The Single Premium Wealth Builder Plan is an equity-linked whole life insurance plan
Mr. Kumar, President, LIC of India, and other officials at the launch of a new ULIP program in the United Arab Emirates in Abu Dhabi on Tuesday. — Photo provided
LIC International, – a joint venture owned by Life Insurance Corporation of India (LIC) headquartered in Bahrain with branches in the United Arab Emirates – Dubai and Abu Dhabi – has launched a new unit-linked insurance plan product (ULIP) for its United Arab Emirates market.
The “Single Premium Wealth Builder” product was launched by MR Kumar, Chairman of LIC of India, in Abu Dhabi on Wednesday.
This Single Premium Wealth Creation Plan is a single premium equity-linked whole life insurance plan, which provides the investor with a platform to invest and participate in the performance of various diversified market-linked funds managed by various Asset Management Companies (AMC) based in Dubai.
The plan has been designed to meet savings and investment needs, and can be customized to meet the investor’s goal and objectives. The investor will be able to choose the amount of the premium and the different funds managed by the AMCs according to his appetite for risk and his financial objectives.
LIC International has been in the GCC for over three decades and is well known for its capital guaranteed savings and insurance schemes. With this new launch, LIC International is venturing into a new product segment to meet the emerging aspirations and investment needs of millennial investors, who, with life insurance coverage, can maximize their wealth by investing in a diversified stock market using professional fund managers. ). This plan is suitable for wide age ranges from five to 70 years old. The minimum single premium investment amount is $15,000.
The company’s objectives are to reach the young investor and offer a blend of flexibility, convenience and opportunities to optimize wealth through diversified global funds and a personalized approach to growth-oriented funds. The company intends to roll out more such innovative products in 2023 and help customers plan all of their financial needs with LIC International. The plan can be purchased through their exclusive master agent in UAE “Kingstar Insurance Agencies”.