The inaugural product, Life Protect Supreme, offered by the company is a term life insurance plan that offers policy benefits in US dollars. Credit: NONGASIMO/Shutterstock.

India’s Tata AIA Life Insurance has established an offshore branch within Gujarat International Finance Tech-City (GIFT City), India’s inaugural International Financial Services Centre (IFSC).  

Through this branch, Tata AIA will offer US dollar-denominated life insurance solutions targeted at NRIs via its dedicated website.  

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The inaugural product, Life Protect Supreme, is a term life insurance plan that offers policy benefits in US dollars.  

This plan is designed to address various risks including accident, disability, critical illness and death, with coverage extending up to the age of 100 years. 

NRI consumers seeking life insurance will find flexibility in the five plan options available, allowing them to customise their coverage based on personal factors such as medical history, lifestyle and occupation.  

All these options include the potential to add riders for additional benefits such as accidental death, critical illness cover, as well as a waiver of premium in case of accidental total and permanent disability. 

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Besides, Tata AIA is preparing to expand its product line-up with the introduction of unit-linked life products.  

These forthcoming offerings aim to help NRIs capitalise on the global equity markets’ opportunities, potentially enhancing their investment portfolio. 

Tata AIA managing director and CEO Venky Iyer said: “The setting up of IFSC GIFT City is a remarkable step by 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.” 

Tata AIA, a joint venture between Tata Sons and AIA Group, combines the strong domestic presence of Tata in India with AIA’s extensive reach across 18 markets in the Asia-Pacific region.  

In the fiscal year 2024, Tata AIA registered a total premium income of Rs256.92bn ($3.05bn), a 25% increase from the previous year.  

The company’s individual weighted new business premium income stood at Rs74.13bn, while it achieved an individual death claims settlement ratio of 99.13%.