The Life Insurance Corporation of India (LICI) celebrated its 68th anniversary on September 1, 2024, reflecting on a legacy marked by growth and a commitment to its global clients. Founded in 1956 through the amalgamation of 245 private insurers, LICI has established itself as India’s leading institutional investor and the largest life insurance provider in the world by the number of policies, boasting over 280 million customers.
The weeklong anniversary celebrations began in Fiji, where LICI’s General Manager for Fiji Operations, Pradeep Shenoy, acknowledged the support of policyholders and staff. He highlighted the company’s dedication to service excellence and community engagement. “LICI will be involved in numerous charitable activities this month,” he announced at a press conference in Suva.
Shenoy pointed out LICI’s significant achievements, including its position as India’s top institutional investor and its ranking of No. 98 in the Global Fortune 500, a status attained after being listed on the Bombay Stock Exchange in May 2022.
Having started operations in Fiji on October 5, 1956, LICI now oversees 62.5 percent of the country’s life insurance policies, managing over 61,000 policies. For 2023, LICI Fiji has paid out approximately $55 million in claims and provided $38 million in claims in the early months of 2024.
“Last year, LICI processed nearly 8,000 different claims amounting to $55 million. So far this year, we’ve already paid out $38 million for 5,400 policies, which included 105 death claims,” Shenoy stated.
As part of its objectives for this year, LICI Fiji has enhanced its mobile app to simplify the login process and improve access to policy information. Additionally, the company has digitized 70,000 physical files to boost service efficiency.
“Now, customers only need to remember their email ID and one-time password to log into the app,” Shenoy explained.
Future expansion plans include opening a new office in Nadi and enhancing services in Labasa. LICI is also a significant investor in Fiji’s government bonds, with investments totaling $61 million in 2023 and overall assets approaching $1 billion. Shenoy reported that the valuation surplus has risen by over 20 percent, indicating strong financial health.
To honor its anniversary, LICI will carry out various community-focused initiatives, such as a blood donation drive, mangrove planting, park clean-ups, and charitable contributions, reaffirming its commitment to social responsibility and its positive influence on Fiji and its residents.