Mumbai, July 5 :    Mumbai, July 5:  Life Insurance Corporation (LIC) is planning to step into the United States with two policies targeted at the non-resident Indians there. 'We are awaiting a nod from the Indian authorities before venturing into US,' managing director and current in-charge, A Ramamurthy, told The Telegraph. Once it comes through, a memorandum of understanding will be signed with Nationwide. The insurance monolith will initially look at setting up operations in New York and California. 'After we establish ourselves in the two cities, which have a significant NRI population, we will look at expanding to New Jersey and Texas,' Ramamurthy said. There are 1.8 million Indians in the US, most of whom live in the four states where LIC wants to go first. A study has shown the per capita income of the Indians to be the highest in America's migrant population. LIC will have to canvass for business for a year as a corporate agent for Nationwide before it can enter into a co-branding arrangement with a US insurance major. LIC will devise two custom-made policies for the NRIs. The first will be a term insurance product that will provide life cover in dollars, in addition to a pension plan for the policy-holder's dependants in India, in rupees. The scheme has been devised with an eye on the large number of Indian software professionals in US. The second plan will be a Children's policy. Ramamurthy said NRIs prefer to educate their children in top Indian institutes like IIMs and IITs. To facilitate this, the corporation is working on a scheme that would provide successive annual installments after a stipulated period to the policy-holder's child in rupees. For LIC, picking Nationwide as its partner for the US venture was not difficult because it gave an undertaking that it will not enter India for business. Nationwide Mutual Insurance Company, along with its subsidiaries and affiliates (collectively referred to as Nationwide), is one of the largest insurance and financial services company in the world, with more than $ 113 billion in statutory assets.