The Life Insurance Corporation of India Fiji reports it has paid out more than 29 million in claims so far this year, underscoring its role as a financial safety net for thousands of Fijians. General Manager Suva Pradeep Shenoy emphasizes that while the total payout is substantial, the real impact lies in the people and families behind each claim. He notes that 121 death claims have been settled this year, highlighting the emotional and financial relief that timely payouts provide to bereaved families and dependents.
The company shared a personal example to illustrate the effect of its fastest decisions. Taxi driver Monish Chand recounted that his wife died after only two payments on a twenty-year policy, but LICI paid him in full within 15 days.
LICI Fiji continues to be the dominant life insurer in the market, with more than 70,000 active policies and a 62 percent market share. The lender’s ongoing modernization and outreach reinforce its position as a trusted financial partner for Fiji’s families.
Beyond payouts, LICI Fiji has been advancing digital initiatives. The insurer has shifted away from physical policies to electronic policies (ePolicies) to streamline service delivery and promote environmental sustainability. This modernization is part of a broader effort to make insurance more accessible and responsive, with Shenoy reiterating the commitment to leveraging technology and expanding reach.
The company also supports policyholders through a loan facility, with over 10,000 policyholders benefiting from about 30 million disbursed this year. Last year, LICI issued more than 15,000 loans, averaging around 60 loan disbursements per working day.
These gains come against a backdrop of robust performance. In 2023, LICI Fiji processed nearly 8,000 claims totaling about 55 million. In the first eight months of the 2024 financial year, payouts reached roughly 38 million across about 5,400 policies. The company marked its 68th anniversary in Suva with reflections on these solid figures, including 105 death claims totaling about 2.28 million.
LICI Fiji has also scaled up its community engagement, organizing roadshows and service camps across the country. The insurer has invested in Fiji’s government bonds and holds a total asset base approaching one billion dollars, with a valuation surplus growth of more than 20 percent, signaling strong financial health.
Expansion plans are in motion, including opening a new office in Nadi and expanding services in Labasa. The company’s broader strategy combines digital modernization, enhanced accessibility, and strengthened outreach to ensure policyholders continue to receive timely, meaningful support during difficult times.
Summary: LICI Fiji reports ongoing strong payout activity, rapid claims processing, and a broad modernization push that includes ePolicies, a large loan facility, and widespread community outreach. The combination of high customer demand, digital upgrades, and expansion plans positions LICI Fiji to continue supporting Fiji’s families with affordable, reliable life insurance and related financial services. Positive momentum suggests a more secure financial future for many households as insurance becomes an increasingly central part of personal finance in Fiji.
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