HDFC Group Launches Insurance and Asset Management Services in GIFT City's IFSC, Targets NRIs and Global Indians

18 Aug 2023 , 10:20 AM

HDFC Group has announced the commencement of its life insurance and asset management services within Gujarat’s International Financial Services Centre (IFSC) at GIFT City. These services are primarily targeted at Non-Resident Indians (NRIs) and the broader global Indian community. The expansion includes the creation of HDFC International Life and Re by HDFC Life, and HDFC AMC International (IFSC) Ltd by HDFC Asset Management Company.

HDFC AMC International is set to offer fund management and advisory services from its offshore center. Simultaneously, the newly established HDFC Life International will provide life and health insurance offerings denominated in US dollars.

According to Deepak Parekh, the Chairman of HDFC Life and HDFC AMC, ‘We are excited to contribute to India’s growth trajectory and offer world-class foreign currency-denominated insurance solutions through HDFC Life International to NRIs and global Indians. Additionally, HDFC AMC International (IFSC) Ltd aims to provide Indian investment solutions to global investors and offer global investment solutions to resident investors.’

HDFC Life International has introduced its inaugural product, the US Dollar Global Education Plan, designed to assist parents in building a US dollar-denominated corpus to cover future expenses related to their child’s international education. This solution aims to eliminate potential currency mismatches between investments and expenses.

HDFC AMC International plans to initially introduce six funds that will channel into various HDFC Mutual Fund schemes covering hybrid and equity strategies. By expanding its offerings, the asset management company aims to extend its global presence and access new markets for its services.

The company envisions broadening its range of products over time, incorporating alternative strategies, including those focused on private assets.

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