LIC (International) BSC (C) came into existence on the 23rd of July, 1989 in the Kingdom of Bahrain in partnership with International Agencies Co. Ltd. (Intercol), with the objective of providing life insurance cover to Indian diaspora in GCC countries. The company operates in 5 GCC countries: Bahrain, UAE, Kuwait, Oman and Qatar.
LIC (International) enjoys a niche market position targeting Indian expatriate community within the GCC countries and subsequently to residents of any nationality. Its parent company, State owned LIC of India is the strongest and largest Life Insurance Company in India with a market share of more than 75%.
LIC (International) has excelled in all areas of operation for the last 28 years and stands out as one of the significant market players in life insurance sector, not only in Bahrain but also of GCC. The Market Share of the Company is 45.85% in Total Premium Income, and in respect of Total Policies the Market Share 89.98% as at 31st December, 2016.
The company has been preforming exceedingly well for the last few years in the area of New Business and Investment Income. The Company has achieved its yearly target for 2016. The Total Investment Income as on 31st December, 2016 is USD 81.9 Million.
The company has an Asset base of USD 1,800 Million as on 31st December, 2016. Mr. Rajesh Kandwal, CEO & Managing Director, informed that the Company touched USD 2 Billion landmark before the end of 2017. With its wide and attractive range of products, which offer benefits like reasonable returns, guarantee, life risk, pension etc. it is slowly expanding into other nationalities also in addition to the NRIs.
The reason for LIC (International’s) strength in the market is the trust people have in the company, which came from them honoring their agreement to the customer. With that being said as on 31st December, 2016 the company paid USD 173.2 Million of Claims.
The company’s Bancassurance partners are Abu Dhabi Commercial Bank (ADCB), Bank of Bahrain and Kuwait (BBK), Emirates NBD, First Abu Dhabi Bank (FAB), Mashreq Bank, RAK Bank, and ICICI Bank. The contribution from Bancassurance has been significant for the last 3 years.
OUR PRODUCT-OUR PRIDE
Our unique and wide range of products (all plans are issued in US $) has something to offer for every need of a customer- be it life cover at lower cost, attractive return, liquidity, provision for Children’s education/ Marriage or health coverage or pension.
A tabular Synopsis of a few of our popular plans is given below:
Participating Endowment Plan (PEN)
Most popular and simple savings. Ideal combination of life cover, liquidity and investments.
Participating Marriage/ Education Plan (PME)
Designed to provide for expenses of education and marriage of children along with life cover
Jeevan Anand (JA)
Unique Combination of Endowment and whole life with provision of payment of Sum Assured, twice.
Professional Educational Plan (PEP)
Ideal plan to provide for future expense of education and start in life of children
Deferred annuity plan with or without life cover
A very unique plan unlikely to be available with any other institution which provides for pension throughout life.
Silver Anniversary Health Insurance(SAHI)
Unique combination of savings, health insurance and flexibility
(Health Wealth & Happiness)
Pure Term Assurance(PTA)
Ideal for those who look for pure life risk at a lower premium
We thank our esteemed customers for their continued trust and support to our Company.