Life Insurance Corporation International B.S.C., LIC, has tied up with First Gulf Bank,FGB, the major leading UAE financial institution, in a new partnership designed to enhance existing insurance and retirement plan offerings to customers in the UAE.
Capitalising on both entities’ experience in offering comprehensive insurance schemes, this first-of-a-kind Bancassurance partnership will see the creation of a new and wide range of innovative products tailored to meet the needs of different customer segments.
FGB’s leading UAE market standing and extensive customer network led to LIC (I) selecting the bank to be its ‘Appointed Representative’ in UAE. As a result of the new cooperation, FGB will distribute LIC (I)’s US Dollar-denominated products, including Guaranteed Return Plans, Traditional Plans and Unit Linked Plans in the life insurance and annuity segments, which can be bought in the UAE. In return, LIC will offer FGB customers the opportunity to invest in international capital and debt markets through its existing product range.
Over the next few weeks, FGB will market a series of products starting with traditional plans (Cash Back Plan, Jeevan Anand, Professional Education Plan and Jeevan Aastha 3) and investment-plus-protection plans (Fortune Builder and Gold Plus) amongst others.
Mufazzal Kajiji, Head of Wealth Management and Bancassurance at FGB commented on the alliance with LIC (I) stating: “Our partnership with LIC International will add to the diversity of our already solid Bansaccurance offerings, allowing us to deliver tailored solutions for the community. Our main aim through this cooperation is to provide comprehensive solutions that address the requirements of our customers, and their main concerns in protecting their loved ones and themselves.”
He added: “Having established a strong customer-centric approach, we believe that our new Bancassurance tie-up with a trusted entity like LIC(I) will enhance our product portfolio and will help us build on longstanding client relationships through our ability to offer differentiated products that provide good value and meet their needs.”
R. Thamodharan, CEO of LIC added: “The tie up with FGB is a big step forward for LIC (I) in ensuring that the protection needs of people in the community are addressed. LIC (I) has been a trusted life insurance company and has a proven record in claims settlement. Both LIC (I) and FGB, with the expertise in their respective fields, look forward to this synergy to offer best insurance solutions to customers.”
FGB’s Bancassurance business recently received the ‘International Life International Advisor Award for Best New Product – Middle East for 2012’ in London. The strategic partnership will enhance recognition for both organisations across the GCC. FGB is a market leader in insurance products in the UAE while LIC (I), a subsidiary of LIC of India, has insured more than 250 million lives worldwide and is recognised as a trusted brand for life insurance.