LIC International and IBMC Signs Strategic MOU for Life Insurance Business

ABU DHABI:
Life Insurance Corporation (International) B.S.C.(C), Bahrain and IBMC International today signed strategic MOU at Abu Dhabi towards Life Insurance Business.
Both the Companies intend to enter into Agreement towards Marketing Life Insurance Products of LIC International in Emirate of Abu Dhabi and thereafter explore business opportunities of Takaful Insurance & Re-Insurance Business at UAE. The Companies would be setting up different entities with appropriate licenses as per the law of UAE and have agreed to formulate Execution Team.
The MOU was signed in a special function at Al Bateen Palace Majlis, Abu Dhabi, in the presence of Sheikh Khalid Bin Ahmed Al Hamed, Chairman-IBMC International UAE. MOU signed by Sajith Kumar P K, CEO & Managing Director, IBMC Global Network representing IBMC and Rajesh Kandwal, CEO & Managing Director, representing LIC International and Mini Ipe, Executive Director (International Operations), LIC of India.
LIC International, the leading international player in Insurance Industry with an asset base of over 2 Billion USD has set its expansion plans in UAE in association with IBMC International as its strategic partner.
V K Sharma, Chairman, LIC of India through his special message mentioned that today is an eventful day in the history of LIC International. While describing about the Company, he informed that LIC International is a joint venture company of Life Insurance Corporation of India and International Agencies Company Limited (Intercol) from Bahrain and having paid up capital of 194.71 million Dirhams. He also mentioned that the Company has an asset base of more than 2 billion US Dollars and has presence in Bahrain, Dubai, Abu Dhabi, Oman & Kuwait. “UAE as an Insurance market has huge potentials and for LIC International, more than 25 lacs Indian expat population is more or less a captive market. Success of any life insurance company depends upon the strength of its distribution channel. Our partnership with IBMC will go a long way in insuring lives and spreading happiness” said V. K. Sharma.
“We are happy to get associated to LIC International and to extend benefits of its services to the global client base in the areas of Life Insurance, Re-insurance and Takaful Insurance. This initiative will also boost the India UAE business relations and will be supportive for exploring new opportunities in this sector. UAE and India
has decades of healthy business relation and this strategic MOU will further strengthen the relation between two countries”, said Sheikh Khalid Bin Ahmed Al Hamed, Chairman-IBMC International UAE.
“Being a B++ (Good) rated by AM Best, LIC International offers a unique advantage to its policyholders in the shape of portability of the policies to India with inclusion of benefits like premium sealing and commutation in Policy Servicing as added advantage. The penetration in the Life Insurance Market in UAE is very less and the
tie-up with IBMC will help LIC to reach maximum NRIs across UAE. Our benefits of life coverage are worldwide and its wide range of products is designed to cater to the special needs of a customer from any segment like life coverage, attractive return, liquidity, provision for children education/ marriage, health coverage or pension, group life insurance plans.”, said Rajesh Kandwal, CEO & Managing Director, LIC International.
“We are in the forefront of connecting business opportunities between UAE and India and the signing of MOU today with LIC International is yet another milestone in the Insurance Sector benefiting both UAE and India. We are happy to support and extend the benefits of LIC International to the vast NRI community in UAE through this MOU by using IBMC’s UAE-India B2b Portal, UAE-India B2B Centres and UAE-India Business Fest conducting at all Emirates of UAE. Tie-up will support LIC to introduce more Life Insurance products, Takaful products and Re-insurance products to support NRIs and Corporate to get appropriate Life Insurance and Investment Products and coverage in this changing economical scenario. Tie-up will strengthen LIC’s reach across UAE by using IBMC’s existing network such as Insurance Brokers, Banks, Corporate, Retail, HNIs and Financial Institutions. IBMC’s specially designed a unique 5×7 Emirates Business Network will ensure maximum reach of all classes of NRIs at all 7 emirates and to ensure proper service and support with LIC, said Sajith Kumar P K , CEO & Managing Director, IBMC Global Network.
Mini Ipe, Executive Director (International Operations), LIC of India, Abu Dhabi Indian Embassy Officials, Anoop P S-CBO & Executive Director, IBMC Global Network , senior officials from LIC International, IBMC UAE Business Network Coordinators, Press / Media officials, UAE Business leaders and special invitees were present for the ceremony.