Life Insurance Corporation of India on 20th April, 2011 launched its new microinsurance plan MicroLife which has specifically been designed for Fiji.  The MicroLife plan was jointly inaugurated by Acting Governor of Reserve Bank of Fiji, Mr. Barry Whiteside, High Commissioner of India to Fiji, His Excellency Mr Vinod Kumar, Mr. Tillman Bruett, Project Manager of the Pacific Financial Inclusion Program at the launch ceremony organized at Hotel Tanoa Plaza, Suva. The function was attended by members of the Business Community, Financial Institutions, institutions associated with Micro Finance and other prominent personalities.

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 India, H.E. Mr. Vinod Kumar also complemented LICI for launching such an innovative product for Fiji.

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