Since 1989, this life insurance provider has been helping NRIs achieve financial goals with unique insurance and saving plans. LIC International’s CEO & Executive Director, Debashis Prasad Pattanaik, highlights its important role and the future growth plans for the company.
“Our robust experience in the region has resulted in a thorough understanding of the market, and LIC as a trusted brand in the life insurance space enjoys a significant market share in the region. The company is able to establish and maintain a strong brand connect with the Indian diaspora as its products are designed whilst keeping in mind the ethos of Indian financial habits,” says Mr. Pattanaik.
“LIC has a competitive and need based plan for every stage of a person’s life cycle, beginning with Protection, Critical Illness cover, Savings, Child Education, Annuity, Retirement and Market linked investment plans. A customer can plan to achieve complete financial objectives with LIC International,” he adds.
Recently, LIC has launched a Global Equity Market linked fund-based Investment Plan ‘Wealth Creator’, which offers NRIs the advantage of global market performance for higher yields on their investments. The unique advantage for NRIs with LIC’s products is the ability to diversify their investment into US dollars, a fundamental and increasingly attractive proposition.
“In the long term, we are looking to prioritise and improve customer experience, with several initiatives in the pipeline at the company level. These include innovating and re-structuring our products and digitising the entire customer relationship for ease and accessibility during long term relations,” he explains.
LIC had a niche market share in Capital Protected investment schemes, but with the recent addition of Equity linked plan, LIC has leveraged its product portfolio in all aspects of personal finance. Now a customer can diversify their investible funds through a combination of investment strategies based on the risk matrix of each customer with LIC International. “As an insurer our prime focus is to educate the customers and extend the seamless financial planning journey,” he says.
“On this special anniversary of India’s 76th Independence Day, we extend a very happy Independence Day 2023 to all Indians residing in Bahrain and abroad. Today, let us make a promise to our motherland that we will do all we can to enrich and preserve its glorious heritage and to make India stronger for the future generations,” he concludes.
