GIFT City: Star Union Dai-ichi Life Insurance Company Ltd. (SUD Life), a trusted name in the Indian life insurance sector since 2009, has expanded its global presence by establishing an IFSC Insurance Office (IIO) at Gujarat International Finance Tech City (GIFT City), India’s first International Financial Services Centre (IFSC). With this strategic move, SUD Life is set to offer US dollar-denominated life insurance solutions tailored for Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Resident Indians (RIs) through their exclusive distribution team having expertise in financial advice.
As part of this expansion, SUD Life has introduced its inaugural international product, SUD Life International Wealth Creator, a Unit Linked Life Insurance Plan (ULIP) designed to provide life insurance protection along with wealth creation opportunities. This innovative plan empowers policyholders to invest in five different international funds, like the SUD Life GIFT US Equity Fund, the SUD Life GIFT Global Equity Fund, the SUD Life GIFT US Treasuries Fund, the SUD Life GIFT EM Treasury Fund and the SUD Life GIFT Commodities Fund, each tailored to meet the evolving financial goals and risk appetites. Whether securing funds for a child’s international and national education, planning for the golden years, or building a financial safety net, this plan offers a flexible, market-linked investment approach that ensures sustainable growth of accumulated wealth.
On the occasion of this landmark expansion, Abhay Tewari, MD & CEO of Star Union Dai-ichi Life Insurance, stated, “The launch of our GIFT City branch and SUD Life International Wealth Creator strengthens our commitment to the global Indian community. This initiative empowers NRIs, PIOs, and RIs with life insurance solutions and wealth-building opportunities through globally diversified investments. We at SUD Life continue to innovate and expand, ensuring our customers achieve lasting financial security.”
The launch event was a momentous occasion, graced by the presence of Abhay Tewari, MD & CEO of SUD Life, along with senior officials from Union Bank of India, Bank of India, and SUD Life.
With this milestone, SUD Life takes a significant step towards serving a global customer base. By offering internationally linked life insurance solutions, the company reaffirms its commitment to delivering financial security and growth opportunities that align with evolving customer aspirations.
Disclaimers
ULIP disclaimer – Linked life insurance products are different from the traditional insurance products and are subject to market risks. The premium paid in linked insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of underlying funds and factors in influencing the capital market and the Policyholder/Insured is responsible for his/her decisions.
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About Star Union Dai-ichi Life Insurance
Star Union Dai-ichi Life Insurance (SUD Life), formed in 2009, is a powerful collaboration between two of India’s leading public sector banks, Bank of India and Union Bank of India, and Dai-ichi Life, Japan’s second-largest life insurer. Built on a strong foundation of trust and expertise, SUD Life serves over 15 million customers(as of 31st March 2024) through a strong network of over 19,000 distribution touch points, offering innovative and customer-centric solutions.