BANGALORE: A ‘well-known’ U.S. billionaire has set a Guinness World Record after buying the most valuable life insurance policy, worth a whopping $201 million, more than double the previous mark.

According to Guinness, ‘the well-known billionaire client’ resides in the Silicon Valley area of California and is actively known in the technology space.

The policy features a combined death benefit to be paid upon the death of the single insured that more than doubles the previous record, Guinness said in a statement.

The previous record was set in 1990 by an insurance policy of $100 million on the life of a U.S. entertainment industry figure.

The new insurance policy was sold by Dovi Frances, Managing Partner of SG LLC, a company based in Santa Barbara, California.

"Bringing this transaction together required negotiating concurrently with over two dozen insurance companies and complex underwriting requests from each insurance company," said Frances.

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