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Bahrain: LIC International expands into the UAE

Source: Middle East Insurance Review | Oct 2018

LIC International, India’s state-run Life Insurance Corporation’s (LIC) subsidiary in Bahrain, has signed a strategic 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 the insurer to introduce more life insurance products such as takaful and reinsurance products to support non-resident Indians (NRIs) and corporates in the UAE. 
 
Mr V K Sharma, chairman of LIC of India said, “The UAE insurance market has huge potential and, for LIC International, the more than 2.5m Indian expat population is a captive market. The 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.”
 
LIC International offers a unique advantage to its policyholders in the form of portability of the policies to India with inclusion of benefits like premium sealing and commutation in policy servicing as added advantage, said its CEO & managing director Rajesh Kandwal.
 
Portability allows an NRI to take policies outside India, without the need to go to India for documentation. 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. M 
 
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