Life Insurance Corporation of India (LICI) Fiji Operations reported that it disbursed nearly 8,000 claims amounting to $55 million in 2023. In the first eight months of the 2024 financial year, the company paid out $38 million across 5,400 policies.
During the celebrations marking LICI Fiji’s 68th anniversary in Suva, general manager Shenoy highlighted that the payouts included 105 death claims totaling $2.28 million.
Furthermore, LICI has increased its support for policyholders through its loan facility, with over 10,000 policyholders utilizing this option, resulting in $30 million disbursed this year. Last year, the company issued more than 15,000 loans, averaging about 60 loans per working day.
In a move towards modernization, LICI Fiji has phased out physical policies and now provides ePolicies, which streamline processes and support environmental sustainability.
“Our goal is to enhance the accessibility and responsiveness of our insurance services to meet policyholders’ needs,” Mr. Shenoy stated. “By leveraging technology and strengthening our outreach, we aim to deliver exceptional service and support to our valued clients.”
As part of its outreach efforts, LICI has been engaging with communities through road shows and service camps throughout the country.