MANAMA: The Life Insurance Corporation of India (LIC) remains committed to Bahrain and the region and is looking to further expand its business in what it sees as a market with great potential.
"The Bahrain market is one we see as having huge potential and it is one in which we need to expand both in terms of getting more people on board but also in widening out distribution channels through more banks and institutions said LIC chairman D K Mehrotra, after attending a board meeting of Bahrain- based LIC International at the Intercontinental Regency Hotel in Manama yesterday.
He said the company would shortly be launching its security for life Jeevan Astha product across the region to follow up on the success of its Gold Plus life and investment product which had now taken in some $3 million in Bahrain.
"The insurance industry in the region is growing but awareness has to be created and we will continue to work towards this," he said
He added that in the coming years, he expected the market to do even better and said that while they currently sold their products through two banks, BBK and the State Bank of India, they were looking to add distribution partners in the future.
He said that while they were not currently in the Sharia-compliant takaful sector of insurance this was something they would be looking at in the near future.
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