Policybazaar to market dollar-denominated term plans of insurers through GIFT City
Policybazaar has launched U.S. dollar-denominated term insurance plans for non-resident Indians through the GIFT City financial hub. This initiative aims to protect the Indian diaspora from currency depreciation risks by allowing premiums and payouts to be handled in dollars.
Why it matters
This development highlights the growing role of India's GIFT City in providing global financial products to the Indian diaspora.
Digital insurance platform Policybazaar on Monday said it has started offering U.S. dollar-denominated term insurance plans of its partner insurers for non-resident Indians (NRIs) through the International Financial Services Centre, GIFT City, Gujarat.
The launch allows NRIs to pay premiums in U.S. dollars and receive claim payouts in the same currency, addressing one of the biggest but least discussed financial risks faced by Indians living overseas - currency depreciation, it said.
The launch reflects the growing role of GIFT City in bringing global financial products closer to the Indian diaspora. Over the last few years, the IFSC has enabled several banking, investment and insurance solutions traditionally available only through overseas financial centres. Global Indians can now access internationally aligned financial products while remaining within India’s regulatory framework, Policybazaar said.
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