Life Insurance Corporation of India (LICI) Fiji has recently transferred $180,000 in unclaimed funds to the Reserve Bank of Fiji, marking a significant step in its commitment to ensuring that benefits owed to policyholders are properly managed. This sum is linked to around 350 policies that have matured but have remained untouched for seven years or more, as detailed by LICI Fiji’s Finance and Investment Manager, Vivek Prakash.
Prakash explained that the transfer of these unclaimed monies is not just a procedural formality; it’s a regulatory requirement under the Insurance Act, which mandates that unclaimed amounts be passed to the regulator after a seven-year period. He emphasized that if customers eventually come forward to claim their funds, LICI can coordinate with the Reserve Bank to retrieve the money and pay it to the rightful owners.
The company is actively pursuing legitimate claimants, many of whom have since relocated abroad. Prakash noted the challenges in reaching these individuals, primarily due to outdated contact details. LICI is employing various methods to facilitate communication, including email outreach and social media platforms like Facebook. Additionally, the company consistently updates its website with information regarding unclaimed amounts, which encourages affected policyholders to reach out.
The efforts to recover and distribute these funds have been somewhat fruitful; after publicizing unclaimed benefits through their website and other channels, LICI received numerous inquiries from policyholders living overseas. The company reported transferring a total of $120,000 to the Reserve Bank in 2024.
In another critical area of its operations, LICI Fiji processed 182 death claims last year, totaling over $4 million. The company is now preparing for potential additional claims stemming from occurrences later in 2025, indicating both the complexity and the ongoing importance of its claims management process.
Through meticulous tracking and proactive outreach, LICI Fiji is not only fulfilling its regulatory obligations but is also striving to reunite policyholders with their rightful benefits, demonstrating a responsible approach to customer service and community support.
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