Life Insurance Corporation (International), a joint venture owned by LIC of India, has introduced two new investment products, ‘Invest Plus’ and ‘Flexi Wealth Builder,’ at a special ceremony held at the Hotel Grand Hyatt in Dubai. The event was presided over by Sidhartha Mohanty, chairperson of LIC of India, with M Jagannath, managing director of LIC of India, and other officials in attendance.
‘Invest Plus’ is a single premium product, while ‘Flexi Wealth Builder’ is a regular premium product. Both offerings are global market-linked whole life plans designed to allow investors to participate in the performance of various market-linked, globally diversified funds in USD, managed by asset management companies (AMCs) based in Dubai. These plans aim to meet the needs of savings and investment and can be tailored to fit investors’ objectives at the lowest cost structures. Investors can choose their premium amounts and select from various funds based on their risk tolerance and financial goals.
Pradeep Mishra, general manager of LIC International, noted that “LIC International has been a niche brand in the GCC for more than three decades through its capital-guaranteed savings-cum-insurance plans. Over the past few years, there has been a paradigm shift in our product offerings, introducing a range of new and diversified insurance solutions. In the last two years, LIC International has expanded its product range with globally diversified funds, which are in emerging demand from millennial investors who can maximize their wealth by investing in the diversified equity market through professional fund managers.”
The new plans are suitable for individuals aged 5 to 70 years. The minimum single premium investment amount is $10,000, and the minimum regular premium is $300 per month.
LIC International aims to reach young investors by offering flexibility, convenience, and opportunities to maximize wealth through diversified global funds, along with a personalized approach to growth-oriented investments. More innovative products are expected to be launched in early 2024 to help clients plan their financial needs comprehensively with LIC International. These plans are available through their exclusive chief agent in the UAE, Kingstar Insurance Agencies.
