ICICI, Intercol, LIC sign Bank Assurance deal

Manama : ICICI Bank, International Agencies Co. Ltd. (Intercol) and Life Insurance Corporation (International) BSC (C) have entered into a Bank Assurance agreement yesterday, it was announced. yesterday. 

The deal was signed at a ceremony held at LIC International Office, Zamil Tower, Manama.

Vikash Sharma, Regional Manager, Middle East & Africa, ICICI Bank; Rajesh Devlal, Country Head-Bahrain, ICICI Bank; Abdulrahman Ali Alwazzan, Director, Intercol; Ali Abdulrahman Alwazzan, Deputy Director, Intercol; Rajesh Kandwal, CEO & Managing Director, LIC (International); M.Manikkan, Chief Accountant, Intercol; Partha Samal, General Manager, LIC (International) and B.P. Ravi, Resident Manager, LIC Division were present on the occasion. 

The agreement will become operational subject to  receiving final regulatory approvals from the Central Bank of Bahrain. 

The bank assurance channel has been contributing substantially to the overall new business performance of LIC International for the last so many years.  Some of the very reputed banks like ADCB, Mashreq, RAK, Doha Bank, FGB, Emirates NBD,  BBK have tied up with LIC International for marketing its products.

The new relationship with ICICI Bank, according to the statement, is expected to give a further boost to the performance of the Company.  

“The coming together of 2 strong brands like LIC International and ICICI along with a reputed business house of Bahrain, ie. Intercol shall usher in a further growth in Life Insurance Industry in Bahrain,” the statement added.