UAE NRIs fuel record $75 mn sale of LIC scheme in 30 days

DUBAI: First Gulf Bank has said it achieved record sales worth $75 million premium of LIC's product Jeevan Aastha 3 in less than 30 days since the product was released to the market.

Interestingly, over 25 per cent of sales came through other nationalities including Emirati, Canadian, Australians, British, and Egyptian which demonstrates that customers are increasingly willing to invest in simple and easy to understand solutions, the bank said in a statement.

First Gulf Bank said the overwhelming interest in Jeevan Aastha 3, the first product released since the tie-up between FGB and Life Insurance Corporation (International) BSC earlier this year, demonstrates the demand from the large NRI community in the UAE for financial products tailored to their needs.

LIC (international) BSC(c), a subsidiary of LIC of India, provides a guaranteed return of around four per cent annually on the invested premium, including a basic sum assured and a top-up premium.

Jeevan Aastha 3 is a single premium plan with a fixed term of three years, offering competitive fixed returns.

R Thamodharan, MD & CEO of LIC International, said: "LIC's partnership with FGB was borne out of a mutual vision to create groundbreaking Bancassurance products to NRI customers in the UAE and beyond."

"To have achieved $75 million premium in sales in less than 30 days demonstrates both the understanding of the necessity of financial planning among the UAE expatriate community and their desire for financial products designed to meet their individual needs," Mufazzal Kajiji, Head of Wealth Management and Bancassurance at FGB, said.