Life Insurance Corporation of India (LICI) Fiji has reported significant payouts in claims for the year 2023, disbursing nearly 8,000 claims amounting to $55 million. In the early part of its 2024 financial year, LICI paid out a total of $38 million across 5,400 policies. This announcement was made during the company’s 68th anniversary celebrations in Suva, where general manager Shenoy highlighted that the payouts included 105 death claims totaling $2.28 million.
LICI has also enhanced support for its policyholders through loan facilities, with over 10,000 policyholders benefiting from $30 million disbursed this year alone. Last year, the company issued more than 15,000 loans, averaging 60 loans issued each working day.
In an effort to modernize its operations, LICI Fiji has discontinued the use of physical policies, transitioning to the issuance of ePolicies. This move not only streamlines processes but also promotes environmental sustainability. Mr. Shenoy emphasized the company’s commitment to making insurance services more accessible and responsive, stating that embracing technology and expanding outreach are key goals for delivering exceptional service to clients.
To further engage with the community, LICI has been conducting road shows and service camps throughout the country.