HDFC Group on Thursday announced the launch of its life insurance and asset management services at International Financial Services Centre (IFSC) in Gujarat’s GIFT City. Gujarat International Finance Tec-City is a central business district under construction in Gandhinagar district in Gujarat, India and is India’s first operational greenfield smart city and international financial services centre. GIFT CITY is the central pillar of the tri-city approach, located on the banks of the Sabarmati river between Ahmedabad and Gandhinagar.
HDFC International Life and Reinsurance has been set up by HDFC Life, while HDFC AMC International (IFSC) Ltd has been established by HDFC Asset Management Company to offer services to Non-Resident Indians (NRIs) and the global Indian diaspora.
While the new unit under brand name HDFC Life International will offer US dollar-denominated life as well as health insurance solutions, HDFC AMC International would provide fund management and advisory solutions as part of its offshore hub, the group said in a statement.
HDFC LIfe and HDFC AMC Chairman Deepak Parekh stated that the company is looking forward to making world class foreign currency denominated insurance solutions available to Indian citizens abroad and NRIs through HDFC Life International and serve global investors investment solutions through HDFC AMC
Also, the first product by HDFC Life, the US Dollar Global Education Plan- is open for enrolment and is designed to help parents build a US dollar-denominated corpus to meet future expenses for their child’s overseas education.This product is aimed at eliminating any future mismatch between the currency of investment and the currency of expenses.
Further, HDFC AMC International plans to initially launch six funds which would feed into different HDFC Mutual Fund schemes covering strategies on equity and hybrids. This decision is aimed at expanding the global outreach and for opening up new markets for the products and services offered by the asset management firm. Over a period of time, HDFC AMC International plans to boost its solutions with addition of products on alternate strategies, including those on private assets.
