Ageas Federal Enters GIFT City With Multi-Currency ULIP for NRIs, Global Investors
Ageas Federal expands its presence in the international financial hub with a unit-linked insurance plan offering multi-currency investment options for overseas Indians and global investors.
Ageas Federal enters GIFT City with a multi-currency ULIP designed to serve NRIs and global investors seeking international investment opportunities.
Ageas Federal Life Insurance has launched a multi-currency unit-linked insurance plan (ULIP) at GIFT City. The plan lets customers invest in US dollars, euros or British pounds while holding life cover under the same policy, the company said.
The Aurum Advantage Plan is the insurer’s first product at Gujarat International Finance Tec-City (GIFT City), India’s International Financial Services Centre (IFSC). Its launch marks the start of the company’s operations there. Ageas Federal described it as the first multi-currency life insurance plan offered by a life insurer at GIFT City.
The plan is open to customers of any nationality, irrespective of residential status. This includes non-resident Indians (NRIs), overseas citizens of India (OCIs), persons of Indian origin (PIOs), resident Indians and foreign nationals. The minimum investment is $3,000, €3,000 or £3,000, depending on the currency chosen.
Ageas Federal: Investment options, withdrawals and benefits
According to the company, Aurum Advantage is a unit-linked, non-participating, individual whole life plan, with cover available up to age 99. Customers can allocate money to international equities, fixed income and gold.
Policyholders can choose between two investment approaches. The first is a self-managed strategy, with seven global funds to pick from. The company said these include exchange-traded funds denominated in dollars, euros and pounds. The second is an automatic trigger-based strategy, which transfers returns into safer funds once a pre-set level is reached.
The plan offers multiple premium payment options, and policyholders can pay additional premiums at any stage. Partial withdrawals are permitted with no lock-in period. Loyalty additions are credited each year from the end of the third policy year.
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On survival to maturity, the policyholder receives the fund value, including loyalty additions. On death, the nominee receives the higher of the chosen sum assured or the fund value. The sum assured can be set at 105% of the fund value, or at one to ten times the first premium. The company said there are no policy administration charges.
The insurer said the policy remains in force if the holder moves to another country, and that premiums and benefits are repatriable under IFSC rules. It added that maturity proceeds are tax-free, subject to prevailing tax laws, and advised customers to seek independent tax advice.
Customers can buy the plan online or through the insurer’s wealth specialists. Premiums can be paid by card, net banking, SWIFT or direct bank transfer.
Ageas Federal: Management comment and expansion plans
Jude Gomes, Managing Director and CEO of Ageas Federal Life Insurance, said customers with international financial interests are increasingly seeking ways to invest across currencies and markets. He said the plan combines multi-currency investing with life insurance protection, and that the GIFT City entry gives the company a platform to serve customers in international markets.
Through its GIFT City operations, the insurer plans to serve customers in the Middle East, North America, Europe, the UK, Singapore and Australia. It also plans to add term insurance and pension products to its GIFT City portfolio in the near future.
Like other ULIPs, the policy’s value is linked to the performance of the underlying markets, and returns are not guaranteed. Reports on the launch also note that currency movements can affect outcomes for policyholders whose income or liabilities are in a currency other than that of their investment. The product operates under the oversight of the International Financial Services Centres Authority (IFSCA).
Ageas Federal: Growing insurer presence at the IFSC
Ageas Federal began operations in 2008 as IDBI Federal Life Insurance and was renamed in 2020. It is a joint venture between Belgium’s Ageas and India’s Federal Bank.
It enters a GIFT City insurance market that has expanded in recent years. Figures cited by Insurance Business show the number of IFSC insurance offices rose from eight to 24. Premium in GIFT City’s insurance and reinsurance ecosystem exceeded $1.2 billion in 2025, up from $102 million in 2020.
Other life insurers are already active there. IndiaFirst Life was the first Indian life insurer to begin operations at GIFT City, offering a dollar-denominated ULIP. Tata AIA Life Insurance opened an offshore branch with a dollar-denominated term plan and said it would introduce unit-linked products. ICICI Prudential Life also sells dollar-denominated ULIPs from GIFT City.
