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.
HDFC International Life and Re 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.
"We look forward to further contributing to the India growth story and to make world-class foreign currency denominated insurance solutions available for NRIs and global Indians through HDFC Life International and; Indian investment solutions available to global investors and global investment solutions available to resident investors through HDFC AMC International (IFSC) Ltd," Deepak Parekh, Chairman, HDFC Life and HDFC AMC, said.
Also, the first product by HDFC Life International - 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.