The Life Insurance Corporation of India (LICI) celebrated its 68th anniversary on September 1, 2024, marking a significant milestone in its history of growth and dedication to global clients.
Founded in India in 1956 through the merger of 245 private insurance companies, LICI has grown to become India’s leading institutional investor and the world’s largest provider of life insurance, serving over 280 million customers.
The weeklong anniversary celebrations began in Fiji, where Pradeep Shenoy, LICI’s General Manager for Fiji Operations, expressed appreciation for the support of policyholders and staff in a press conference held at their Suva office. He underscored the corporation’s commitment to service excellence and community engagement.
“LICI will be carrying out numerous charitable initiatives this month,” Shenoy stated. He highlighted LICI’s accomplishments, including its position as India’s top institutional investor and its ranking as No. 98 on the Global Fortune 500, a status achieved after 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 country’s life insurance policies, with over 61,000 policies in effect. In 2023, LICI Fiji disbursed nearly $55 million in claims and has already settled $38 million in claims in the early months of 2024.
“Last year, LICI processed almost 8,000 different claims, amounting to $55 million. This year, we’ve paid out $38 million for 5,400 policies, including 105 death claims,” Shenoy reported.
For 2024, LICI Fiji plans to enhance its mobile app to streamline the login process and improve customer access to policy information. The company has also digitized 70,000 physical files to boost service efficiency.
“There’s no longer a need to remember a username and password; customers can log in with their email ID and a one-time password,” Shenoy explained.
Expansion is also on LICI’s agenda, with a new office set to open in Nadi and improved services planned for Labasa. The company continues to invest in Fiji, holding $61 million in government bonds this year, with total assets approaching $1 billion. The valuation surplus has increased by more than 20 percent, indicating strong financial stability.
In honor of its anniversary, LICI will engage in community-focused activities, such as a blood donation drive, mangrove planting, park clean-ups, and charitable initiatives, reaffirming its commitment to social responsibility and its positive influence on Fiji and its residents.