Policybazaar
Canara HSBC Life Insurance has launched a US dollar-denominated unit-linked insurance plan (ULIP) for non-resident Indians (NRIs), expanding the range of investment and life insurance products available through Gujarat International Finance Tec-City (GIFT City).
The product, called the Global Wealth Plan, combines market-linked investments with life insurance cover. It is available through Policybazaar and is aimed at customers seeking to build long-term wealth while managing financial commitments in US dollars.
The plan allows policyholders to access global investment opportunities through funds linked to different asset classes, including equities, precious metals such as gold and silver, and debt instruments. Premiums and benefits are denominated in US dollars, reducing the need for currency conversion between the Indian rupee and the dollar.
The product offers three variants to suit different financial objectives. These include Wealth, designed for long-term wealth creation; Wealth Plus, which includes a premium-funding benefit to help protect family financial goals; and Wealth Forever, which provides whole-life insurance cover and supports legacy planning.
GIFT City, India’s International Financial Services Centre in Gujarat, has emerged as a platform for insurers to offer foreign-currency-denominated products to internationally mobile customers. Such policies can be relevant to NRIs whose earnings, savings goals or future expenses are linked to foreign currencies.
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The dollar denomination can help policyholders avoid direct exposure to rupee movements on the policy’s dollar-valued benefits
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However, the investment component remains market-linked, and returns are not guaranteed
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The value of the investment may fluctuate depending on the performance of the selected funds and prevailing market conditions
The launch comes amid growing competition among insurers to attract overseas Indians with investment-linked insurance products through GIFT City. These offerings provide an alternative to conventional rupee-denominated policies for customers seeking international investment exposure.
Prospective policyholders should review the policy’s charges, investment risks, surrender conditions and applicable tax rules in India and their country of residence before investing. The suitability of the plan will depend on individual financial objectives, investment horizons and insurance requirements.
