Life Insurance Corporation of India (LICI) last week celebrated its 60th Foundation Day Anniversary of its existence in Fiji.
Since 1956, this company has been the key to good financial planning for many Fijians. While it safeguards their money, it ensures its growth, thus providing them with complete financial wellbeing.
Life insurance can be termed as an agreement between the policy owner and the insurer, where the insurer for a consideration agrees to pay a sum of money upon the occurrence of the insured individual’s or individuals’ death or other event, such as terminal illness, critical illness or maturity of the policy.
It’s plans, unlike mutual funds, are beneficial when you look at them as a long term avenue of investment, which offers protection through life cover.
As for LICI, it dedicates its success to all its policy holders in Fiji for believing that LICI will protect the flame of security to glow even brighter.
History
In 1954, the New India Life Insurance Corporation of India started its operation in Fiji and then on October 8, 1956 LICI Fiji operation popularly known as LICI took over from New India and then embarked on its momentous journey in true spirit of serving Fijians.
The vision of LICI Fiji is to become the preferred insurer of choice for the people of Fiji and the company is progressing towards reaching this objective.
The global headquarters of the company is in Mumbai, India, with operations across the present asset base of the company is over $US322 billion ($F664b) and is the leading insurer in most of the countries where it operates.
LICI first office was located at the Victoria Arcade in Suva.
With an objective to mobilise savings of people and with the view of maintaining a conservative investment policy tempered by its philosophy that safety and security of the money held in its trust by its policyholders is far more important than highly risky profits.
The company now has eight sales and service points around the country with its main office now situated at Butt St in Suva.
From a small company with an asset of $1.1 million in 1956 it is today one of the leading insurers in Fiji with an asset base of over $560m.
LICI employs 180 local staff members to run its operations in Fiji while drawing four technical expertises from the parent organisation in India. Today, LICI in Fiji is a prominent player in the financial sector of the country.
LICI general manager Sanjay Kumar said most popular products were Money Back Policies and New Bula Gold which had a free insurance cover for an extended term beyond the date of maturity.
He said the Target Classic plan was a popular tool for retirement planning.
Growth and plans
LICI Insurance Company plans to create more awareness to people on the need to be insured.
It offers a wide variety of products, which fulfil the needs of different segments of society. The company has 14 products on sale that meet the needs of customers.
Mr Kumar said having a “life insurance” means peace of mind.
It also stabilises the financial security for a family.
“Families depend on the income of parents and if anyone of them is not there, then it might be difficult for the other partner to continue the same standard of living for the family apart from basic life necessities.
“In the absence of this policy holder, the family left behind can have this financial support; they will be able to support the family.”
He also stated that policy holders who live longer can also receive old age life insurance provisions which can be used as a regular income.
“It is very important for people to get insured because if they leave, their families do not go through financial crisis and past observations have proved this.
“The standard of living as it was prior to his expiry, the family must be able to maintain the same standard of living,”
LICI is currently servicing over 60,000 policies as to date. Every calendar year it completes around 10,000 new policies and this year around 7000 new policies have already been completed.
