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LIC Intl starts 3 plans for Gulf NRIs

India, Dec. 12, 2004
NRIpress Life Insurance Corporation International has unveiled three new insurance plans for NRI's living in the six-nation Gulf Cooperation Council, GCC, countries.

Life Insurance Corporation International has unveiled three new insurance plans for NRI's living in the six-nation Gulf Cooperation Council, GCC, countries, according to newswires.

These include the Term Assurance Plan that provides only insurance converage without a savings component, 'Jeevan Rekha' that offers the benefits of two plans, including the Money Back and 'Jeevan Anand', that has a combination of the endowment plan and whole life plan.

LIC is upbeat about the business growth in GCC and has reported a 57% increase in the number of new policies issued and a 25% rise in the income from policy premiums, said Roy Markose, LIC's Resident Manager in the Qatari capital of Doha.

Qatar's operations, where a local company Investec represents LIC International, reported an all time high in the average premium income per policy, that stood at $2,150.

Markose said, LIC studies have shown that the Indian expatriate population in the GCC region is under-insured, adding that usually, insurance coverage should be between five to eight times of an NRI's gross annual income.

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