LIC International eyeing tie-up with financial institutions in Bahrain

Earlier this year, company's chairman S K Roy had told that LIC (International) is targeting 20% annual growth in policy issuance

LIC (International) is in talks with Bahrain-based financial institutions to become a part of their distribution channel in the Gulf nation.

An official announcement related to the agreements are expected soon as the move is being regarded as part of the expansion strategy of the Life Insurance Corporation of India (International), the Gulf Daily News reported.

During the 87th meeting of the company's board of directors in Manama on Monday, the firm said it has issued 4,811 new policies and collected $74 million from the first premium from January to July this year.

Earlier this year, LIC of India chairman S K Roy had told that LIC (International) is targeting 20% annual growth in policy issuance.

Introduction of a Group Life Policy and SMS updates to customers are among the company's silver jubilee initiatives.

Besides, the insurance firm will also launch two new conventional products in line with demand from NRIs and citizens of Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) later this year.

The total number of policies in force as of December 31 last year was 91,104 as the insurance firm had issued 9,512 policies with sum assured of $214.63 million.

LIC of India, which started its first international venture by forming an offshore company in Bahrain in 1989, now operates in Saudi Arabia, Kuwait, Dubai, Abu Dhabi, Oman and Qatar.

The LIC (International), which has assets worth more than $1 billion and a customer base of approximately 100,000, was given a licence to offer insurance products to all residents of Bahrain in 2007.