LICI Pays $46m in Claims in 2022
Life Insurance Corporation of India (LICI) has paid more than $46 million of various claims in its 2022 financial year. This is for around 8000 claims over the period.
This was confirmed by general manager of LICI Fiji Operations Pradeep Shenoy during a ‘Meet and Greet’ session with customers at Shiva’s Wine and Dine in Sigatoka last week.
The sessions are part of the insurance company’s ongoing initiative but was the first such event by the
Sigatoka branch.
More than 130 LICI customers attended the event.
Similar events have been conducted by LICI at Nadi, Lautoka, Savusavu and Labasa in the past few months.
Facility loan
More than 13000 customers accessed the facility of loan under their policies in 2022 and the amount of loan given was $37 million.
LICI invested $90 million in Fiji
Infrastructure Bonds in 2022 taking the cumulative investments of LICI in FIBs to over $800 million. Mr Shenoy said LICI holds a 62 per cent share of the life insurance market in Fiji in terms of policies.
He shared the various initiatives taken by LICI to improve customer services.
These include the launch of a mobile application for customers last year through which LICI customers can access a lot of information about their policies like premium position, availability of loan, date of payment of Survival Benefit or Maturity Claim, details of nominee. LICI customers can pay their premiums through various options like M-PAiSA, internet banking, payment at any branch of any bank in Fiji and Post Fiji outlets. Mr Shenoy emphasised on the importance of savings that should be made by all during the earning years so that the post-retired life does not become miserable when income stops and one becomes dependent on children or others. He also spoke about the too many deaths in road accidents happening in Fiji leading to the families of the deceased suffering irreparable emotional as well as financial loss. While nothing can be done about the emotional loss, the financial loss can be mitigated to some extent if the deceased was insured.
LICI holds a number of initiatives to reach out to customers through roadshows and service camps.