The Life Insurance Corporation of India (LICI) celebrated its 68th anniversary on September 1, 2024, highlighting its legacy of growth and dedication to its global clients. Established in 1956 through the merger of 245 private insurers, LICI has become India’s leading institutional investor and the largest life insurance provider worldwide, serving over 280 million customers.
The anniversary celebrations kicked off in Fiji, where LICI’s General Manager for Fiji Operations, Pradeep Shenoy, expressed appreciation to policyholders and staff. He underscored the corporation’s commitment to excellence in service and community engagement. “LICI will be undertaking many charitable activities this month,” he stated during a press conference in Suva.
Shenoy noted LICI’s significant accomplishments, including being recognized as India’s top institutional investor and ranking No. 98 on the Global Fortune 500 list, a milestone achieved after its listing on the Bombay Stock Exchange in May 2022.
Since launching operations in Fiji on October 5, 1956, LICI has grown to manage 62.5% of the nation’s life insurance policies, servicing over 61,000 policies. In 2023, the company paid out nearly $55 million in claims and settled $38 million in claims in the early months of 2024.
“Last year, LICI paid out nearly 8000 different types of claims totaling $55 million, and this year $38 million has been disbursed for 5400 policies, including 105 death claims,” Shenoy added.
For this year, LICI Fiji has enhanced its mobile app to simplify customer access, eliminating the need for usernames and passwords and requiring only an email ID and one-time password for login. The company has also digitized 70,000 physical files, significantly improving its service efficiency.
Additionally, LICI plans to open a new office in Nadi and enhance services in Labasa. The corporation is investing in Fiji’s government bonds, with investments totaling $61 million this year and total assets approaching $1 billion. The valuation surplus has risen by over 20%, indicating strong financial health.
In honor of its anniversary, LICI aims to engage in numerous community activities, including a blood donation drive, mangrove planting, park clean-ups, and charitable donations, reaffirming its commitment to social responsibility and its positive impact on the Fijian community.