RIYADH, 6 January — The Saudi British Bank has entered into a business agreement with Al-Hamidi Contracting Est. Co., the chief agents for Life Insurance Corporation of India (LIC International), for collection of insurance premiums. This arrangement will ensure continuous insurance policy cover. Syed Nisar Ahmad, LIC International's country manager, said the Indian insurance company had been issuing more than 4,000 to 5,000 policies annually in the Kingdom. The move to tie up with the SABB for collecting the premiums will benefit the Life Insurance Corporation, which has intensified efforts to promote its business in the Kingdom.
The scheme takes the form of direct debit operated by SABB on behalf of LIC International. Entitled "SABB EasyPay Service", it can be set up through any of the bank's branches.
The LIC International, which operates under the sponsorship of Al-Hamidi Contracting Est., has branches in Riyadh, Jeddah, Alkhobar, Al-Hasa, Buraidah, Abha, Al-Jouf, Hail and Jubail. Of late, LIC has introduced several new schemes to attract non-resident Indians (NRIs).
This insurance firm has launched a new "Marriage/Education Policy", for meeting marriage and educational expenses of children. The minimum sum assured under this policy, to be issued for terms ranging from five to 20 years, will be $3,750 and the maximum will be $60,000. The policyholder can apply for a loan on the security of the policy after it has acquired paid-up value.
Another insurance plan promoted by the LIC in Saudi Arabia is called "Participating Endowment Policy", which grants life cover and a lump sum amount including bonuses at the end of the term. A nominal addition to premium entitles the policyholder to special accident benefits. In case of permanent disability, all future premiums are waived.
