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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