LIC plans to enter, Australia, New Zealand and SE Asia

Life Insurance Corporation of India (LIC) plans to enter Australia, New Zealand and South East Asia to cater to insurance needs of the people of Indian origin in those countries and thereby almost double its business from overseas Indians.

"We plan enter into new overseas territories in the new fiscal. We are looking at countries like Australia, New Zealand and Thailand," D K Mehrotra,  managing director of LIC, said, adding that plans are still at a preliminary stage.

LIC may also enter into joint ventures or tie-up with financial institutions to enter these markets, he said.

"Various options are being thought upon. This could be through setting up of own subsidiaries or forming joint ventures or just opening up of the representative offices by the company," Mehrotra said.

LIC, besides the SAARC countries of Nepal and Sri Lanka has strong presence in the Middle East, especially in Baharin, Dubai, Abu Dhabi, Dubai, Kuwait, Saudi Arabia and Oman. It has also a presence in Mauritius, the UK and Kenya.

"Overseas operations contribute to three per cent of our total premium income now and we aim to make it to five per cent in the next three years," Mehrotra said.

LIC, the country's top insurance company, is also planning to launch some health and ULIP products in the current fiscal, he said.