LIFE Insurance Corporation of India (LICI) Fiji Operations disbursed nearly 8000 claims totaling $55 million in 2023 and in the first eight months of its 2024 financial year, paid out a total of $38 million to 5400 policies.
Revealing this at the company’s 68th anniversary celebrations in Suva this week, LICI Fiji general manager Shenoy said the payout comprised of 105 death claims amounting to $2.28 million.
Additionally, LICI expanded its support for policyholders through its loan facility.
Over 10,000 policyholders use this product for which $30 million was disbursed this year.
Last year, more than 15,000 loans were disbursed, an equivalent of 60 loans each working day.
In line with modernising its services, LICI Fiji operations has also eliminated the use of physical policies.
Since last year, the company has transitioned to sending ePolicies, which it said not only streamlined the process but also contributed to environmental sustainability.
“Our goal is to make insurance services more accessible and responsive to our policyholders’ needs,” Mr Shenoy said.
“By embracing technology and expanding our outreach, we aim to provide exceptional service and support to our valued clients.”
As part of its customer outreach, LICI has been engaging with the community through road shows and service camps across the country.
$55million payout in 8000 claims
