New insurance product for expat Indians

July 14th, 2008 - 4:28 pm ICT by IANS  

Dubai, July 14 (IANS) LIC (International), the global subsidiary of India’s Life Insurance Corporation, has launched a new insurance product targeted at expatriate Indians. Called Fortune Builder, it is a new units-linked insurance plan (ULIP) launched to mark the company’s 20th year of operations in the Gulf.

“The new product will cater to the investment as well as insurance needs of the customers,” reports quoted Sudhin Roy Chowdhury, LIC (International)’s managing director and chief executive, as saying in Doha.

“The product is a multi-benefit ULIP providing an opportunity to benefit from the returns available in the Indian capital market as well as across the globe. It is positioned as a wealth generation tool that simultaneously offers life insurance protection,” he added.

Fortune Builder has three products - one aimed at the Indian equity market, another at the world market and a third flexible one.

“It also provides an option to take back your money systematically over a period of five years on maturity of the policy. The premium paying terms are also highly flexible,” Chowdhury said.

The Gulf is home to around 4.6 million expatriate Indians and around 200,000 of them live in Qatar.

According to Chowdhury, LIC (international) has sold 128,446 policies for an insurance cover of $1.08 billion in the region.

Contributions to ULIP products from the Gulf last year amounted to Rs.20 billion. The insurance company is also tying up with Doha Bank so that customers can get both banking and insurance products through a single window.

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