LICI Celebrates Achievement In A Big Way

The twin objectives of monetary policy of maintaining adequate foreign reserves level and price stability remains intact. This was highlighted by Ariff Ali, Governor, Reserve Bank of Fiji during the
01 Sep 2018 10:00
LICI Celebrates Achievement In A Big Way
Reserve Bank of Fiji Governor Ariff Ali with the staff LICI during the celebrations on August 30,2018.Photo:Simione Haravanua.

The twin objectives of monetary policy of maintaining adequate foreign reserves level and price stability remains intact.

This was highlighted by Ariff Ali, Governor, Reserve Bank of Fiji during the LICI, Fiji Operations celebration of being awarded with Fiji Business Excellence Prize 2017 on Thursday night at Suva’s Grand Pacific Hotel.

“As of 29 August, 2018, foreign reserves stands were around $2.2 billion, which is sufficient to cover 5.0 months of retained imports.

“Inflation increased by 4.7 per cent in July and is expected to track around similar levels by year-end.

“while overall inflation has trended upwards in recent months, this was largely been due to supply side shocks from the natural disasters earlier in the year and increases in global commodity prices which are beyond our control.

“Excluding volatile items that are directly affected by these shocks, core inflation is expected to remain below 2.0 per cent.

“This positive outlook on the economy augurs well for insurance companies as research shows that there is a direct positive relationship between economic growth and new insurance policies,” he said.

Mr Ali highlighted that LICI registered over 11,000 new policies in 2017 and currently has around 63,000 policies in force.

“In return, LICI Fiji paid out around $67 million in policy payments last year and declared a bonus of approximately $11m this year.

“Additionally, its policy of distributing 95 per cent of its bonus means that the real beneficiaries are the Fijian policy holders.”

He noted that the pool of funds collected by LICI is invested back into the economy.

“Over the years, LICI has invested over $0.5 billion in the economy, the bulk of which have been invested in Government bonds.

“What this means is that LICI has helped fund infrastructure development in Fiji.”

About LICI

LICI has its main office in Suva and has a branch office in Lautoka and a marketing office in Labasa.

It also has 10 Sales and Service Points which are rendering important services to its customers, across the islands.

In total it has around 200 agents spread across various islands of Fiji and have an administrative team of around 50 employees.

LICI has always provided the best solutions to the people of Fiji for their financial needs.

It offers a wide variety of products, which fulfill the needs of different segments of society.

LICI has 19 products on sale that meet the needs of our customers.

Its most popular products are Money Back Policies followed by New Bula Gold which has a free insurance cover for an extended term beyond the date of maturity.

Also, its Target Classic plan is a popular tool for retirement planning. LICI also has Permanent Disability Benefit, Term rider, Critical Illness Rider and Funeral Expense Benefit as the attractive features/riders in different Policies.

With this wide variety of products LICI is one of the Market Leader in Life Insurance in Fiji.

It is servicing over 63,000 policies as of date.

LICI Fiji general manager Sanjay Dayal said: “Every calendar year it completes around 10,000 New Policies and in the year of 2017, it has completed record business of 11173 policies.

“It has an asset base of over $ 608 million. It has contributed handsomely in the development of the Fijian economy with an investment of over approximately $ 557 million, mostly in the infrastructure sector of the economy, till date.

He noted that settlement of claims is a very important service to the policyholders.

“LICI has laid emphasis on expeditious settlement of maturity as well as death claims. LICI paid out over FJ$67 million as Policy payouts during 2017.

“The most important aspect of LICI in Fiji has been its consistent and high level of bonus declared year after year.

“For last year LICI declared an all-time high bonus of $11.11 million which has been credited in policyholders account this year.

“The total bonus paid has grown by 17 percent over the previous year. LICI pays out 95 percent of its distributable surplus to its customers.

“LICI remains committed to providing all Fijians with the best service by making its service more accessible.

“It has also commenced with the Alternate Channels of Premium Payment to facilitate the policyholder to pay the premium anywhere in the country. LICI has tied up with all Banks, Post Fiji and Vodafone.”

Life Insurance Corporation of India chairman Vijay Kumar Sharma is here on an official visit and has enjoyed the Fijian hospitality.


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