The Life Insurance Corporation of India (LICI) celebrated its 68th anniversary on September 1, 2024, highlighting a legacy of growth and dedication to its global customers. Founded in 1956 through the merger of 245 private insurers in India, LICI has become the country’s leading institutional investor and the largest life insurance provider worldwide by the number of policies, boasting over 280 million customers.
The anniversary festivities kicked off in Fiji, where LICI’s General Manager for Fiji Operations, Pradeep Shenoy, expressed appreciation for the policyholders and staff, underscoring the company’s commitment to service excellence and community support. “LICI will be undertaking many charitable activities this month,” he announced during a press conference at the company’s main office in Suva.
The occasion also commemorated LICI’s achievements, including its recognition as India’s top institutional investor and its positioning as No. 98 in the Global Fortune 500, attained after its listing on the Bombay Stock Exchange in May 2022. LICI commenced operations in Fiji on October 5, 1956, and now manages 62.5 percent of the country’s life insurance policies, servicing over 61,000 policies.
In 2023, LICI Fiji paid nearly $55 million in claims, with an additional $38 million settled in early 2024. “Last year, LICI paid out nearly 8000 different types of claims, amounting to $55 million,” Mr. Shenoy noted. “Earlier this year, the amount paid out is at $38 million for 5400 policies, including 105 death claims.”
This year, LICI Fiji also focused on enhancing customer experience by upgrading its mobile app, simplifying the login process and access to policy information. Moreover, the firm digitized 70,000 physical files, streamlining service efficiency.
“Now, customers only need to remember their email ID and a one-time password to log into the app,” Mr. Shenoy explained. The company is also planning to expand, with a new office set to open in Nadi and improved services in Labasa.
Additionally, LICI is investing in Fiji’s Government bonds, with investments totaling $61 million this year and total assets approaching $1 billion. The valuation surplus has grown by over 20 percent, indicating strong financial health, according to Mr. Shenoy.
To celebrate its anniversary, LICI will conduct various community-oriented initiatives, such as a blood donation drive, mangrove planting, park clean-ups, and charitable donations, reaffirming its commitment to social responsibility and its positive impact on Fiji and its inhabitants.