HomeLegal AdviceIndiaFirst Life Makes History as the First Indian Insurer to Unlock GIFT...

IndiaFirst Life Makes History as the First Indian Insurer to Unlock GIFT City’s Global Finance Hub

IndiaFirst Life Insurance Company Ltd (IndiaFirst Life) has achieved a historic milestone, cementing its status as one of the fastest-growing private life insurers in India. The company has proudly become the first Indian life insurance company to secure the coveted International Financial Services Centre (IFSC) Registration within Gujarat International Finance Tec (GIFT) City.

Rushabh Gandhi, Deputy CEO of IndiaFirst Life Insurance Company Ltd, expressed elation at this achievement, saying, ‘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 capitalise on the customer outreach opportunities at a global level. IndiaFirst Life’s entry into the high-tech and ultra-modern financial ecosystem of GIFT City IFSC empowers us to safeguard 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’.

This remarkable feat was made possible by obtaining registration from the International Financial Services Centre Authority (IFSCA) in September 2023, following approval from the Insurance Regulatory and Development Authority of India (IRDAI) in August of the same year. With this pivotal registration, IndiaFirst Life is now poised to reach a wider global audience, leveraging the expansive opportunities offered by GIFT City.

The company has taken a strategic step by reserving a dedicated office space in GIFT City, demonstrating its readiness to embark on this new chapter as soon as the necessary paperwork is finalised. GIFT City IFSC stands as the gateway to international finance in India, with a grand vision of becoming a global hub for technology and finance. Backed by the Indian government, it provides a conducive ecosystem for vital economic operations, boasting globally benchmarked laws, taxes, policies, and more.

IndiaFirst Life’s remarkable achievement aligns seamlessly with GIFT City’s vision for transforming India into a global financial epicentre. As they set their sights on serving a diverse, international clientele, this milestone heralds an exciting era of growth and innovation for the company.

Vakilsearch experts believe that IndiaFirst Life Is a strategic move to secure IFSC registration is a game-changer in the insurance industry. It not only reflects their commitment to innovation but also their determination to provide comprehensive coverage to their international customers, especially NRIs banking with partner banks, Bank of Baroda and Union Bank of India. This development aligns perfectly with GIFT City’s vision to transform India into a global financial hub.

IndiaFirst Life Insurance Company’s remarkable achievement in securing the GIFT City IFSC registration opens up a world of opportunities for the insurer. As they venture into this dynamic financial ecosystem, they are well-prepared to provide innovative insurance solutions to customers around the globe. For legal support and IRDAI registration contact our team today to explore how we can help you make your mark in the world of business and finance.

Akash G Varadaraj