The insurance giant, Life Insurance Corporation of India (LIC) is planning to make its presence in the overseas market in order to serve Indians in the foreign countries.
LIC is planning to enter Australia, New Zealand and South East Asia with a view to tap the Indians residing there and double the business from overseas Indians.
LIC's Managing Director, Mr D K Mehrotra said "We plan enter into new overseas territories in the new fiscal. We are looking at countries like Australia, New Zealand and Thailand."
However Mehrotra said that the decision to venture into these markets is still not final. "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," he said.
The company has a strong presence in the Middle East, especially Baharin, Dubai, Abu Dhabi, Dubai, Kuwait, Saudi Arabia and Oman. It also has a reach in Nepal, Mauritius, UK, Sri Lanka and Kenya.
LIC has a good business in the places where it has its presence. "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," said Mehrotra.