Life Insurance Corporation of India (LICI) Fiji Operations announced the disbursement of nearly 8,000 claims totaling $55 million in 2023. In the first eight months of its 2024 financial year, LICI paid out $38 million across 5,400 policies.
During the company’s 68th anniversary celebrations in Suva, general manager Shenoy disclosed that this payout included 105 death claims amounting to $2.28 million.
LICI has also enhanced its offerings for policyholders through a loan facility that has benefited over 10,000 individuals, with $30 million disbursed this year. Last year, the company processed over 15,000 loans, averaging 60 loans issued each working day.
As part of its modernization efforts, LICI Fiji has replaced physical policies with electronic versions, transitioning to ePolicies since last year. This move not only streamlines operations but also promotes environmental sustainability.
“Our goal is to make insurance services more accessible and responsive to our policyholders’ needs,” Mr. Shenoy stated. “By embracing technology and expanding our outreach, we aim to provide exceptional service and support to our valued clients.”
To further engage with the community, LICI has been active in organizing road shows and service camps throughout the country.