Mumbai, 2nd November 2023 IndiaFirst Life Insurance Company Ltd (IndiaFirst Life), one of India’s fastest growing private life insurers in the country, has become the first Indian life insurance company to receive the registration to undertake life insurance business in the Gujarat International Finance Tec (GIFT) City International Financial Services Centre (IFSC).
Elated on obtaining the registration, Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance Company Ltd, said, “IndiaFirst Life is proud to be the first Indian life insurance company to receive the GIFT City IFSC registration. We aim to enhance our market presence and capitalize on the customer outreach opportunities at a global level. IndiaFirst Life’s foray into the hi-tech and ultra-modern financial ecosystem of GIFT City IFSC, will empower us to secure lives and create value for our international customers, particularly NRIs (non-resident Indians) banking with our partner banks – Bank of Baroda and Union Bank of India.”
After receiving the go-ahead from the Insurance Regulatory and Development Authority of India (IRDAI) in August 2023, it received the registration from International Financial Services Centre Authority (IFSCA) in September 2023. The registration will enable IndiaFirst Life to expand its reach globally. The organization has secured a designated office space in the GIFT City and is all geared to embark on the journey once the necessary formalities are in place.
GIFT City IFSC, positioned as India’s international finance gateway, aims to be a global financial and technology hub, driving reforms to support and expand businesses. It presents an ecosystem for crucial economic activities with globally benchmarked regulations, taxation, policies, and more, supported by Govt. of India.