Star Union starts international insurance at GIFT City

Star Union Dai-ichi Life Insurance has expanded its reach by opening an IFSC Insurance Office at the Gujarat International Finance Tech City (GIFT City), marking its entry into providing international insurance solutions.

With the establishment of this new branch, Star Union Dai-ichi Life Insurance aims to offer US dollar-denominated life insurance products to Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Resident Indians (RIs). The company plans to deliver these services through a specialised distribution team skilled in financial advisory.

The company's latest product offering, the SUD Life International Wealth Creator, is a Unit Linked Life Insurance Plan (ULIP) aimed at providing both life insurance protection and opportunities for wealth creation. This plan allows policyholders to invest in a range of five international funds, namely 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. These funds are designed to align with diverse financial goals and risk appetites.

The product is crafted to assist in financial planning for scenarios such as funding international and national education, retirement planning, and constructing a financial safety net. It offers a flexible, market-linked investment strategy intended to support the sustainable growth of wealth.

Abhay Tewari, Managing Director and Chief Executive Officer of Star Union Dai-ichi Life Insurance, commented on the expansion: "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."

Abhay Tewari and senior officials from Union Bank of India and Bank of India, alongside Star Union Dai-ichi Life Insurance representatives, attended the commencement of operations at the new branch.

This development represents a pivotal step for Star Union Dai-ichi Life Insurance in extending its services to a global customer base. Through its internationally connected life insurance products, the company reiterates its dedication to providing financial security and growth opportunities tailored to customer needs.