The Life Insurance Corporation of India (LICI) has highlighted a concerning trend regarding life insurance coverage among working Fijians, revealing that a significant portion of this population remains uninsured. According to LICI Manager Finance Vivek Prakash, while over 400,000 income earners are registered with the Fiji National Provident Fund, only about 100,000 individuals have life insurance policies. This stark discrepancy indicates a substantial gap in financial security planning, particularly for families that depend on a single income source.
Prakash emphasized the importance of life insurance in helping households mitigate financial risks, noting that the company aims to cater to a wide range of demographics. “Our product offerings span from high net worth individuals to those at the lower end of the socioeconomic spectrum,” he explained, underscoring LICI’s commitment to providing solutions for every segment of society.
To enhance accessibility, LICI Manager Information and Network Management Raveendra Kunchanapalli stated that the company is focusing on strengthening its agent network. He mentioned plans to leverage digital platforms to reach more individuals and empower agents with data access, ultimately aiming to broaden their customer base.
The efforts to expand insurance availability are aligned with LICI’s goal of improving financial resilience and supporting long-term stability for households across Fiji. With these initiatives, LICI hopes to raise awareness and encourage more Fijians to consider life insurance as an essential part of their financial planning, fostering a culture of preparedness and security for the future.
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