LICI Fiji sees growing demand for life insurance as younger households seek to secure their financial future, while outreach to rural and maritime communities remains a hurdle
The Life Insurance Corporation of India (LICI) Fiji says the appetite for life insurance is strengthening, with a notable uptick among younger families looking to secure their financial futures. General Manager Pradeep Shenoy notes that despite rising interest, awareness gaps persist in rural and maritime areas, where access to information about insurance products is limited.
Insurance is increasingly viewed as essential in the face of inflation and health emergencies, Shenoy says. “People generally find it difficult to save after they receive the salary or their income. And then at the end of the month, if you ask them to pay a part of their salary, they find it very difficult to save. So, for LICI, our market is to the extent of 85% salaried individuals.” He adds that partnering with financial institutions and leveraging mobile platforms helps make policies more accessible and affordable for a broader segment of the population.
In Fiji, Reserve Bank of Fiji Governor Ariff Ali underscores the role of insurance in directing long-term investments into the economy, noting that Fijians’ savings are evolving with higher disposable income and inflows from remittances and other income streams.
LICI highlights that the most in-demand insurance areas remain family protection, children’s education, and retirement savings. To address these needs, the company has rolled out two new products—the New Money Tree Plan and the New Gold Life Plus Plan—designed to offer affordable long-term savings and robust family protection options.
The broader context shows LICI Fiji’s ongoing efforts to modernize and broaden access. In 2023, LICI Fiji processed nearly 8,000 claims totaling about $55 million, and in the first eight months of the 2024 financial year, payouts reached roughly $38 million across about 5,400 policies. During the company’s 68th anniversary celebrations in Suva, Shenoy noted that the payouts included 105 death claims totaling around $2.28 million. The insurer has also expanded support through a loan facility that has benefited over 10,000 policyholders, with about $30 million disbursed this year.
To streamline services, LICI Fiji has shifted away from physical policies in favor of electronic policies (ePolicies) and has digitized tens of thousands of documents to boost efficiency. The company has also been active in community outreach, conducting roadshows and service camps across the country.
Looking ahead, expansion plans include opening a new office in Nadi and enhancing service presence in Labasa. LICI continues to invest in Fiji’s financial landscape, with significant holdings in government bonds and a total asset base approaching one billion dollars, supported by a healthy valuation surplus. These moves align with a broader strategy to improve accessibility and responsiveness for policyholders.
Summary: LICI Fiji is experiencing growing demand for life insurance among younger households, with ongoing efforts to close awareness gaps in rural areas through digital channels, new affordable savings products, and expanded outreach and service capabilities. The combination of stronger consumer interest, digital modernization, and strategic investments positions LICI Fiji to support long-term financial protection for Fiji’s families. Positive momentum suggests a more secure future for individuals and communities as insurance becomes a mainstream financial tool.
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