LICI Begins Revival Of Policy Holder Accounts
Life Insurance Corporation of India (LICI) is giving concessions on late fee payments of up to 80 per cent to its policy holders.
As the company begins its special revival campaign this month, general manager LICI Fiji Operations Pradeep Shenoy said the concession would encourage policy holders to revive their account.
“Sometimes policies get ‘lapsed’ due to non-payment of premiums as and when due,” he said.
“This may be due to many reasons including loss or change of job, or just plain forgetfulness.”
He adds LICI has 60,000 policy holders of which 8,000 claims were made last year.
He said 168 policies had resulted in death claims last year.
Mr Shenoy is encouraging policy holders to update their contact details and email in the LICI records by visiting any of the LICI branches in Fiji.
This month, LICI is celebrating its 66-year anniversary and reflected on the company’s contribution to the Fijian economy.
“We have invested slightly more than $6M in the Fiji infrastructure bonds for a duration of 20 years.
“In the current financial year, we have invested more than $40 million in the Fiji Infrastructure bonds.
“Accumulatively the total investment of LICI in infrastructure bonds in excess of $700M, which is very significant for the Fijian Government.”
He adds LICI has also paid $2.5M as income tax for the financial year 2021.
LICI plans to launch an app for its policy policyholders as LICI policies have become an attractive investment in Fiji.
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