LICI launches two new insurance products at 69th anniversary

Life Insurance Corporation of India (LICI) marked its 69th anniversary in Suva last night with the launch of two new insurance products — the New Gold Life Plus and the New Money Tree Plan.

The launch at the Grand Pacific Hotel was attended by Reserve Bank of Fiji Governor Ariff Ali, who was chief guest.

LICI Fiji Operations general manager Pradeep Shenoy said the company’s last product launch was almost a decade ago, making the occasion a major milestone.

“LICI has not launched any new product in the last 9 years. This is the 10th year when we are now launching a couple of products,” Mr Shenoy said.

The New Gold Life Plus is a single-premium investment product offering guaranteed returns of more than 3.5 per cent, with expected returns of around 4 per cent over five years.

“We believe that 4 per cent over a period of 5 years in Fiji is a very good return,” Mr Shenoy said, adding that the product targets customers with lump-sum investments of $25,000 and above.

The New Money Tree Plan is a money-back policy that returns 11 per cent of the sum assured every three years, with policy terms of 12, 15 and 18 years, covering ages from 30 days to 55 years.

“Our earlier money-back policies used to be for 20 years and 25 years. The new Money Tree plans have shorter terms,” Mr Shenoy said.

Governor Ali commended LICI’s commitment to customer needs, highlighting its premium income of just below $79 million last year and $61.5 million paid out to policyholders.

“The two new products are expected to meet the changing preferences of Fijian customers who have become dynamic in their financial savings,” Mr Ali said.

LICI currently holds a 62 per cent market share in Fiji’s life insurance sector and services about 70,000 policies.