IndiaFirst Life becomes first Indian life insurer to commence operations in GIFT City

Current Context: On 28th August 2024, IndiaFirst Life Insurance Company Ltd achieved a significant milestone by becoming the first Indian life insurer to commence operations in Gujarat International Finance Tec City (GIFT City).

• The company inaugurated its IFSC Insurance Office (IIO) at this international financial hub, offering foreign currency-denominated life insurance solutions.
• This move aims to expand IndiaFirst Life’s reach to international customers, including global Indians, with a specially designed ULIP product called the IndiaFirst Life Wealth Wise plan.

Question:

1 Which Indian life insurance company became the first to start operations in GIFT City on August 28, 2024?

• A) Life Insurance Corporation of India
• B) Bajaj Allianz Life Insurance
• C) IndiaFirst Life Insurance Company Ltd
• D) HDFC Life Insurance Company

Answer: C) The prompt explicitly states that IndiaFirst Life Insurance Company Ltd was the first to establish operations in GIFT City.