LIFE Insurance Corporation of India (LICI) launched its new single premium plan, Gold Life Plus insurance product in Suva last night.
The new plan is a predecessor of the very popular ‘Gold Life’ single premium plan which was launched in 2006.
Launching the plan at the Grand Pacific Hotel, Reserve Bank of Fiji governor Barry Whiteside said LICI embraced change to its operating environment and sought to meet the needs of its customers.
“I am aware that LICI would have launched this product sooner had it not been for some delays in the design stage,” he said.
Mr Whiteside said he was informed that the plan came with annual guaranteed additions to its death and maturity benefits.
“It also has an option to provide loyalty additions, apart from the guaranteed additions at the time of maturity as well as optional accidental and disability benefits.”
He acknowledged LICI for being an industry leader in product innovation, and in overhauling its processes of products distributions and claim payments.
“The company has grown significantly over the last five years, with assets more than doubling to $523million at the end of 2014,” Mr Whiteside said.
