Star Health and Allied Insurance Company (Star Health Insurance), the retail medical health insurance agency in India, has just lately introduced that it has been granted registration by IFSCA to ascertain an IFSC International Office (IIO) at Gujarat International Finance Tec-City (GIFT City).

GIFT City is a mission of nationwide significance and has grow to be an integral a part of India’s development story.

The firm mentioned that it’s planning to begin its operations with a department in GIFT City by the top of March 2024. This transfer strategically positions Star Health Insurance within the worldwide monetary area, facilitating entry to medical health insurance options in US {dollars} for the worldwide Indian group, the corporate assertion added.

Star Health Insurance’s presence in GIFT City’s International Financial Services Centre (IFSC), will allow the corporate to considerably broaden its world attain and enterprise.

The firm will provide non-resident Indian (NRI) targeted insurance coverage that caters to the wants of the worldwide Indian.

Star Health Insurance will even be capable to appeal to overseas inward enterprise as a reinsurer. The firm will present insurance coverage for Indians going overseas and India’s rising worldwide pupil group.

The firm plans to launch its worldwide insurance coverage product suite in a phased method in FY25.

Anand Roy, MD & CEO, Star Health Insurance, mentioned, “We are excited to mark one other milestone in our journey in the direction of qualitative development. This is a pivotal step in our enlargement technique, extending our attain past Indian borders and offering seamless entry to our medical health insurance choices for Non-Resident Indians (NRIs) and the worldwide Indian diaspora. Leveraging our in depth community of healthcare companions, we’re poised to ship distinctive service to our policyholders.”