India’s Largest Life Insurer LIC begins Journey in Bangladesh

The India’s largest life insurer, Life Insurance Corporation (LIC), has begun its journey in Bangladesh partnering with two local companies.

The Corporation started as a joint venture company, LIC Bangladesh, on Tuesday with its two local partners Strategic Equity Management Ltd or SEML Group, and Mutual Trust Bank of Bangladesh, the Indian High Commission said.

The Bank bought a 3 percent stake in LIC's Bangladesh venture while SEML Group, a fund management company, bought 7 percent shares. Insurance Development & Regulatory Authority Bangladesh’s (IDRA) Chairman M. Shefaq Ahmed inaugurated the new venture.

LIC India chairman VK Sharma, Deputy High Commissioner of Indian High Commission Adarsh Swaika, RAB Director General Benazir Ahmed and top officials of financial institutions of Bangladesh were present, among others. The Corporation has a vision to expand its Life Insurance business throughout Bangladesh by giving “best” of the service to its customers as it has been doing in other parts of world.

The Corporation has already introduced five insurance plans in Bangladesh which are “very attractive and beneficial for everyone”, said a statement. It also plans to bring in more insurance products with “attractive features” in the near future.