RIYADH: Saudi-Indian Company for Cooperative Insurance (SICCI), a Saudi joint stock company, has announced the dawn of a new era in which one can pick and choose the plan that suits one's need.
Promoted by the Life Insurance Corporation of India (LIC), the New India Assurance Co. Ltd., the LIC (International) BSC(C), a subsidiary of LIC and Fawaz Al-Hokair Group of Companies, SICCI is a composite insurance company marketing general insurance, health insurance, and protection and savings products.
The company has its offices in Riyadh, Jeddah and Alkhobar. It also proposes to have more outlets and greater reach to other parts of the Kingdom in due course, according to SICCI CEO H.C. Mishra. LIC (International) BSC (C), one of the promoters of SICCI, was operating in the Kingdom from 1989. Since then the company enjoyed the confidence of the policyholders and had been providing protection and channeling the savings. The range of product line of SICCI is available for individuals up to 60 years of age. The New India Assurance Co. Ltd. was operating in the Kingdom since 1982 marketing general insurance products.
Mishra is recognized as a hardcore marketer having more than two decades of experience in marketing life insurance products in India. Prior to his posting in Riyadh, he was general manager (marketing) of LIC Mutual Fund in Mumbai, India. During his tenure as country head (marketing), the assets under management of LIC Mutual Fund grew from 28 billion Indian rupees to 190 billion rupees. Earlier, he worked in the capacity of divisional-in-charge in various places including Goa and Satara.
His rich experience in marketing the protection and savings products are considered a help for the SICCI to scale greater heights in marketing the general and health insurance as well as protection and savings products.
Its protection and savings products include Participating Endowment Assurance Plan, Double Cover Endowment Plan, Cash Back Plan, Child Benefit Plan, Protection Plan (Hemayah), Money Back and Protect Lifelong.
The Participating Endowment Assurance Plan is a cost-effective endowment plan suitable for any person. It grants life cover for the full sum assured during the entire period of the term selected and gives a lump sum amount at the end of the term by way of full sum assured with vested bonuses.
The Double Cover Endowment Plan provides high-risk cover, which is most suitable for young persons on the threshold of a career. Under this plan if the life assured survives the term then the basic sum assured along with bonuses is paid.
The Cash Back Plan is ideal for businessmen and others who wish to receive and recycle funds at intervals for better returns.
The Child Benefit Plan is a "must" for every parent, who wishes to ensure adequate amounts at the right time for his child's education or marriage. The plan offers a complete insurance package.
© Arab News 2009
