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Press Release:
FGB and LIC International join forces to enhance insurance
and retirement plan offerings in the UAE
Abu Dhabi, 25 January, 2013: Life Insurance Corporation (International) B.S.C.(c)
(LIC) has tied up with First Gulf Bank (FGB), the major leading UAE financial institution,
in a new partnership designed to enhance existing insurance and retirement plan
offerings to customers in the UAE.
Capitalising on both entities’ experience in offering comprehensive insurance schemes,
this first-of-a-kind Bancassurance partnership will see the creation of a new and wide
range of innovative products tailored to meet the needs of different customer segments.
FGB’s leading UAE market standing and extensive customer network led to LIC (I)
selecting the bank to be its ‘Appointed Representative’ in UAE. As a result of the new
cooperation, FGB will distribute LIC (I)’s US Dollar-denominated products, including
Guaranteed Return Plans, Traditional Plans and Unit Linked Plans in the life insurance
and annuity segments, which can be bought in the UAE. In return, LIC will offer FGB
customers the opportunity to invest in international capital and debt markets through its
existing product range.
Over the next few weeks, FGB will market a series of products starting with traditional
plans (Cash Back Plan, Jeevan Anand, Professional Education Plan and Jeevan Aastha
3) and investment-plus-protection plans (Fortune Builder and Gold Plus) amongst
others.
Mufazzal Kajiji, Head of Wealth Management and Bancassurance at FGB commented
on the alliance with LIC (I) stating: “Our partnership with LIC International will add to the
diversity of our already solid Bansaccurance offerings, allowing us to deliver tailored
solutions for the community. Our main aim through this cooperation is to provide
comprehensive solutions that address the requirements of our customers, and their
main concerns in protecting their loved ones and themselves.”
He added: “Having established a strong customer-centric approach, we believe that our
new Bancassurance tie-up with a trusted entity like LIC(I) will enhance our product
portfolio and will help us build on longstanding client relationships through our ability to
offer differentiated products that provide good value and meet their needs.”
R. Thamodharan, CEO of LIC added: “The tie up with FGB is a big step forward for LIC
(I) in ensuring that the protection needs of people in the community are addressed. LIC
(I) has been a trusted life insurance company and has a proven record in claims
settlement. Both LIC (I) and FGB, with the expertise in their respective fields, look
forward to this synergy to offer best insurance solutions to customers.”
FGB’s Bancassurance business recently received the ‘International Life International
Advisor Award for Best New Product – Middle East for 2012’ in London. The strategic
partnership will enhance recognition for both organisations across the GCC. FGB is a
market leader in insurance products in the UAE while LIC (I), a subsidiary of LIC of
India, has insured more than 250 million lives worldwide and is recognised as a trusted
brand for life insurance.
ENDS
About First Gulf Bank
As one of the leading banks in the UAE, First Gulf Bank (FGB) has Shareholder Equity of AED 28 billion
as of Q3’2012 making it one of the largest equity based banks in the UAE. Established in 1979 and
headquartered in the UAE capital, Abu Dhabi, the bank provides a wide spectrum of financial services in
various business sectors throughout wide network of branches across the Emirates, Singapore and
Qatar, a representative office in India and a subsidiary in Libya.
Today, FGB is recognised as a world-class organisation committed to maximising shareholders,
customers and employees’ value as it focuses on delivering banking products and services that meet
clients’ requirements as well as supporting the UAE’s dynamic economy. In line with its commitment to
excellence the bank also continues to improve service standards, throughout significant investments in
people and technology. First Gulf Bank was awarded the ‘Best Bank in the United Arab Emirates for
2012’ by Euromoney.
For media inquiries, please contact:
Ghaleb Zeidan
Hiba Haddad
Weber Shandwick MENA
Weber Shandwick MENA
Phone: + 971 50 778 2286
Phone: + 971 551679577
Fax: + 971 2 449 4833
Fax: + 971 2 449 4833
Email: [email protected]
Email: [email protected]