The Life Insurance Corporation of India has opened a branch in Muscat to cater to over 300,000 non-resident Indians in Oman.
This branch would be able to dispense and settle insurance policies in Muscat itself, LIC said in a release on Friday.
The branch would operate under LIC (International) LLC, a Bahrain-based offshore subsidiary of LIC, with Gulf Insurance Agencies Co as chief agent, the release added.
LIC's popular policies like endowment plan, money-back policies and child education plan would be available to customers in Oman, its director (international operations) M K Santhanam said.
The advantage of having an LIC policy in Oman is that it could be transferred to India with the option of retaining the premium payments and settlement of policies, the release added.