LIC sees strong demand for reliable and comprehensive insurance products

Life Insurance Corporation of India has seen significant growth in its customer base across the UAE as the company tailored its products offerings to meet the unique needs of the large expatriate Indian community and other nationalities in the region, its top official says.

Siddhartha Mohanty, Chairperson, Life Insurance Corporation of India, said there is a strong demand for reliable and comprehensive insurance products in the region and LIC International, a largely-owned by LIC of India, has successfully catered to this demand.

“By serving the expatriate community effectively, we not only meet their financial needs but also reinforce the trust and reliability that LIC of India is known for worldwide. LIC’s successful operations in the Gulf and UAE enhance our brand recognition and trust on a global scale,” Mohanty told Khaleej Times during an interview.

Life Insurance Corporation of India, popularly known as LIC is Indian state-owned insurance group and investment company headquartered in Mumbai. Since its inception in 1956, it continues to set benchmarks in the insurance industry through its innovative approaches, customer-centric strategies, and commitment to societal welfare.

Excerpts from the interview:

What are the highlights of LIC of India’s recent achievements?

Over the past year, LIC has made significant strides in several areas, reinforcing its position as a leading financial services provider in the country. As per Brand Finance Insurance 2024 report, LIC of India is the world's number one strongest insurance brand. Embracing digital transformation has been a major focus. We have launched several new digital initiatives to enhance customer experience, which provides our policyholders with seamless access to their policy information and various services, making insurance management more convenient and user-friendly.

What is the way forward for LIC?

LIC of India is at a pivotal juncture, poised to build on its rich legacy while embracing future opportunities and challenges. The way forward for LIC of India involves a balanced approach of embracing technological advancements, innovating our product offerings, expanding our reach, and maintaining our commitment to sustainability and customer satisfaction. Continuing our journey of digital innovation is paramount. We are committed to developing new and innovative insurance products that cater to the evolving needs of our diverse customer base. Increasing insurance penetration, especially in rural and semi-urban areas, is a key priority. Exploring opportunities for international expansion is part of our long-term strategy. By establishing a global presence, we aim to diversify our portfolio and tap into new markets, leveraging our expertise and reputation to serve customers beyond India.

How is LIC International faring in GCC in general and the UAE in particular?

LIC International has indeed been serving the GCC countries for over three decades. Our performance in this region, particularly in the UAE, has been notable and continues to grow stronger. We have tailored our products offerings to meet the unique needs of the large expatriate Indian community and other nationalities in the region. The UAE, in particular, has seen significant growth in our customer base. With a large expatriate population, there is a strong demand for reliable and comprehensive insurance products. LIC International has successfully catered to this demand, resulting in steady growth in the number of policyholders and premium collections. In the UAE, we have launched several innovative products and services to enhance customer convenience. Today also, we have launched two new attractive products helping customers in their wealth creation Journey. Looking ahead, LIC International aims to further consolidate its presence in the GCC by introducing more innovative products, expanding our digital capabilities, and enhancing customer service.

LIC International is known for conventional and guaranteed return plans. Any paradigm shift in the offing in the product offerings?

While LIC International has built a strong reputation for its conventional and guaranteed return plans, we recognize the need to adapt and innovate to meet the changing needs and preferences of our customers. Over the past few years, we have indeed undertaken a paradigm shift in our product offerings, introducing a range of new and diversified insurance solutions. To cater to customers seeking both insurance protection and investment growth, we have introduced Unit-Linked Insurance Plans (ULIPs) with Global Funds Exposure. These plans offer the dual benefit of life insurance coverage and investment opportunities in various globally diversified funds in the US dollars. We have introduced Life Protect Term Insurance with Critical Illness Plan at very competitive & affordable premiums to secure the financial obligations. Understanding the aspirations of parents to secure their children's future, we offer specialised Guaranteed Return child education plans. To address the long-term financial security needs of our customers, we have developed innovative retirement and pension plans. Today, I can say we have attractive products at every stage of your life.

Are there any plans to provide individual or group insurance cover for the NRIs with lesser means?

Thank you for bringing up this important topic. At LIC, we recognise the diverse financial needs of the Non-Resident Indian (NRI) community, including those with lesser means. Ensuring that every individual has access to adequate insurance coverage is a key part of our mission. Recognizing the importance of inclusivity, NRIs who may not be able to afford individual insurance plans, we are working on expanding group insurance schemes. These schemes can be offered through community organizations, employers, or NRI associations, allowing members to benefit from reduced premium rates. LIC is dedicated to ensuring that NRIs, regardless of their financial means, have access to essential insurance coverage.

In view of the recent Kuwait fire tragedy, whether LIC can come out with some viable insurance schemes for the lower rung workers?

— muzaffarrizvi@khaleejtimes.com