The Life Insurance Corporation of India (LICI) celebrated its 68th anniversary on September 1, 2024, highlighting a strong commitment to its global customer base. Founded in 1956 through the merger of 245 private insurers, LICI has grown to become India’s leading institutional investor and the world’s largest life insurer, serving over 280 million clients.
The celebration commenced in Fiji, with Pradeep Shenoy, LICI’s General Manager for Fiji Operations, expressing appreciation for both policyholders and staff. He noted the corporation’s dedication to service excellence and community support, stating, “LICI will be undertaking many charitable activities this month.”
During a press briefing in Suva, Shenoy emphasized LICI’s milestones, including its achievement as India’s top institutional investor and its ranking as No. 98 on the Global Fortune 500 list after its listing on the Bombay Stock Exchange in May 2022.
LICI started its operations in Fiji on October 5, 1956, and currently manages 62.5% of the nation’s life insurance policies, servicing over 61,000 policies. For 2023, LICI Fiji disbursed nearly $55 million in claims while settling an additional $38 million in the early months of 2024, according to Shenoy.
“Last year, LICI processed almost 8,000 claims valued at $55 million, and so far this year, we’ve paid out $38 million for 5,400 policies, including 105 death claims,” he mentioned.
This year, LICI Fiji has also upgraded its mobile app to streamline the login process and update policy information for customers. In addition, they have digitized 70,000 physical files to enhance service efficiency.
Shenoy stated, “Now there is no need to remember usernames and passwords; customers only need their email ID and a one-time password to log into the apps.”
Expansion is part of LICI’s future plan, with a new office set to open in Nadi and increased services to be offered in Labasa. The company has invested $61 million in Fiji’s Government bonds, with total assets approaching $1 billion. The valuation surplus has reportedly risen by over 20%, indicating strong financial stability.
To honor its anniversary, LICI will participate in various community-focused initiatives, including a blood donation drive, mangrove planting, park clean-ups, and charitable contributions, demonstrating the company’s ongoing commitment to social responsibility and its positive influence on the people and community of Fiji.