Life Insurance Corporation of
While briefing the salient features of the new Product, Mr. N Krishnan, General Manager, LICI highlighted that this is the first Micro Insurance Product in the country and targets the lower income group to provide them the much needed Life Insurance protection. He added that Micro Insurance promotes small savings that will provide big benefits with the entry level premium being less than $5 a week. He informed that Micro Insurance is the fastest growing Insurance Market across the globe.
The product was highly appreciated by Mr. Whiteside, Acting Governor of RBF and he congratulated LICI for pioneering to bring out such a product which shall reinforce other Micro-finance Initiatives already being implemented at different stages. The High Commissioner of
The individuals in the age group 18-60 are covered under the plan for a Sum Assured ranging from 2000 to 7000.
The plan has inbuilt Double Accident Benefit, Funeral Benefit and Auto-Cover feature.
MicroLife of LICI has also been supported and funded for promoting wider reach by Pacific Financial Inclusion Programme.
Opening Speech by Acting Governor of the Reserve Bank of Fiji, Mr. Barry Whiteside at the launch of LICI’s Microlife product