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In an effort to attract investments from the over 1.3 million-strong non-resident Indian community in the United Kingdom, the Life Insurance Corporation of India has launched three new products and services there.
The three new products launched by LIC chairman S B Mathur were 'Bonusbuilder Savings Plan,' 'Guaranteed Lifetime Protection PLan' and 'The Capital With Profits Bond'.
The Bonusbuilder Savings Plan provides the client with the opportunity to build up a valuable lump sum over an agreed period provided contributions are paid for the full terms.
The Guaranteed Life Time Protection Plan provides a valuable lump sum to the client's kith and kin in the event of the death of the client.
The Capital with Profits Bond provides with an opportunity to invest a lump sum with the potential for it to grow for at least five years.
Several other products like the stakeholder pension are also on the card, Satish Chandra Singh, chief manager of LIC for UK, said.'
Indian High Commissioner to the UK, Ronen Sen, who was the chief guest at the launch function held Monday night, said the LIC was launching some of its new products on the basis of its continued and unbroken record of reliability of performance in India and abroad.
"In the UK we have a very vibrant community of people of Indian origin which is 1.3 million or more...we are confident that the tough bench marks expected of you will not only be met in full measure but they will be exceeded in some cases," Sen said.