HDFC Group is broadening its scope by introducing life insurance and asset management services at the Gujarat International Financial Services Centre (IFSC). This expansion includes HDFC International Life. Re well, as HDFC AMC International (IFSC) Ltd. These new services cater to resident Indians (NRIs) and the global Indian community offering a range of insurance solutions, in US dollars and various fund management options.
On August 17, the HDFC Group revealed an exciting development: the initiation of its life insurance and asset management services within the International Financial Services Centre (IFSC) situated in Gujarat’s GIFT City.
Under the banner of HDFC International Life and Re, HDFC Life has established a new entity. Additionally, HDFC Asset Management Company has brought forth HDFC AMC International (IFSC) Ltd. These entities are dedicated to serving Non-Resident Indians (NRIs) and the widespread Indian diaspora.
Operated under the distinguished name of HDFC Life International, the freshly established unit is all set to provide an array of life and health insurance solutions, all denominated in US dollars. Meanwhile, HDFC AMC International is geared to offer an array of fund management and advisory solutions, forming a crucial part of its offshore hub, as elaborated in the group’s official statement.
In the words of Deepak Parekh, Chairman of both HDFC Life and HDFC AMC, “Our vision encompasses enhancing India’s growth narrative. We are committed to making top-notch, foreign currency-denominated insurance solutions available to NRIs and global Indians through HDFC Life International. Furthermore, we seek to bring Indian investment solutions within the reach of global investors, while also facilitating access to international investment solutions for resident investors through HDFC AMC International (IFSC) Ltd.”
A notable milestone is the introduction of HDFC Life International’s inaugural product: the US Dollar Global Education Plan. This innovative plan is now open for enrollment and has been expertly designed to assist parents in constructing a US dollar-denominated corpus, earmarked for future expenses related to their child’s overseas education. This approach ensures that any potential mismatches between the currency of investment and the currency of expenses are effectively mitigated.
Looking ahead, HDFC AMC International is embarking on its debut with the launch of six distinct funds. These funds will seamlessly integrate with various HDFC Mutual Fund schemes, encompassing a wide spectrum of equity and hybrid strategies.
The strategic move reflects the HDFC Group’s commitment to broadening its global outreach and cultivating fresh market avenues for its diverse range of products and services. As time unfolds, HDFC AMC International has ambitious plans to fortify its solutions through the incorporation of alternative strategies, including those centered around private assets.
