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MOU signed between LIC (International) and IBMC International- DMCC on 12th July, 2018 at Abu Dhabi

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The MOU is signed by Mr. Rajesh Kandwal, CEO & MD, LIC (International) and Mr. Sajith Kumar P K, CEO & Managing Director, IBMC International UAE in the presence of H.E. Sheikh Khalid Bin Ahmed Al Hamed, Chairman-IBMC International UAE and Adv. Benoy SasiInternational Lawyer-DIFC, India High Courts, duly witnessed by Ms. Mini Ipe, Executive Director (International Operations), LIC of India and Mr. Suyash Telang, Resident Manager, Abu Dhabi.

 

IBMC UAE- INDIA BUSINESS FEST 2017 – ‘‘ABU DHABI EMIRATE’’

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Chairman, Shri V.K. Sharma (third from right) being awarded with most prestigious IBMC UAE- INDIA Business Ambassador Award 2017 at IBMC UAE- INDIA BUSINESS FEST 2017 by H. E. Shaikh Khalid Bin Ahmed Al Hamed (second from right), Chairman, IBMC, United Arab Emirates. In this picture, third from left is Mr. Sajith Kumar P K, CEO& MD of IMBC and first from the right is H.E. Dr. Mohammed Saeed Al Kindi, Former Minister of Environment & Water, UAE.

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 Mr. V. K. Sharma, Chairman of LIC India delivering his keynote address on ‘‘Insurance Regulatory Changes and Its Advantages in the Changing Economic Scenario’’ on the Dias in IBMC UAE- India Business fest 2017.

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Chairman, Mr. V. K. Sharma visits LIC (International) Branch Office at Abu Dhabi

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Mr. V.K. Sharma, Chairman of LIC India is being welcomed by Mr. Rajesh Kandwal, CEO& MD, LIC (International) at LIC (International) Branch Office at Abu Dhabi on 12th December, 2017.

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Mr. V. K. Sharma, Chairman of LIC India (sitting third from right ), Mr. Rajesh Kandwal, CEO& MD, LIC (International) along with Team members at Abu Dhabi Branch Office on 12th December 2017.

 

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Value Added Tax (VAT) from 01.01.2018 and its Impact on LIC International policies taken in UAE

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The United Arab Emirates (“UAE”) has recently issued its domestic VAT Law, Federal Decree-Law No. 8 of 2017 (“Decree Law”) to implement Value Added Tax (“VAT”) in the UAE at the standard rate of 5%, by 1 January 2018.

The Ministry of Finance, UAE has published Executive Regulations in respect of VAT on 28th November 2017 which provides you clarity with respect to how VAT will apply to financial services.

You can get the detailed information on

https://tax.gov.ae/index.aspx

https://www.mof.gov.ae/En/budget/Pages/VATQuestions.aspx#faq2

Application to our services

As per law, Life Insurance comes under exempt services. But few of our services are subject to VAT. Please contact our branch office in Dubai or Abu Dhabi for more details.

VAT will apply to supplies of goods and services from 1 January 2018, even if the contract for the supply of such goods or services was entered into before that date. This means that even though you have taken life insurance policy before 31.12.2017, VAT may apply to some services which will be provided to you from 1 January 2018.

Contact Details of our Offices in UAE

Dubai Office,

 Life Insurance Corporation (International) BSC (c),

106, Baituti Building, Behind Karama Fish Market, PO Box 60793, Al Karama,

Dubai (UAE)

Tel: +971-4-3354858, Fax: +971-4-3354684

Toll free Number- 800-LICI (8005424)

Abu Dhabi Office,

 Life Insurance Corporation (International) BSC (c),

404,4’th Floor, Al Maheri Building, Near NMC hospital, Madina Zayed,

Abu Dhabi (UAE)

Tel: +971-2-6399133, Tel: , Fax: +971-2-6399131

 

LIC International held its Audit Committee Meeting and Board Meeting on 22nd and 23rd November 2017

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BOARD MEET

The 100th Meeting of the Board of Directors of LIC (International) BSC © was held at Movenpick Hotel, Bahrain on 23rd November, 2017.

The meeting was attended by Mr. V.K. Sharma, Chairman, LIC of India, Mrs. Usha Sangwan, Managing Director, LIC of India, Mr. Abdulrahman Ali Alwazzan, Director, Intercol, Mr. Rajesh Kandwal, CEO & MD, LIC (International) Bahrain.

The Board took note that the Company has already achieved its New Business target in terms of Total First Premium Income and also Non Single Premium.  The total First Premium Income achieved by the Company as on 15th November, 2017 is over USD 371 million, registering a growth of over 36 percent.    In terms of new policies written, the Company registers a healthy growth of over 6 percent.  As on 15th November, 2017, 18 Consultants have qualified for MDRT and 2 for COT during the year.

Signing of Marketing Agreement with ICICI Bank

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From left to right: Mr. Jayachandran Kittikkat (Deputy Chief Accountant, Intercol),  Mr. M. Manikkan (Chief Accountant, Intercol), Mr. Partha Samal (General Manager, LIC International), Mr. Rajesh Kandwal (CEO & MD, LIC International), Mr. Ali A.R. Al Wazzan (Deputy Director, Intercol), Mr. AbdulRahman Ali Al Wazzan (Director, Intercol), Mr. Vikash Sharma (Regional Head MENA, ICICI Bank), Mr. Rajesh Devlal (Country Head Bahrain, ICICI Bank), (Mr. Saransh Jain, Head- Retail Banking ICICI Bank). 

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From left to right: Mr. M. Manikkan (Chief Accountant, Intercol), Mr. Partha Samal (General Manager, LIC International), Mr. Rajesh Kandwal (CEO & MD, LIC International), Mr. Ali A.R. Al Wazzan (Deputy Director, Intercol), Mr. AbdulRahman Ali Al Wazzan (Director, Intercol), Mr. Vikash Sharma (Regional Head MENA, ICICI Bank), Mr. Rajesh Devlal (Country Head Bahrain, ICICI Bank), (Mr. Saransh Jain, Head- Retail Banking ICICI Bank), (Mr. Sachin Sethi, Head-Private Banking ICICI Bank).

 

LIC (International) Sponsored UCMAS ‘National Abacus & Mental Arithmetic and Listening Skill Competition’- Dubai, 2017

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As a global brand, UCMAS is the largest worldwide skill development program promoting the universal concept of a mental arithmetic system for children between the ages of 4 and 12. Operational in 52 countries, UCMAS has trained more than a million students worldwide and about 25000 students across 27 centers in the United Arab Emirates since its inception in 2003. The UCMAS approach promotes holistic brain development and establishes core skills that greatly enhance the learning experience of the child with the aim of bringing out the best in every child.

 

UCMAS is one of the programs promoted by Abacus Quest Point (AQP), a company registered in the UAE and part of ARK Global Venture, a holding company registered in the United Kingdom. Other programs promoted by AQP include DinoArt, Robotics and Vegaamath.

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