The Life Insurance Corporation of India (LICI) celebrated its 68th anniversary on September 1, 2024, recognizing its legacy of growth and commitment to its global customers. Founded in 1956 through the merger of 245 private insurers in India, LICI has become the leading institutional investor in the country and the largest life insurance provider globally, catering to over 280 million customers.
The weeklong anniversary celebrations commenced in Fiji, where LICI’s General Manager for Fiji Operations, Pradeep Shenoy, expressed gratitude to both policyholders and staff. He highlighted the company’s commitment to service excellence and community support. “LICI will be undertaking many charitable activities this month,” he stated during a press conference at their main office in Suva.
Shenoy noted that the anniversary underscores LICI’s accomplishments, including its role as India’s foremost institutional investor and its position as number 98 on the Global Fortune 500, following its listing on the Bombay Stock Exchange in May 2022.
LICI commenced operations in Fiji on October 5, 1956, and currently manages 62.5 percent of the nation’s life insurance policies, servicing over 61,000 policies. In 2023, LICI Fiji paid out nearly $55 million in claims and has already settled $38 million in claims in the early months of 2024.
“Last year, LICI paid out almost 8000 different types of claims, amounting to $55 million. Earlier this year, the payout stands at $38 million for 5400 policies, including 105 death claims,” Shenoy reported.
As part of its initiatives this year, LICI Fiji has upgraded its mobile app to simplify the login process and provide easy access to policy information for customers. The company has also digitized 70,000 physical files to enhance service efficiency and accessibility.
“Now, customers only need to remember their email ID and utilize a one-time password to access the app,” Shenoy explained.
Plans for expansion include opening a new office in Nadi and enhancing services in Labasa. LICI has also invested in Fiji’s Government bonds, with investments reaching $61 million this year and total assets nearing $1 billion. The company’s valuation surplus has seen a growth of over 20 percent, indicating strong financial health, according to Shenoy.
To mark its anniversary, LICI will engage in various community-oriented initiatives, including a blood donation drive, mangrove planting, park clean-ups, and charitable donations, demonstrating its commitment to social responsibility and positive impact in Fiji.