MicroInsurance
MicroInsurance looks to aid low-income households by offering insurance plans tailored to their needs and provide protection to individuals who have little savings. Because the coverage value is lower than a usual insurance plan, the insured people pay considerably smaller premiums.

MicroLife
LICI’s MicroLife is a microinsurance product providing death, disability, accident and funeral expenses benefits bedsides substantial savings and returns on maturity. Perhaps the first of its kind in the Pacific region, this product is offered in Fiji only and aims to provide low cost life insurance solutions to the segments of society who have up to this point been under served, thereby promoting greater financial inclusion.


Benefits
The following benefits are payable provided the policy is in force and all premiums are up to date:

i) Death Benefit – If the policy holder passes away, amount equal to Basic Sum Assured is paid out.

ii) Funeral Benefit – If policy holder passes away, 10% of the Basic Sum Assured shall be paid out immediately to cover funeral expenses.

iii) Maturity Benefit – If the policy holder survives till the end of the term, he/she will receive full Basic Sum Assured along with Loyalty Additions.

iv) Accident Benefit * – In case of accidental death of policy holder during term of policy, an additional sum equivalent to the Basic Sum Assured will be paid.

v) Loyalty additions * – The policy shall be eligible to share profits of the Corporation in the form of one time Loyalty Additions payable at the time of Maturity.

*Conditions apply.

Eligibilty
The policy is available for terms from 5 to 10 years in the sum assured range of $2000 to $7000 (multiples of $500). All modes of premium payment allowed subject to certain conditions.


Auto Cover
If two full years premiums have been paid, however premium payments thereafter having been missed, Death Benefit will still continue for a period of two years. This is called Auto-Cover Period and begins from the due date of the First Unpaid Premium (FUP).

If arrear payments are made during the Auto Cover period, this period is renewed from the new date of FUP.

If death occurs during the Auto Cover period, death benefit is payable, however unpaid premiums with interest and due premiums are deducted.

Funeral benefit is payable during Auto Cover period.
MICROLIFE – SAMPLE PREMIUM RATES

FOR $2000 SUM ASSURED


Policy Term: 5 years 
Age
Yearly Half Yearly Quarterly Monthly FLY WKLY
20 438.60 219.80 110.20 38.60 17.40 8.85
25 438.80 219.90 110.20 38.60 17.40 8.85
30 438.80 219.90 110.20 38.60 17.40 8.85
35 439.30 220.20 110.30 38.70 17.45 8.85
40 440.30 220.70 110.60 38.80 17.45 8.85
45 442.00 221.50 111.00 38.90 17.55 8.90
50 445.40 223.20 111.90 39.20 17.70 8.95
55 450.50 225.80 113.10 39.70 17.90 9.10
60 457.70 229.40 114.90 40.30 18.15 9.20

Policy Term: 10 years
Age
Yearly Half Yearly Quarterly Monthly FLY WKLY
20 220.40 110.70 55.60 19.30 8.70 4.40
25 220.60 110.80 55.70 19.30 8.75 4.40
30 220.80 110.90 55.70 19.30 8.75 4.45
35 221.59 111.30 55.90 19.40 8.75 4.45
40 223.00 112.00 56.30 19.55 8.80 4.45
45 225.60 113.30 56.90 19.80 8.95 4.55
50 230.30 115.70 58.10 20.20 9.10 4.60
55 237.00 119.00 59.80 20.80 9.40 4.75
60 247.90 124.50 62.50 21.70 9.80 5.00
  • All premium rates are in Fiji Dollars.
  • Premiums include accident, disability and funeral expenses benefit.
  • Sum assured range is from $2000 to $7000 in multiples of $500.
  • Specific quotations for other sum assured for different terms available on request.
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