This initiative not only enhances Tata AIA’s product portfolio but also reinforces its commitment to serving the global Indian diaspora with tailored financial solutions
Tata AIA Life Insurance Co. Ltd. (Tata AIA), a prominent life insurer in India, has launched an offshore branch at Gujarat International Finance Tech-City (GIFT City), the country’s first International Financial Services Centre (IFSC). This new branch aims to offer US dollar-denominated life insurance products specifically tailored for Non-Resident Indians (NRIs), available through its dedicated website, https://international.tataaia.com.
The establishment of the branch at IFSC GIFT City marks a significant move by Tata AIA, aligning with the Indian government’s efforts to expand the country’s financial services sector. Venky Iyer, Managing Director & Chief Executive Officer of Tata AIA, expressed enthusiasm about this initiative. He stated, “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 fulfill their aspirations.”
By launching these innovative life insurance solutions in US dollars, Tata AIA is catering to the specific needs of the NRI community, providing them with financial products that offer both security and flexibility
Tata AIA will begin its operations with a distinctive product, the USD-denominated “Life Protect Supreme” plan. This plan offers a range of coverage options that include death, accident, disability, and critical illness, with the unique feature of providing policy benefits in US dollars. Designed to cater to a diverse set of needs, the plan allows policyholders to choose from five different options, enabling them to customize their coverage based on their lifestyle, medical history, and occupational risks.
Additionally, the “Life Protect Supreme” plan offers flexibility by allowing customers to enhance their coverage with various add-ons or riders. These include options such as an accidental death benefit, critical illness cover, and a waiver of premium in the event of total and permanent disability due to an accident. The plan’s comprehensive coverage extends up to 100 years of age, making it a long-term solution for NRIs seeking to safeguard their financial future and ensure protection for their loved ones.
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