$12.4M Bonus Payout For Policy Holders

LICI paid over $68m as claim payments to its policyholders during the year.
15 Jul 2020 14:45
$12.4M Bonus Payout For Policy Holders
From left: Life Insurance Corporation of India (LICI) manager underwriting Gautam Kumar, manager of finance, investment and human resources Fiji operations Sanjeev Garg, general manager YS Ashok, IT manager for information system and network KB Sarath and assistant manager administration Taina Talakubo during the bonus payout announcement on July 14, 2020. Photo: Laiseana Nasiga

More than $12 million in bonus was paid to policy holders with Life Insurance Corporation of India (LICI) for the end in the financial year 2019, it was announced yesterday.

This is a 3.30 per cent increase from 2018 which recorded $12.02m while 2017 was $11.11m.

LICI paid over $68m as claim payments to its policyholders during the year.

Claim payments

This included maturity payments, survival payments (in money back) and extended disability benefit.

LICI has also paid nearly $4m as death claim payments to the families of the bread winners.

LICI general manager YS Ashok said as one of the leading insurance provider in Fiji the company has also invested $.652m into Fiji’s infastructure development.

“During the year 2019, LICI recorded nearly 10,000 new policies and the total number of policy holders are about 68,000,” he said.

Bonus rate

This year LICI increased its bonus rate in two plans such as double bula gold and aspire -new money back children’s assurance plan.

“The bonus rate per thousand sum assured ranges from $30 to $60 for the various insurance plans.

“LICI also rewards policy holders with final additional bonus on policies maturing with tenures of 15years or more.

Habit of saving

Mr Ashok said while LICI caters diffrent policies for different needs customers, it was essential that the habit of saving and life insurance is cultivated among Fijians.

He said the announcement of the bonus payout was a reflection of thhe policy products LICI offers to Fiji’s polciy holders.


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