LIC International, headquartered at Bahrain has launched a new Unit Linked Insurance plan by the name of ‘Gold Plus’ aimed towards non-resident Indians residing in the Sultanate of Bahrain. The product was launched on Tuesday by India’s Hon'ble Ambassador to the Sultanate, His Excellency Anil Wadhwa.
Resident Manager of LIC (International), Oman-Division, V. S. Madhu said, “Gold Plus is a first of its kind insurance product in the market, which offers insurance–cum-investment during the term of the policy with an option to convert it into an annuity/pension at maturity. The policy holder can choose the level of insurance cover depending on the amount of premium he desires to pay.”
The policy is available to people aged up to seventy-two years. The time period of policy is 5 to 35 years.
Payment could be done in single premium or quarterly, biyearly or annually. The policy-holders can receive maturity benefits either in one lump sum or as a settlement option over a period of five years as even as annuity.
CEO and managing director, LIC (International), R. Thamodharan said on the occasion, “Gold Plus has attracted a lot of interest in some of the GCC states, where it has been launched. LIC (International) will soon make available its policies to locals and other expatriates in the Sultanate.”
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