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LIFE INSURANCE CORPORATION (INTERNATIONAL) E.C. 1st Floor, Ali
Al-Wazzan Building, Al Khalifa Avenue, P.B.No.584, Manama, Bahrain Tel:0973-210610 Fax:
0973-211577 E-Mail:intcolic@batelco.com.bh
Life Insurance Corporation
(International) E.C. was established in the year 1989 as an offshore Company by Life
Insurance Corporation of India, a statutory corporation set up
under a separate Act in India, in partnership with M/s. International Agencies Co.Ltd., a
leading business enterprise in Bahrain. The share capital of the Company is BD1,100,000
out of which 90% is held by Life Insurance Corporation of India, Mumbai. |
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The objectives of the Company are:
- To cater to the life insurance needs of Non
Resident Indians
- To help Non Resident Indians obtain Housing
Loans for purchase/construction of houses/flats in India through LIC Housing Finance Ltd.,
Mumbai, India.
The Company at present operates in
Bahrain, Saudi Arabia, Kuwait and Qatar, through its
Chief Agents, whose addresses are as under: |
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| Bahrain |
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M/s.
International Agencies Co.Ltd.,
Ali Al-Wazzan Building, Al-Khalifa Avenue,
P.O.Box No.585, Manama,
Bahrain.
Telephone: 0973-210610
Fax: 0973-211577 |
| Saudi
Arabia |
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M/s.
Al Hamidi Contracting Establishment Co.
P.O.Box 130, Riyadh 11411,
Saudi Arabia
Telephone: 09661-4880066
Fax:09661-4881012 |
| Kuwait |
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M/s.
Warba Insurance Company S.A.K.
Ahmed Al Jaber Street, P.O.Box No.24282, Safat,
Kuwait,
Postal Code 13103
Telephone: 0965.2445140
Fax:0965.2414390/2466131
E-Mail:warba@kuwait.net |
| Qatar |
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Investec
Investment Services Co. WLL
P.O.Box - 3002,
Doha, Qatar.
Telephone: 325060, 322595
Fax: 353560 |
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Mail Order Business can be accepted from NRIs situated anywhere.
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Unique features of the Company's products are as under:
- Policies suited to the various needs of
customers.
- Life Insurance policies are issued in Dollar
currencies minimising the currency risk.
- Various options to pay premiums depending
upon the convenience of policyholder as under.
- Payment by single premium
- Full premium payable in 5 years limited term
irrespective of the term of the policy.
- Higher premium during the first 5 years with
smaller premiums paid during the rest of the term.
- In case of annual premium policies premium
can be paid Quarterly, half-yearly, and Yearly.
- The Company assist NRIs to acquire a
'home-back home' by arranging housing loan from the Group Company LIC Housing Finance Ltd.
India.
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In case of repatriation of NRI's to home
country, various options are available as under:
- Transfer of policies with full existing
benefits to any of the 2048 branches located at around 1365 Centres in India.
- Option to retain the policy with LIC
(International)E.C with facility to pay the premium from foreign currency account
maintained abroad (subject to regulations in force)
- Option to pay future premiums in advance at
a discount.
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The following plans of
insurance are marketed by the Company:
- Whole Life Plan - Limited Payment - with
Profits
- Premium Back Term Plan - without Profits
- Convertible Whole Life Plan
- Participating Endowment Assurance - with
Profits
- Double Cover Endowment Plan - with Profits
- Reducing Premium Plan
- Cash Back Plans - with Profits Participating Marriage/Education Plan - with Profits Cash and Added Cover Plan - with Profits Double Cover Joint Life Plan - with Profits Protect Your Child Plan Pension Plan
- Bima Nivesh
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WHOLE LIFE PLAN - LIMITED PAYMENT - WITH PROFITS
Life Cover for the full sum assured is guaranteed during the life of the policyholder.
Premiums which are lower than most of the plans are payable for limited period at the
option of the policyholder. The policy participates in profits even after the premium
paying period is over. |
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PREMIUM BACK TERM PLAN - WITHOUT PROFITS:
Plan provides term insurance with full return of premiums on the date of maturity - ideal
for those who want to go in for cheaper cover. |
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CONVERTIBLE WHOLE LIFE PLAN
Initially, this plan is a limited payment whole life assurance participating policy with
premiums payable till 70 years age of the policyholder. At the end of five years, the
policyholder has got the option to convert this into an Endowment Plan under which the Sum
Assured becomes payable along with the accrued bonuses on the expiry of the term chosen by
the policyholder or at death if it occurs earlier. |
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PARTICIPATING ENDOWMENT ASSURANCE - WITH PROFITS
Under this plan, life cover for the full sum assured is guaranteed during the term of the
policy. At the end of the term the sum assured together with vested bonuses is payable. |
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DOUBLE COVER ENDOWMENT PLAN - WITH PROFITS
Under this plan, if the life assured survives the term, the basic sum assured together
with vested bonuses is payable. However, in the event of death before the end of the term,
double the basic sum assured together with the accrued bonuses on the basic sum assured is
payable. |
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REDUCING PREMIUM PLAN:
Ideally suitable to NRIs as the premium under this plan after the initial five years is
reduced to one third for the rest of the term.
Full life cover during the term of the policy and payment of Sum Assured together with
vested bonuses at maturity is guaranteed. Policies are issued for term of 15 years, 20
years and 25 years. |
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CASH BACK PLANS - WITH PROFITS
Under these plans, periodic payments of a portion of the Sum Assured are made during the
term of the policy. However, full life cover is guaranteed during the term of the policy,
without any deduction of the payments made earlier. Vested bonuses are paid at the time of
final payment either on death or upon survival to the term.
These plans are available for fixed terms of 12,15 and 18 years only and the details of
the periodic payments for each term are as under:
Cash Back plan - 12 years:
- at the end of year 4 20% of Sum Assured
- at the end of year 8 20% of Sum Assured
- at the end of year 12 60% of Sum Assured
together with vested bonus
Cash Back Plan - 15 Years:
- at the end of year 5 25% of Sum Assured
- at the end of year 10 25% of Sum Assured
- at the end of year 15 50% of Sum Assured
together with vested Bonus.
Cash Back Plan - 18 years:
- at the end of year 5 25% of Sum Assured
- at the end of year 10 25% of Sum Assured
- at the end of year 15 25% of Sum Assured
- at the end of year 18 25% of Sum Assured
together with vested Bonus.
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PARTICIPATING MARRIAGE/EDUCATION
PLAN - WITH PROFITS
An ideal plan to make a comprehensive provision for marriage or education of a child. This
plan guarantees
Upon Maturity:
Sum Assured together with vested
bonuses in one lump sum or in 10 Half Yearly instalments at the option of the life
Assured.
Upon death before maturity:
- immediate payment of basic sum assured
- payment of additional amount equal to the
basic sum assured together with vested bonuses on the date of maturity either in lump sum
or in 10 half yearly instalments at the option of the nominee.
- Waiver of future premiums.
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CASH AND ADDED COVER PLAN - WITH
PROFITS
Under this plan the full sum assured is payable periodically during the term of the
policy, while the risk cover continues and the policy participates in profits till the end
of the term. In addition, risk cover increases every 5 years during the term of the
policy. However, upon maturity the basic sum assured together with accrued bonuses is
payable. |
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DOUBLE COVER JOINT LIFE PLAN - WITH PROFITS
A plan covering both wife and husband under a single policy. The benefits guaranteed under
this plan are as under:
- Basic Sum Assured is payable upon death of
one of the partners, to the surviving partner
- Surviving partner need not pay further
premiums, but the policy is kept in force for the remaining term and participate in
profits
- Basic Sum Assured together with vested
bonuses will be paid at maturity to the surviving partner or to the nominee in case of
death of the surviving partner before the date of maturity
- If both partners survive the term, sum
assured together with vested bonus is payable.
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PROTECT YOUR CHILD PLAN
A plan to provide insurance cover to a child at a low rate of premium from age 21.
The plan guarantees regular income to the child and no liability to pay further premiums
till the child reaches age 21 in the event of unfortunate death of parent (proposer). |
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PENSION PLAN
- A plan to provide pension at any time after
a period of 10 years, besides covering the life, to the extent of upto 4 times the pension
corpus, as per the choice of the proponent.
- Pension can be paid for life, or with return
of corpus, to the nominee upon death, and/or with guaranteed pension payments, as per
option exercised.
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Bima Nivesh
A unique risk cover plan for those who wish to provide for their future in a lump sum.
Maturity Benefits
Sum Assured along with Guaranteed Additions and Loyalty Additions, if any, will be payable
to the policyholder on his/her surviving the date of maturity.
Death Benefits
On death of the policyholder during the term of the policy, Basic Sum Assured along with
accrued Guaranteed Additions will be payable. However, if death occurs within one year
from the date of issue of policy, the amount payable will be as under : |
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| Death
during first 6 months from the date of policy |
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95%
of premium paid |
| Death
after 6 months but before completion of One year from the date of the policy |
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Return
of premium paid |
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Compound
Guaranteed Additions
Guaranteed Additions at compound rate of 15 per thousand Sum Assured during the first five
years and 20 per thousand Sum Assured thereafter will be accuring at the end of every
policy year during the term of the policy. |
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| Loyalty
Addition
On the Life Assured
surviving the stipulated date of maturity, Loyalty Additions may be paid at such rates and
on such terms as may be declared by the Company. |
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Features
- Single Premium payment for Sum Assured
ranging between US$ 5000 and $ 20000 (in multiple of $ 1000).
- Term of the plan : 5 Years and 10 Years.
- Eligibility : Individuals between 25 and 70
years of age.
- Maximum maturity age 75 years.
Click Here for proposal form for Insurance
under Bima Nivesh |
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Special Risk Covers
Accident Cover
Accident cover to the extent of the Sum Assured but not exceeding $50,000 under all
policies is also available by payment of an additional premium of $1 per thousand sum
assured. There is also provision for payment of disability benefits in case of permanent
disability arising as a result of accidents
War Cover
Insurance coverage can be extended to war or warlike operations by payment of additional
premium of $3 per thousand Sum Assured. |
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For
Further details about our products and services, please contact the Company or any of its
Chief Agents
We will assist you in selecting a plan suitable to your needs if the following information
is made available to us :
- Name, address and telephone/fax number
- Date of Birth or year of Birth
- Approximate Income per month
- Type of plan you feel suitable for you
On receipt of the above information, we
would be able to give you the full details of the plan together with the premiums payable
and also suggest a suitable alternative one. |
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Life Insurance Corporation (International) E.C. 1st Floor, Ali Al-Wazzan Building, Al Khalifa Avenue, P.B.No.584, Manama, Bahrain
Tel:0973-210610 Fax:0973-211577 E-Mail : intcolic@batelco.com.bh |
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