Established in July 1989, LIC International is headquartered in the Kingdom of Bahrain. The company was born out of the need of NRIs wanting to plan for their family, education, marriage, retirement and other future requirements. Providing life insurance coverage to the Indian diaspora throughout the GCC, LIC International has a strong presence in the UAE and Oman, providing around 117,000 policies throughout the region. Pradeep Mishra, Resident Head, LIC International (UAE), sheds light on LIC International’s operations, NRI policies and digitisation.
Pradeep Mishra, Resident Head, LIC International (UAE)
What are the LIC policies that are applicable for NRIs living in the UAE? How has the customer satisfaction quotient been for the NRI community?
LIC International provides a wide range of life insurance cum investment plans, including savings, basic life protection, child education and retirement plans. These plans provide flexible and customer-centric payment options, and come with the guarantee of the sum assured, with guaranteed returns, all in US dollars.
The company enjoys a strong brand connect with the Indian diaspora as its products are designed keeping in mind the ethos of Indian financial habits. We have provided our services to NRIs in the GCC for 32 years and our customer-centric approach leads to a very high degree of satisfaction among policy holders.”
How does LIC International provide financial independence?
Financial independence means being prepared for your dreams and having sufficient financial resources to be able to do what you want in life. The financial ecosystem is rapidly evolving, and a decade or more of judicious investments is often sufficient to help you achieve your financial goals, but true independence comes through planning and preparing for risks. Having different investment strategies for different goals such as marriage, child education and retirement is paramount.
For instance, LIC International’s Smart Elite Savings Plan and Profession Education Plan offer fully guaranteed and assured insurance benefits along with the flexibility to choose one’s savings horizon.
Retirement is typically referred to the end of your working life and it is the time when financial independence matters the most. Invest your time in research and make informed decisions.
How has the organisation leveraged its digital ‘portfolio’ offerings? How do you foresee the internet/social media helping the current and prospective policy holder consumer base?
We strongly believe that the digital economy is going to be the future new normal post the Covid-19 pandemic. Our focus has been in creating a digital infrastructure for interfacing employees and engaging customers virtually, in keeping with growing market demands. Ensuring we service customers dutifully despite working from home has been the new norm for us. However, we still believe face to face interaction is a must for understanding the nuances of financial planning.
We believe that social media is a powerful tool in the insurance industry, helping the company grow and thrive. It is a booming sector, and we are now exploring ways and means to reach the desired audience. We use social media to connect with our customers on a very personal level.
What are the awards and recognitions that LIC International has been felicitated with for outstanding or innovative services rendered?
LIC International’s UAE operations have recently been awarded by the Insurance Authority in UAE for Excellence in Dispute Resolution for Year 2020. I was feted with an award and certificate from Ebrahim Obaid Al Zaabi, Director General of Insurance Authority of the UAE.
Your message to the community on India’s Independence Day
LIC International extends its warm and brotherly greetings to all the Indian diaspora living and working in the UAE, on the auspicious occasion of India’s 75th Independence Day. It is an occasion when we pay our respects to our beautiful nation. May the Indian tricolour always fly high and bring fortune and success for each and every one of us.
May the Indian tricolour always fly high! On the occasion of India’s 75th Independence Day, warmest greetings to members of the Indian community in the UAE.