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LICI Marks 65 Years In Fiji

Life Insurance Corporation of India (LICI) marked its 65 years of service in Fiji. LICI was established on September 1,1956. Its objective was to spread the life insurance concept, to
01 Sep 2021 11:10
LICI Marks 65 Years In Fiji

Life Insurance Corporation of India (LICI) marked its 65 years of service in Fiji.

LICI was established on September 1,1956.

Its objective was to spread the life insurance concept, to reach and provide all the insurable persons adequate financial cover at a reasonable cost.

LICI products cater to every stage of life with the dual purpose of Insurance and Investment.

In its 65 years of fruitful existence, LICI has grown from strength to strength and has crossed many milestones with unprecedented record performances in various aspects of life insurance business.

 

LICI Global Presence
Life Insurance Corporation of India (LICI) is a global life insurance company with headquarters in Mumbai, India.

LICI has its overseas operations in 14 countries.

LICI’s global performance as at March 3,2021, with over 286 million policy holders, has the following phenomenal figures:
– total assets – FJ$.1087.13 billion
– total life fund – FJ$.981.99 billion
– total premium income – FJ$.115.11 billion
– total claims settled to policy holders – FJ$.81.97 billion

LICI has emerged as the third strongest insurance company, the tenth most valuable insurance brand globally, according to a report by Brand Finance Insurance 100, 2021 ranking prepared by London based Brand Valuation consultancy firm, Brand Finance.

LICI’s brand value increased by almost seven per cent to US$8.65billion (FJ$18.15 billion) based on the performance as at December 31, 2020.

 

LICI Declared Highest Bonus
LICI Fiji operations said 95 per cent of all the surplus amount generated is shared among the policy holders by way of bonus every year.

For the year 2020, LICI declared over FJ$.14 million as bonus, the highest ever with 15.11 per cent increase over the previous year.

During the year 2020, LICI Fiji operations has settled over FJ$.70 million towards policy payments including death and disability benefit payments.

For the year ending August 32, 2021, LICI paid over FJ$.40 million policy payments.

 

Special Revival Campaign from September 1
It is very essential for every policy holder to keep the LICI policies alive, to reap the complete policy benefits during the uncertain times and on maturity of the policy.

It has been difficult for some of the policy holders to keep the policies in force during these hard times.

LICI has launched a special revival drive from September 1, to encourage the policy holders to revive the lapsed policies by availing maximum concession, as per the policy conditions.

 

Feedback: maraia.vula@fijisun.com.fj



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