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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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ICICI 1 - Copy

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). 

ICICI 2 - Copy

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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UCMAS 2

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.

UCMAS

Chairman Mr. V.K. Sharma Receiving the Golden Peacock National Training Award I (GPNTA) by IOD ‘Dubai Global Convention 2017’

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IOD 2

IOD – The Institute of Directors is a business organization for company directors, senior business leaders and entrepreneurs. The IOD, per its mission statement, stands for “free enterprise, entrepreneurialism, wealth creation and good corporate governance”.

Promotes the public benefit high levels of skill, knowledge, professional competence and integrity on the part of directors. It also promotes the study, research and development of corporate governance.

Golden Peacock Awards, instituted by the Institute of Directors (IOD), India, are now regarded as a benchmark of Corporate Excellence worldwide.

IOD Presents ‘Dubai Global Convention 2017’ the 27th World Congress on Business Excellence and Innovation.

The convention took place in The Grand Hayat Hotel – Dubai, UAE on 18th- 20th April, 2017; the theme was: “Driving Performance Excellence through Disruptive Innovation and Visionary Leadership”.

IOD

2017-01-25 11_48_02-Bollywood Rewind Timings  -Website - Word

LIC International sponsors Bollywood Rewind

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LIC International sponsors Bollywood Rewind, a back to back music and talk show on Indian retro music and Bollywood industry, played on-air on Saturday and repeats on Friday. The RJs for the show are Mr. Hemang and Ms. Neeti.

 

Timings:

Saturday – 9.00 to 10.00 am

Friday   – 10.00 to 11.00 am (repeat)

 

Khushi is a “Mascot” specially for child plans of LIC International

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55-1st pic

Khushi is a “Mascot” specially for child plans of LIC International. Through “Khushi” we convey in interesting manner the role Life Insurance plays in offering solutions like, providing for higher education to our children, benefits of savings for rainy day and keeping the family protected from any unforeseen contingency. “Khushi” also conveys in another dimensions about good habits as well.

For more information, please  visit Khushi Website – www.khushi4life.com or Facebook page.

 

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LIC International RJ Junior of the Day Felicitation Event

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rj-1On Friday, 27th November 2015 LIC International and 104.2 Your FM had jointly organized “RJ Junior of the Day” Felicitation function at Adhari Park. 104 students were invited along with their parents to receive their certificates for their participation in “RJ Junior of the Day” segment. Mr. Rajesh Kandwal, CEO & Managing Director – LIC International and Mr. Kailash Ezhuvath, CEO & Director – Your FM were present at the event as the Chief Guests. LIC International was also represented by the Mr. Partha Samal, General Manager who addressed all the students and parents informing them about the various offerings from LIC International in Bahrain.

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