A Gateway to Financial Freedom

LIC International, a prominent arm of LIC of India, has been a key player in the GCC insurance market for over three decades. Headquartered in Bahrain, its UAE branches in Dubai and Abu Dhabi are pivotal, representing a significant portion of its regional sales. Tailored to meet the diverse needs of the expatriate Indian community and other nationalities, LIC International has consistently expanded its offerings, introducing innovative products to cater to evolving customer demands. Recently, the company launched two new investment plans, 'Invest Plus' and 'Flexi Wealth Builder,' designed to provide flexible, market-linked investment options in USD. These products aim to support UAE residents, particularly NRIs, in achieving their financial goals with global diversification and low-cost fund management. With these advancements, LIC International continues to strengthen its global presence while offering valuable investment opportunities and financial security to its clients.

Could you provide an overview of LIC International's operations in the UAE and its presence in other countries?

LIC International, a largely owned by LIC of India, has indeed been serving the GCC countries for over three decades. Despite being headquartered in Bahrain, the UAE branches (Dubai and Abu Dhabi) represent a majority percentage of all life insurance sold by the company throughout the GCC. We have tailored our product offerings (US Dollar currency) to meet the unique needs of the large expatriate Indian community and other nationalities in the region. 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. Recently, we have launched two new attractive investment products to help customers in their wealth creation journey.

Could you please highlight the key benefits of your new investment plan?

The two newly launched plans 'Invest Plus', a single premium product, and 'Flexi Wealth Builder', a regular premium product, are both global market-linked whole-life plans that provide investors with a platform to invest and participate in the performance of various market-linked, globally diversified funds in USD, managed by world’s top AMCs. These plans are suitable for the age group, from 0 to 70 years. Investors will have the option to choose the premium amount and various funds managed by AMC based on their risk appetite and financial goals. The minimum single premium investment amount is $10,000, and the minimum regular premium is $300 per month. The key objectives behind these new product lines are to provide UAE residents, especially NRIs, with a flexible and attractive investment option that aligns with their financial goals and international aspirations.

What distinguishes this plan from other similar offerings in the market?

These plans have been designed to cater to the needs of savings and investment and can be customised to meet the investor’s aims and objectives at the lowest cost. The low-cost fund management fees, exclusive focused investment strategies and flexibility of customization aligning the customer’s financial needs are some of the unique features of the products, which make them popular in the market. We at LIC aim to offer a plan that not only ensures the safety of their investments but also provides growth potential and financial security. Ultimately, our goal is to strengthen our presence in the international market and continue building trust and value for our global clientele.

What are the potential risks associated with this investment plan?

Our new investment plans are intricately linked to the performance of the global equity market, offering investors a chance to tap into international growth. While investing in global markets does carry inherent risks, including volatility, this same volatility can create opportunities to maximise capital through strategic investment approaches. LIC is dedicated to guiding its clients through these complexities. Research indicates that customers who maintain their investments for over five years are more likely to achieve positive returns. By partnering with a trusted brand like LIC and leveraging the expertise of professional advisors, investors can significantly mitigate their risks while pursuing higher returns.

With LIC International Investment Plan, you can confidently navigate the global equity landscape and work towards securing your financial future.

How does LIC International address the financial needs of millennials?

LIC International recognizes the unique financial aspirations and priorities of millennials, a dynamic and ambitious generation. Understanding that their needs evolve, LIC International is committed to offering tailored insurance solutions to meet these changing requirements.

One of the latest offerings is the 'Life Protect' Term Plan, designed specifically for millennial investors. This plan provides life coverage at an incredibly affordable rate, offering a life cover of Dh500,000 for just Dh2 per day - less than the cost of a cup of tea or coffee. Additionally, policyholders have the option to include a critical illness rider, which provides fixed benefits for 37 critical illnesses.

Beyond just financial products, LIC International is dedicated to educating and empowering millennials about the importance of financial planning. Through workshops, webinars, and a wealth of educational resources, the company aims to equip millennials with the knowledge they need to make informed financial decisions.

By choosing LIC International, millennials can secure their financial future while benefiting from expert guidance and innovative insurance solutions tailored to their unique needs.

What innovations or restructuring initiatives are being implemented for LIC's operations in the UAE?

We recognize the dynamic nature of the UAE insurance industry and the evolving needs of our customers. To address these, we have focused on several key innovations and restructuring efforts, including enhancing our digital services for greater operational efficiency and streamlining, offering customised products, tapping into the evolving group gratuity market, and exploring strategic partnerships with local entities, financial institutions, and distribution channels.

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Customization Options: Tailor the plan to meet your specific financial goals and risk appetite.

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