Policybazaar has expanded its financial services at Gujarat International Finance Tec-City, or GIFT City, offering investment-linked insurance products to nonresident Indians across more than 35 countries while also building out its reinsurance operations at India’s International Financial Services Centre, the company announced Friday.
The expanded platform allows NRI customers to access US dollar-denominated, market-linked insurance products through fully digital onboarding, remote know-your-customer verification, and direct investment via NRE or overseas bank accounts – without requiring a physical presence in India.
Bimal Menon, principal officer of Policybazaar’s GIFT City branch, said the hub now accounts for more than half of the company’s NRI customer base. “It is gradually becoming the preferred destination for global Indian investors,” Menon said. “This shift is driven by benefits including tax-free gains u/s 10(10D), availability of US dollar-denominated market-linked insurance products, seamless repatriation, and a single unified regulator.”
According to a news release, customers may choose from international funds as well as gold and silver exchange-traded funds, with options for partial withdrawals and flexible premium payment schedules. Certain policies carry waiver-of-premium provisions that maintain coverage continuity in unforeseen circumstances, alongside life coverage and US dollar-denominated payouts. Double Taxation Avoidance Agreements further limit the risk of being taxed in more than one country.
Lakshit Mahajan, head of NRI investment business at Policybazaar, said the platform positions GIFT City as a competitor to established offshore financial centers. “With digital onboarding, access to global investments, currency diversification, and seamless cross-border financial planning, it is becoming a preferred destination and a credible alternative to global financial hubs like Singapore and Dubai,” Mahajan said.
Company data show nearly two-thirds of investors in this segment fall between ages 28 and 45, reflecting a younger demographic actively directing capital toward dollar-based instruments.
On the reinsurance side, GIFT City’s regulatory framework allows overseas insurers to operate with greater flexibility, which Policybazaar said is expected to improve risk pricing, expand product availability, and deepen India’s broader insurance market over time.
GIFT City’s insurance and reinsurance premium ecosystem grew more than 11-fold over five years, reaching over $1.2 billion by 2025 from $102 million in 2020. The number of IFSC Insurance Offices expanded from eight to 24. In FY2025-26, several global insurers and reinsurers entered GIFT City, including Allianz, Generali, Lloyd’s of London, Qatar Re, Singapore Re, and Abu Dhabi National Insurance Company, alongside domestic players such as HDFC Life Re and Max Life.
