HDFC Life opens office in Dubai

HDFC Life, a private life insurance company from India, has launched its first international operations with the opening of its representative office in Dubai.

It is a joint venture between Housing Development Finance Corporation Ltd (HDFC) and Standard Life plc, the leading provider of financial services in the UK.

“The launch of our operations in Dubai is the beginning of HDFC Life’s expansion into the region. The vast NRI population would be able to closely understand the benefits of HDFC Life’s wide ranging product portfolio catering to their protection, investment and savings, and retirement needs.

“The objective of this office would be to serve our existing policy holders and further understand their financial needs better,” Mr Anup Rau, Head, Sales and Distribution, HDFC Life, said at a press conference here.

Commenting on the strategy and reasons for international expansion, Mr M.I. Taher, Vice President and Head, International Business — HDFC Life, said GCC is an important region for the company’s growth and UAE with a large NRI population base, is key to this growth.

“The objective of our operations in Dubai is the first step towards understanding the Gulf market, the customer segments, apart from serving our existing policy holders and further understanding their financial needs. Our presence in this region will help us research the market better and devise new products catering to the specific needs of the NRIs here,” he said.