Buoyed over excellent performance after its launch in the Sultanate in January 2004, the Life Insurance Corporation (International) is poised to expand its base and offer new insurance services both for the expatriate Indians and people from all nationalities. The LICLIC is holding talks with the regulatory authorities to get approval to sell its products also to Omani nationals.
"The talks are on right track and we are hopeful of getting desired permission," said S Roy Chowdhury, CEO and Managing Director of LICLIC , International (pictured) in an interview with Oman Daily Observer. Commenting on global financial crisis Roy chowdhury said that the Sultanate's micro economic and demographic fundamentals are very strong and it is time to turn crisis into an opportunity. "One can build his fortune by cautious decisions," he said.
When asked about investment on the securities markets, he said, "investors buy when the market is at peak and burn their fingers in slowdown like the trend now. Roy Chowdhury sees a huge potential for life insurance policies in the Gulf market. "Gulf insurance market is dominated by general insurance portfolio and life insurance contribution is still in single digit. The new generation is appreciating the life insurance schemes due to their strong saving fundamentals. Recently we started a strategic tie up with Doha BankDoha Bank and are exploring more such options," he said.
Commenting on LICLIC 's presence on international market Roy Chowdhury said: "Gulf has been a second home to a sizeable Indian population since long. There were no attractive insurance and saving options to them till late eighties and hence LICLIC established its subsidiary LIC (International) and started its operation in 1989 to give the life insurance related service to the Indian expatriates.
After getting approval from the Regulatory Authorities, we have started offering insurance services to all nationalities in many countries in the region. Being the true international arm of LICLIC , we have plans of expansion in other countries too. We have recently signed agreement with a business house in Thailand and are exploring the markets in other far east, MENA region and USA."
The LICLIC has a basket of 19 policies to cater to the different needs of the customer life cycle and some special need such as children education and health. "Recently we launched our first unit linked insurance plan called Fortune Builder, which provides an opportunity to the customers to get the benefits of return of capital market of India and across Asia Pacific along with the life insurance protection. This new plan has got a very good opening and response," he said.
Explaining the basic difference between LICLIC and LIC Roy Chowdhury said, "Though the basic features of the plans are same but there are modifications in the premium payment and related options looking at the requirement of the customers. All the policies have the option of single premium payment and limited term payment. The facility of premium sealing and commutation provides an excellent opportunity of paying premium in advance.
The second difference is about the denomination. We offer policies in Dollar and the same has proved to he very beneficial to our valued customers," he said. And what if an existing Gulf customer goes back to India? "We provide the transferability of the policy under a special arrangement with our parent company LICLIC. The policy will be transferred to the nearest branch of his or her choice. This is a facility which no other life insurer in Gulf can provide," Roy Chowdhury said.
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