ABOUT
US
LICI's
Global Operations
Life Insurance Corporation of India is a statutory company which came into existence through an act of the Indian Parliament in 1956. The global headquarters of the company is in Mumbai, India with operations across countries like Fiji, U.K, Mauritius, Bahrain, Oman, Qatar, U.A.E., Saudi Arabia, Sri Lanka, Nepal and Kenya. The present asset base of the company is over US$165 billion and is the leading insurer in most of the countries where it operates. Some of the important financial highlights of LICI are tabulated below
Total number of customers |
Over 200 million |
Number of new customers added in 2006-2007 |
31 million |
Number of claims settled annually |
12 million |
Total assets |
US$165 billion |
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LICI's
World of Superlatives
You
will be pleasantly surprised to know that your friendly
neighbourhood life insurance company has broken many world
records. The following facts and figures are as at 31st
March 2007.
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- LICI is the World’s Largest Life Insurance
Company in terms of number of policies serviced.
- LICI has sold the largest number of policies in the
world in a year.
LICI sold over 31 million policies in 2006-2007.
- LICI has the world’s largest agency
force network. LICI has over one million
agents – more than the population of Fiji.
- LICI holds the world’s highest claims
settlement record. LICI settles a claim every
time you breathe! In 2005 alone, LICI settled about
10.3 million claims to its policyholders or their
families.
- Over 114,000 employees and 2050 branches.
LICI has a very large, dedicated and capable workforce
that is capable of extending excellent customer service.
- In 2006-2007 alone, LICI settled over 12 million claims to its customers or their families
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LICI’s
Fiji Operations
| LICI has been operating in Fiji for over 50 years now having commenced in 1956. From a small company with an asset of F$1.1 million in 1956 it is today one of the leading insurers in Fiji with an asset base of over F$183 million. LICI employs mostly local staff to run its operations in Fiji while drawing the technical expertise from the parent organization in India. Today LICI in Fiji is a prominent player in the financial market of the country |
Total premium income in 2007 |
$27.88 million |
Total income including investments 2007 |
$ 40.86 million |
Total customer payments including claims in 2007 |
$ 19.02 million |
Total asset base 2007 |
$183.24 million |
Total customers |
51000 |
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LICI’s
Investments help in Fiji’s Economic Development
LICI maintains 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.
In Fiji, LICI’s funds are mostly invested with the government
bonds and quasi-government organisations such as FEA, Housing Authority,
etc.
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Fiji
Government Securities |
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Bonds
Guaranteed by the Government |
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Policy
Loans to Policyholders |
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Real
Estate Properties, etc |
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In
spite of a conservative investment policy LICI has been delivering
the highest bonuses in Fiji through its professional approach and
prudent and fund management practices such as a very economical
operating costs, distribution of 95% of its surpluses back to its
policyholders as bonuses every year, etc.
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What
Makes LICI Policies Unbeatable?
Value for Your Money
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Continuous record of highest bonuses in Fiji
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Most competitive premiums in Fiji
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No hidden fees or charges for policy services
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100% safety and security of your Investment
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Leveraging
Technology to Serve You Better
- State of the Art Technology helps us serve you better
- Web based services on www.licifiji.com
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Innovative
Policies – Unbeatable Features
- Policies designed keeping your needs in mind
- Worldwide Risk Cover
- No restrictions on travel, residence & occupation
- Terminal Illness Benefit – Free Benefit
- Term Assurance Rider Options for extra risk covers
- Critical Illness Rider Options
- Accident Benefit Rider Option (see box)
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| Unbeatable:
Disability Covers For Free
Accident Benefit Rider automatically covers you for Total
and Permanent Disability cover either due to accident
or due to sickness. Also included is a Premium Waiver Benefit.
For details, click here. |
Unbeatable
in Claims Settlement
- Excellent track record in respect of Claims settlement
- Claims concessions
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| Helping
in Fiji’s Economic Growth
LICI invests 100% of its assets locally, in Fiji itself. Majority
of the funds (click here for details)
are invested in Fiji Government securities and Government
Guaranteed Bonds that directly help in economic development
of the country. |
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VISION
“To be the preferred life insurer of the people of Fiji by providing innovative life insurance products and world class service at affordable rates”.
MISSION
“Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.”
OBJECTIVES OF LICI
- Spread Life Insurance widely and in particular to the rural areas and to the economically backward classes with a view to reaching all insurable people in the country and providing them adequate financial cover against death at a reasonable cost
- Maximize mobilization of people's savings by making insurance linked savings adequately attractive
- Bear in mind, in the investment of funds, the primary obligation to its policy holders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors and the community as a whole, keeping in view national priorities and obligations of attractive return
- Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders
- Act as trustees of the insured public in their individual and collective capacity
- Meet the various life insurance needs of the community that would arise in the changing social and economic environment
- Involve all people working in LICI to the best of their capabilities in furthering the interests of the insured public by providing efficient services with courtesy
- Promote amongst all agents and employees of the LICI a sense of participation, pride and job satisfaction through the discharge of their duties with dedication towards achievement of the Corporate objectives
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