Dubai: India's LIC International and Abu Dhabi-based First Gulf Bank are planning to introduce a unique co-branded credit card in the United Arab Emirates to address concerns of insurance policy holders.
It is first of its kind payment solution. This is the first time that an insurance firm has entered into a strategic alliance with a bank in the gulf country.
Insurance payments, persistency and ad hoc surcharge levied by many insurance companies on premium payments through cards have been a concern among many policyholders in the UAE.
Through this programme, the bank will provide a payment solution to these issues in addition to developing a loyalty platform for their common customers with unique benefits.
“It is about partnering with one of the most trusted brands globally and working together to offer significant value added services, protection and saving products along with a best-in-class loyalty platform to all UAE residents and joint customers,” Executive Vice President and Head of Mass Market Consumer Banking Group, Girish Advani, said.
“This cooperation will offer value-added services to customers from two customer-focused organisations. In the coming weeks residents will see that FGB and LIC International are both continuing to work towards ‘Insuring Lives. Ensuring Happiness' Our customers should look forward to receiving a range of important features and benefits with their co-branded credit card,” LIC International CEO, MD, Rajesh Kandwal, said.
The January 2013 cooperation of both the organisations has led to record sales worth $75 million for ‘Jeevan Aastha 3' and to obtaining total premium worth $100 million in 8 weeks for LIC's new insurance product ‘Jeevan Nivesh'
LIC International, established in Bahrain in 1989 by LIC of India to facilitate residents in the gulf region, has over 350 million policyholders worldwide.
FGB, established in 1979, offers a full range of financial services through its branches spread in many parts of the world.
