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Empowering Global Indians Achieve their Financial Goals in GCC
For over three decades, LIC International has been empowering NRIs to achieve their financial aspirations through innovative, customer-centric insurance and savings plans tailored to their unique needs. Dr Pradeep Mishra, General Manager at LIC International, UAE, highlights its important role and future growth plan of the company
- PUBLISHED: Sun 26 Jan 2025, 9:00 AM
Could you share insights into LIC International's operations and highlight some of its recent achievements in the UAE?
LIC International, majority-owned by LIC of India, commenced its operations in 1989 with its headquarters in Bahrain. In 2005, the company took a significant step by establishing its first fully registered branch office in Dubai. This was followed in 2016 by the opening of a full-fledged branch in Abu Dhabi. Over the past year, LIC International has achieved remarkable progress across various domains, solidifying its reputation as a leading financial services provider in the region. A key area of focus has been our commitment to digital transformation. We have introduced several innovative digital initiatives aimed at enhancing the customer experience. These advancements provide policyholders with seamless access to their policy information and a wide range of services, making insurance management more convenient and user-friendly.
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With the conclusion of your business year 2024, how would you assess the overall performance of your operations? Could you also highlight some of the key milestones achieved during this period?
The business year 2024 has been a landmark for our UAE operations, marked by strong performance and key milestones amid global uncertainty. We achieved significant growth in new premium income, driven by innovative products linked to global funds. Our UAE operations, leading life insurance sales across the GCC, reported 62 per cent year-on-year growth in Non-Single Premium and a 48 per cent rise in new policies underwritten, highlighting the region's strategic importance.
Key milestones include the successful launch of two investment products and the Life Protect Term plan, both well-received by customers and sales intermediaries. Additionally, we advanced digital transformation with tools enhancing customer onboarding, policy management, and overall accessibility. Our achievements in 2024 reflect our team's dedication, strategic partners' support, and the trust of policyholders. As we enter 2025, we are committed to innovation, delivering value, and strengthening our leadership in the GCC financial services sector.
LIC International is renowned for its conventional and guaranteed return plans. How is the company aligning its product offerings to meet evolving customer needs?
LIC International has built a strong reputation for its conventional and guaranteed return plans but recognizes the need to innovate to meet evolving customer preferences. In recent years, we have diversified our offerings to include insurance solutions that combine protection and investment growth. To cater to customers seeking both, we introduced Unit-Linked Insurance Plans (ULIPs) with Global Funds Exposure, offering life insurance coverage and investment opportunities in globally diversified USD funds. Our Life Protect Term Insurance with Critical Illness Plan provides comprehensive financial security at affordable premiums. For parents aspiring to secure their children's future, we offer Guaranteed Return Child Education Plans. Additionally, our retirement and pension plans address long-term financial security needs. Today, we proudly offer products tailored for every stage of life.
While highlighting growth in market-linked investment products, please elaborate on the features of these products explaining how they are particularly beneficial for young clients seeking long-term financial growth?
Certainly! A Market-Linked Investment product offers returns tied to the performance of global financial markets, such as equity or debt markets. While these products provide the potential for higher returns compared to traditional savings or fixed-income instruments, they also carry higher risk. LIC International recently launched the "Flexi Wealth Builder & Invest Plus Plan", a Global Equity Market-linked investment plan for UAE residents. This plan enables investors to benefit from global market performance, aiming for higher yields.
Key benefits include:
- Potential for high returns
- Risk diversification through varied investment avenues
- High liquidity
- Flexible investment options starting from USD 300/month or USD 10,000 lump-sum
- Funds managed by top-rated asset management companies
What sets LIC apart is its dual investment approach. UAE residents can diversify into India-focused Equity Funds in USD alongside global market funds. This aligns investments with the dollar-pegged UAE dirham, offering a stable and attractive proposition.
Can you also highlight the importance of Life Insurance to Millennials and how “Life Protect Term Plan” provide financial security?
Life insurance is increasingly relevant for millennials as they navigate key milestones like career growth, homeownership, marriage, and parenthood. While in the prime of their lives, it's vital they see life insurance not just as a safeguard for the unexpected but as a way to secure their loved ones' financial future and provide a safety net against uncertainties. The Life Protect Term Plan addresses these needs with comprehensive, affordable financial protection. For an average 30-year-old, it offers Dh500,000 life cover for just Dh2 per day. The plan also includes an optional critical illness rider, covering 37 major illnesses with fixed benefits. Flexible high-coverage options allow millennials to tailor the plan to their life stage and financial goals.
Importance of financial literacy in achieving financial goals? How LIC International empowers NRIs.
Financial literacy is essential for achieving financial goals, empowering individuals to make informed money decisions. LIC International has been a trusted partner for Non-Resident Indians (NRIs), offering tailored financial solutions while promoting financial literacy. Beyond providing products, LIC International educates customers on financial planning and available options. Through workshops, webinars, radio and media interviews, and educational resources, it empowers millennials with the knowledge and skills to make confident financial decisions.