LIC International launches equity-linked plans for UAE market

Single Premium Wealth Creator Plan is an equity linked whole life plan

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M R Kumar, chairman, LIC of India, and other officials at the launch of a new ULIP scheme in the UAE in Abu Dhabi on Tuesday. — Supplied photo

Published: Tue 22 Nov 2022, 5:28 PM

LIC International, – a joint venture company owned by Life Insurance Corporation of India (LIC) with its headquartered in Bahrain and branches in UAE – Dubai and Abu Dhabi — has launched new unit-linked insurance plan (ULIP) product for its UAE market.

The product “Single premium wealth creator” was launched by M R Kumar, chairman, LIC of India, in Abu Dhabi on Wednesday.

This single premium wealth creator plan is an equity-linked single premium whole life plan, which provides the investor a platform to invest and participate in the performance of various market-linked diversified funds managed by various asset management companies (AMCs) based in Dubai.

The plan has been designed to cater to the needs of savings and investment, and can be customised to meet the investor’s aim and objectives. The investor shall have options to choose the premium amount and various funds managed by AMCs based on his/her risk appetite and financial goals.

LIC International has been present in GCC for more than three decades and is well known for their capital guaranteed savings cum insurance plans. With this new launch, LIC International is venturing into a new product segment to meet the emerging aspirations and investment needs of millennial investors, who along with life insurance coverage can maximise their wealth by investing in diversified equity market through recourse to professional fund manager(s). This plan is suitable for wide age groups from five to 70 Years. The minimum single premium investment amount is $15,000.

The company’s objectives are to reach out to the young investor and offer a blend of flexibility, convenience and opportunity to optimise wealth through diversified global funds and personalised approach to growth-oriented funds. The company intends to roll out more such innovative products during the year 2023 and help clients plan their complete financial needs with LIC International. The plan can be purchased through their exclusive Chief Agent in UAE “Kingstar Insurance Agencies”.