$10.3 Mil­lion paid out to LICI pol­icy holder; high­est ever

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Life In­sur­ance Cor­po­ra­tion of In­dia will pay out an all-time high bonus of $10.13 mil­lion amongst its Fi­jian pol­i­cy­hold­ers. The to­tal bonus paid has grown by 15 per cent over the pre­vi­ous year, LICI gen­eral man­ager, Vim­lesh Dhar, an­nounced dur­ing a press con­fer­ence yes­ter­day.

“It has been a suc­cess­ful 2015 notch­ing up sales of 9541 poli­cies un­der in­di­vid­ual in­sur­ance with a growth of ap­prox­i­mately 15 per cent,” he said.

LICI is cur­rently ser­vic­ing over 60,000 poli­cies in Fiji and also achieved the mile­stone of cross­ing $0.5 bil­lion dol­lars in­vest­ment in Fiji as at end of 2015.

“All the in­vest­ments of LICI are in Fiji es­pe­cially in the Fiji In­fra­struc­ture Bonds which is help­ing to build the in­fra­struc­ture in Fiji,” he said. LICI has in­vested more than $63 mil­lion in the Fiji In­fra­struc­ture Bond.

In ad­di­tion to the bonus, LICI has also de­clared ad­di­tional bonus paid out on ma­tu­rity for poli­cies of longer tenures of 15 or more years. LICI adds re­ver­sion­ary bonus to pol­i­cy­hold­ers ac­count at the end of ev­ery year. Thus, LICI pays out 95 per cent of its dis­tributable sur­plus to its cus­tomers. Mr Dhar said LICI is work­ing closely with Post Fiji for in­creas­ing mo­bil­ity to its cus­tomers for de­posit of pre­mi­ums for those in ru­ral ar­eas.

Bun­dle In­sur­ance

LICI is col­lab­o­rat­ing with other in­sur­ers not only in the life in­sur­ance sec­tor but in­sur­ance in gen­eral un­der the Re­serve Bank’s in­clu­sion ini­tia­tive for launch­ing of a new prod­uct. The prod­uct will in­clude many cov­ers that one per­son has to take sep­a­rately which can be very ex­pen­sive, but this bun­dle will be con­ve­nient to buy and sell. Mr Dhar said more peo­ple can be cov­ered in a short span of time.

The prod­uct will have life in­sur­ance, health, fire, ac­ci­den­tal cover in­sur­ance. Mr Dhar said at the mo­ment, only 12 per cent of the pop­u­la­tion has life in­sur­ance pol­icy.

“We hope this prod­uct is very af­ford­able, the pre­mium is limited to $50 per an­num with the cov­er­age of $10,000 of risk cover com­bined of all the fea­tures,” he said. He said the date to launch the prod­uct is set for July 2016. Mr Dhar said the ini­tia­tive is through the Re­serve Bank of Fiji un­der the ban­ner of Na­tional Fi­nan­cial In­clu­sion Task­force.


From left: Man­ager (Fi­nance, In­vest­ment and Hu­man Re­source) Anand Gur­preet, Gen­eral Man­ager LICI Vim­lesh Dhar and Man­ager (In­for­ma­tion Sys­tems) Deepak Tak.

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