Ageas Federal Life Insurance, a joint venture of Ageas of Brussels, Belgium, and Federal Bank, has launched what it calls the first multi-currency life insurance plan from a life insurer at GIFT City in Gujarat, India’s first international financial services center. The launch also marks the insurer’s start of operations there.
The product is the Aurum Advantage Plan, a unit-linked insurance plan that lets customers pay in US dollars, euros or British pounds. The minimum is 3,000 units of the chosen currency, which is $3,000 for dollar customers.
Who can buy it
The plan is open to customers of any nationality, whatever their residential status. That includes non-resident Indians, overseas citizens of India and people of Indian origin, and foreign nationals. Business News This Week reported that the insurer is aiming at the Middle East, North America, Europe, the United Kingdom, Singapore and Australia.
Money can go into international equities, fixed income and gold. Customers get several premium payment options and fund strategies. Partial withdrawals carry no lock-in period, and the plan pays maturity, loyalty and death benefits, subject to policy terms. Whalesbook noted that returns follow the market and are not guaranteed, and that currency moves can affect customers whose income or liabilities are in another currency.
What comes next
Managing Director and CEO Jude Gomes said the plan combines multi-currency investment options with life insurance protection. The insurer also plans to add term insurance and pension products at GIFT City in the near future.
