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Promising NRIs With Protection And Prosperity in GCC

Dr Pradeep Mishra, Resident Manager at LIC International, Dubai, underscores its pivotal role in the life insurance business in helping individuals achieve financial freedom through its innovative products

Published: Tue 15 Aug 2023, 11:09 AM

Updated: Tue 15 Aug 2023, 11:12 AM

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Please tell us about the operations of LIC International in the UAE and its overseas presence.

The operations in the Gulf Cooperation Council (GCC) basically began in 1989 with its headquarters in Bahrain. In 2005, the company opened an initial fully registered branch office in Dubai and later in 2016, it established a full-fledged branch in Abu Dhabi. Despite being headquartered in Bahrain, the UAE branches represent a majority percentage of all life insurance sold by the company throughout the GCC.

LIC International in UAE, is a leading life insurance provider committed to securing lives and ensuring financial well-being. With a diverse range of insurance solutions and a customer-centric approach, we aim to be the preferred choice for individuals, families, and businesses seeking comprehensive protection and prosperity. Its journey over the past 34 years is an exemplary story of sharing and fulfilling the dreams of prosperity of thousands of NRIs in the UAE.

What are your thoughts on your mission of Promising NRIs with ‘Protection and Prosperity’. What are the products that are applicable for NRIs living in the UAE?

Our mission has always been to secure the lives of our customers and their families, ensuring that they face the future with confidence and courage. Through our diverse range of insurance products, we offer comprehensive coverage tailored to the unique needs of individuals, families, and businesses. Whether it's life insurance, child education plans, retirement solutions, or investment options, our offerings are designed to provide a sense of security and financial stability.

The types of products and services offered are very similar in nature as those sold by LIC of India, with the distinct difference in that the products and uniquely denominated in US dollars, aligning them with the dollar pegged UAE dirham, a fundamental and increasingly attractive proposition.

Short-term Guaranteed Return Fixed Maturity Plans and Guaranteed Return Annuity Plan are some of the very popular product ranges of company in the UAE.

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 enjoy a relatively niche market and attribute our success to our dedicated customer-centric and competitive investment options through the provision of wide range of products, fulfilling the complete financial needs of customers.

How does LIC International provide financial security to millennial’s financial needs?

As the world evolves and the needs of millennials change, LIC International recognises the importance of catering to the unique financial requirements of this dynamic and ambitious generation. LIC International offers a diverse portfolio of insurance solutions that are specifically designed to meet the changing needs of millennials. For millennials seeking wealth accumulation and growth, LIC International has recently started to provide investment-linked insurance plans. These plans not only offer insurance coverage but also serve as an avenue for potential wealth creation. With professionally managed investment options, millennials can harness the power of financial markets while enjoying the peace of mind that comes with life insurance protection.

Retirement planning is a crucial aspect of millennials' financial journey. LIC International recognises this and offers retirement-focused plans that enable millennials to build a substantial corpus for their post-retirement life. These plans come with flexible premium payment options and allow millennials to enjoy a financially secure retirement while pursuing their passions and interests.

LIC International goes beyond just providing financial products; it strives to educate millennials about the importance of financial planning and the various options available to them. Through workshops, webinars, and educational resources, LIC International aims to empower millennials with the knowledge and skills to make informed financial decisions.

LIC International understands that millennials have unique financial aspirations and priorities. By offering tailored insurance and investment solutions, fostering financial literacy, and embracing technological advancements, LIC International stands by millennials every step of the way, providing them with the financial security and confidence they need to build a bright and prosperous future.

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 have understood that the digital economy is the new normal post disruption of working ecosystems after pandemic. Our focus has been in creating a digital infrastructure for interfacing employees and engaging customers virtually matching with the market demands at a competitive advantage. LIC International has embraced the digital revolution to enhance its portfolio offerings and provide a seamless and efficient experience to its policyholders. By leveraging technology, the organisation has been introducing various digital initiatives, empowering customers to manage their policies, make transactions, and access information easily.

The internet and social media have revolutionised the way businesses interact with their customers, and LIC International recognises the potential of these platforms in the insurance industry. Internet and social media allow LIC International to reach a wider audience, including millennials and tech-savvy consumers who are active on these platforms. We believe that social media in the insurance industry is a powerful strategy to educate our prospective clients and help the company to grow and thrive.

Leveraging its digital portfolio offerings, LIC International has taken significant strides in enhancing customer experience and convenience. The internet and social media hold great potential for the organisation to further strengthen customer engagement, provide personalised services, and expand its reach to a broader audience. By embracing these digital channels, LIC International can continue to evolve and cater to the emerging needs of its current and prospective policyholder consumer base effectively.

MESSAGE FOR INDIAN DIASPORA

On the momentous occasion of India's Independence Day, I, on behalf of LIC International, extend my warmest greetings and heartfelt wishes to each and every one of you. This day holds great significance in the annals of our nation's history, evoking feelings of pride, patriotism, and profound gratitude for the sacrifices of our freedom fighters. Let us draw inspiration from this celebration to work tirelessly towards the advancement and prosperity of our beloved nation. Jai Hind!

Congratulations, Mother India! As we joyfully celebrate a glorious and unified 77th Independence Day, let us take immense pride in all that we have achieved."



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