Mumbai: IndiaFirst Life has become the first life insurance company to receive a GIFT City IFSC registration. The IFSC unit will soon commence operations, the company said in a statement.
IndiaFirst received the go-ahead from the Insurance Regulatory and Development Authority of India (IRDAI) in August 2023, following which it received a registration from the International Financial Services Centre Authority (IFSCA) in September 2023. This registration will enable IndiaFirst Life to extend its services outside the country’s borders.
Gujarat International Finance Tec (GIFT) City is the only entity to operate as an International Financial Services Centre (IFSC) in the country, akin to a special economic zone for financial services.
“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,” said Rushabh Gandhi, Deputy CEO of IndiaFirst Life Insurance.
Mumbai-headquartered IndiaFirst Life is promoted by Bank of Baroda, Union Bank of India, and Warburg Pincus-owned Carmel Point Investments, which hold 65%, 9%, and 26% stakes in the company.
The company has sought to differentiate itself by launching simple, easy-to-understand products that are fairly priced and efficiently serviced.
The company has also filed for an initial public offer of its equity shares and lodged its Draft Red Herring Prospectus on October 21, 2022, with Sebi.”