ICICI Pru Life sets up office in Bahrain

Friday 25, November, 2005 The Indian insurers are in a move to broaden their horizons outside the country now. As a move in this direction, the country?s largest private insurer, ICICI Prudential Life Insurance Company has opened its first overseas office in Bahrain. Through this attempt, it will sell its insurance products to the Indians residing in the Gulf regions. It successfully got permission from Bahrain Monetary Authority to set up its own office. However, the parent company, ICICI Bank already has its base set up in Bahrain. Earlier the policies that were sold were through the medium of bancassurance tie-ups. This new set up is targeted to the Indian population residing in the Gulf region since it has large concentration of non-residential Indians and they account for the largest group of Indian workers temporarily residing there. The company has its presence already built up in countries like UK, Honk Kong and Singapore where a large Indian population reside hence it is now focusing on the Gulf regions. NRI?s can purchase insurance from the local companies through mail order business and the premium that needs to be paid can be done in foreign exchange by way of remittance. The non-residents can purchase the policies provided they have not applied for overseas citizenship.

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