The insurer has been granted permission to begin operations in Bangladesh as a joint venture.
The joint venture will be named LIC Bangladesh with a paid-up capital of BDT1bn.
LIC will hold half of the paid-up amount. The remaining of the paid-up capital will be owned by its Bangladeshi partners raising the amount from the capital market and local entrepreneurs.
Bangladesh Insurance Development and Regulatory Authority (IDRA) chief M Shefaq Ahmed was quoted as saying by the BDNews24 said: "We have given LIC a letter of consent upon certain conditions. They will be able to start operations once they are fulfilled."
The Indian state-owned insurer also has operations in Nepal, Sri Lanka and Singapore, apart from India.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData