Indian insurer names Kingstar as Gulf agent

India's Life Insurance Corp (LIC) International has appointed Kingstar Insurance Agencies as its chief agents for the UAE. LIC International EC, promoted by the Life Insurance Corp of India, a wholly government-owned company, has agents in most Gulf states. The leading life insurance company in Oman, National Life, is said to be close to signing a deal with LIC.

With the appointment of Kingstar as LIC agent in the UAE, one more player is entering the lucrative life insurance market dominated by a few big players. However, LIC International will be banking on the large Indian population here. Headquartered in Bahrain, LIC International has registered more than 50,000 policyholders in the GCC. All LIC International policies, though similar in structure to those of LIC (India), are denominated in U.S. dollars and all payments are guaranteed by the Indian government.

Holders can transfer policies to any of the 2,048 branches of LIC in India if they return home. LIC Chairman G.N. Bajpai, who is also chairman of the National Stock Exchange (NSE) of India, will visit Dubai shortly. LIC (India) was created in 1956 through the amalgamation of a large number of insurance companies in the private sector. LIC policyholders can obtain house loans from LIC Housing, a 100 per cent subsidiary. More than 1,500 policyholders in the Gulf have obtained housing loans from the LIC subsidiary.

"There has always been a very close relationship between Dubai and India and we are delighted to announce our recent appointment as chief agents for LIC International," Julian Raymond, general manager of Kingstar Insurance, said. "We will service all existing policyholders and look forward to welcoming our new clients as well."