Many insurers have set up operations in the GIFT City. HDFC Life International, India First Life and Tata AIA Life have already ventured into the City while SUD Life, ICICI Pru Life Insurance, Care Health and Star Health Insurance have sought licenses to operate from the location
Life Insurance Corporation of India (LIC) on Tuesday said its board has approved a proposal to set up a branch office in the International Financial Services Centre, GIFT City, Gandhinagar, Gujarat.
The board on Tuesday approved the proposal to set up a branch office at IFSC, LIC said in a regulatory filing.
LIC’s presence in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC) will enable the company to expand its global business.
Earlier, Siddartha Mohanty, chairman, Life Insurance Corporation(LIC), said though the corporation has operations in 14 countries, he would like LIC to target 30 million Indian diaspora through its proposed GIFT City operations.
“We will have different products offered from Gift city to the Indian diaspora,’’ he said.
At present, GIFT IFSC is the maiden International Financial Services Centre(IFSC) in India.
LIC has presence in 14 countries through branch offices, subsidiaries and joint ventures.
The Corporation directly operates through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and United Kingdom (Watford).
Besides, it has subsidiaries in Life Insurance Corporation (International) Bahrain, Life Insurance Corporation (Nepal) Ltd, Life Insurance Corporation (Lanka) Ltd, Life Insurance Corporation (LIC) of Bangladesh Ltd.
It also has a foreign wholly-owned subsidiary — Life Insurance Corporation (Singapore) Pte Ltd.
Many insurers have set up operations in the GIFT City. HDFC Life International, India First Life and Tata AIA Life have already ventured into GIFT City while SUD Life, ICICI Pru Life Insurance, Care Health and Star Health Insurance have sought licenses to operate in the location.
Among the general insurers ICICI Lombard Lombard General Insurance, New India Assurance, ECGC along with Indian reinsurer GIC Re have already starteddoing business from the GIFT City.