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Abu Dhabi - India’s state-run Life Insurance Corporation (LIC) is expanding in the region with key partnerships and tie-ups as it targets to tap the growing Non-Resident Indian (NRI) market for insurance coverage and investments.
The India-based company’s subsidiary in Bahrain, ‘Life Insurance Corporation ‘(International), has signed a strategic Memorandum of Understanding (MOU) with UAE-based management and financial consultancy firm ‘IBMC International’ for marketing its life insurance and investment products in the UAE.
The strategic tie-up will enable LIC to introduce more life insurance products such as Takaful and reinsurance products to support NRIs and corporates in the UAE. The partnership will also enable LIC International to reach out to the large expatriate population of NRIs in the country for distributing its insurance products.
The MOU was signed at a special programme at Al Bateen Palace Majlis, Abu Dhabi, in the auspicious presence of H.E. Sheikh Khalid Bin Ahmed Al Hamed, Chairman-IBMC International UAE, by Mr. Sajith Kumar P K, CEO & Managing Director, IBMC Global Network representing IBMC and Mr. Rajesh Kandwal, CEO & Managing Director, LIC International.
“We are in the forefront of connecting business opportunities between UAE and India and the signing of MOU with LIC International is yet another milestone in the insurance sector, benefiting both UAE and India. We are happy to support and extend the benefits of LIC International to the vast NRI community in UAE through this MOU. The tie-up will support LIC to introduce more life insurance products, Takaful products and re-insurance products to support NRIs and corporates to get appropriate life insurance and investment products and coverage,” said Mr. Sajith Kumar P K.
“LIC International, a leading international player in insurance industry with an asset base of over US$ 2 billion, has set its expansion plans in the UAE in association with IBMC International as its strategic partner. LIC International offers a unique advantage to its policyholders in the shape of portability of the policies to India with inclusion of benefits like premium sealing and commutation in Policy Servicing as added advantage,” said Mr Rajesh Kandwal.
The penetration in the life Insurance market in UAE is very less and the tie-up with IBMC will help LIC to reach maximum NRIs across UAE. Our benefits of life coverage are worldwide and its wide range of products is designed to cater to the special needs of a customer from any segment like life coverage, attractive return, liquidity, provision for children education/ marriage, health coverage or pension, group life insurance plans, he added.
LIC is the only Indian insurance company providing portability of life insurance policies for NRIs to use both as an NRI and as an Indian resident. Portability allows an NRI to take policies outside India, without the need to go to India for documentation. Policyholders can remit their premiums in US dollars in the UAE. Earlier, premiums were only payable in India and NRI policy holders were sending money to India for payment of premium. NRI policy holders will also be able to receive maturity payments, money back and other periodic returns in US dollars right here in the UAE.
The portability will also facilitate NRIs to shift and continue their policies to India if they return to India, with all existing benefits. NRIs can also avail USD-INR fund transfer benefits while shifting the policy.
Mr V K Sharma, Chairman, LIC of India, in his message, said: “Today is an eventful day in the history of LIC International. UAE as an insurance market has huge potential and for LIC International more than 2.5 million Indian expat population is a captive market. Success of any life insurance company depends upon the strength of its distribution channel. Our partnership with IBMC will go a long way in insuring lives and spreading happiness.”
Sheikh Khalid Bin Ahmed Al Hamed, Chairman-IBMC International UAE, said: “We are happy to get associated with LIC International and to extend benefits of its services to the global client base in the areas of life insurance, re-insurance and Takaful insurance. This initiative will also boost the India UAE business relations and will be supportive for exploring new opportunities in this sector. UAE and India have decades of healthy business relation and this strategic MOU will further strengthen the relation between the two countries”.
Mini Ipe, Executive Director (International Operations), LIC of India, Abu Dhabi Indian Embassy Officials, Mr. Anoop P S-CBO & Executive Director, IBMC Global Network, senior officials from LIC International, IBMC UAE Business Network Coordinators, UAE Business leaders and special invitees were present at the ceremony.
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About IBMC International
IBMC is a leading financial consultancy firm based in the UAE associated with government and various public entities. IBMC will extend the benefits of LIC International to the vast NRI community in UAE through this MOU by using IBMC’s UAE-India B2B Portal, UAE-India B2B Centres and UAE-India Business Fest conducting at all emirates of the UAE. The tie-up will strengthen LIC’s reach across UAE by using IBMC’s existing network such as insurance brokers, banks, corporates, high net worth individuals (HNIs) and financial institutions. IBMC’s specially designed and unique 5x7 Emirates Business Network will ensure maximum reach of all classes of NRIs in the UAE and to ensure proper service and support with LIC.
About LIC International
LIC International is a joint venture company of Life Insurance Corporation of India and International Agencies Company Limited (Intercol) from Bahrain and having a paid-up capital of 194.71 million Dirhams. The Company has an asset base of more than US$2 billion and has presence in Bahrain, the UAE, Oman and Kuwait.
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