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First Gulf Bank (FGB), one of the leading banks in the UAE, announced today that it has achieved record sales worth USD 75 million premium (AED 272 million) of LIC’s innovative product Jeevan Aastha 3 in less than 30 days since the product was first released to the market.
The overwhelming interest in Jeevan Aastha 3, the first product released since the tie-up between FGB and Life Insurance Corporation (International) B.S.C. (c) (LIC) earlier this year, demonstrates the demand from the large Non-Resident Indian (NRI) expatriate community in the UAE for financial products tailored to their needs. Interestingly, over 25% of sales came through other nationalities including Emirati, Canadian, Australians, British, and Egyptian which demonstrates that customers are increasingly willing to invest in simple and easy to understand solutions.
Jeevan Aastha 3 is a single premium plan with a fixed term of three years, offering competitive fixed returns. LIC International provides a guaranteed return of around four per cent annually on the invested premium, including a basic sum assured and a top-up premium.
In recognition of the success, the Bancassurance and Wealth Management department organized an event which saw prolific senior management from both organizations including Mr. D. K. Mehrotra, Chairman of LIC of India and Mr. Thomas Mathew T., Managing Director of LIC of India. The evening was also attended by representatives from the LIC International’s Bahrain office and over 300 staff members from FGB. As well as celebrating the sales achievement, the event was followed by a high-level meeting which reinforced mutual business goals and hosted a discussion on how the two companies can continue the development of products which meet UAE residents’ needs.
Mufazzal Kajiji, Head of Wealth Management and Bancassurance at FGB, commented: “Jeevan Aastha 3 has been such a big hit with FGB customers that the product is now oversubscribed. To have achieved USD 75 million premium in sales in less than 30 days demonstrates both the understanding of the necessity of financial planning among the UAE expatriate community and their desire for financial products designed to meet their individual needs.
“The massive interest that Jeevan Aastha 3 generated also tells us that we have understood what our customers want. We have joined forces with the best-in-class partner in India, whose own strengths have provided a valuable platform for FGB to once again provide a world-class product to its customers,” Kajiji added.
R. Thamodharan, MD & CEO of LIC International, said: “LIC’s partnership with FGB was borne out of a mutual vision to create groundbreaking Bancassurance products to NRI customers in the UAE and beyond. Naturally we’re delighted that our partnership’s first product launch has generated such interest in the community and we now look forward to the development of a further suite of tailored Bancassurance products which are designed wholly around the needs of our target customers.”
In addition to confirming the success of Jeevan Aastha 3 in its first month, the meeting included the distribution of awards to FGB’s staff in recognition to their efforts in achieving the record sales figure.
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