Business

LICI pays highest bonus

By RACHNA LAL Life Insurance Corporation of India (LICI) has announced the highest-ever bonus for its policies. The bonus rate per thousand sum assured ranges from $31 to $52 for
13 Apr 2012 11:04

By RACHNA LAL

Life Insurance Corporation of India (LICI) has announced the highest-ever bonus for its policies.
The bonus rate per thousand sum assured ranges from $31 to $52 for the various insurance plans.
LICI general manager Fiji operations Krishnan Narasimhan said LICI had been consistently showing improved profits year after year and therefore were able to declare increasing bonuses every year.
“This means LICI customers would get the benefit of higher returns on their policies,” he said.
The bigger part of this, Mr Narasimhan says is the fact that LICI has never reduced its bonus rates in any year.
“This means that we have either maintained or improved bonus rates compared to previous years,” he said.
“This is an indication of the efficiency of our operations and the healthy growth in our business portfolio and income.”
Mr Narasimhan said LICI was able to perform creditably well even in the midst of adverse economic conditions.
“This has been because of our targeted marketing, superior value-added products and services by maintaining low cost of operations,” he said.
“This has been the reason for our increasing profits year after year and consequently more bonus payouts to customers.”
Mr Narasimhan said life insurance policies of the “With Profit” or Participating type are all eligible for annual bonus additions.
“Bonus is the sharing of the profits by the insurance company with their policy holders and is declared after conducting an annual actuarial valuation,” he said.
“LICI had recently conducted our annual actuarial valuation for the year 2011 and on that basis declared bonuses to all our in-force policy-holders who were eligible for bonus.”
Mr Narasimhan thanked all LICI customers for their great support and confidence in LICI.
“We have emerged as market leaders only because of our customers and the hard work put in by our agents and staff,” he said.
The various insurance plans include ‘Whole Life-Wealth Builder’, ‘Endowment’, ‘Money Back’ and ‘Aspire Children’s Plan’.




Fiji Sun Instagram
Fiji Plus
Subscribe-to-Newspaper