SERVICES
Acceptance
of Premiums
Modes
of Premium Payment Direct Remittance Modes: Policyholders
can avail of any of the direct premium payment modes like Yearly,
Half-yearly, Quarterly, and Monthly. Premiums can be remitted as
follows:
1.
Direct remittance of cheques or cash at our office cash counters
(Suva and Lautoka only).
2. Remittance through a cheque/banker’s draft or cheque or
money order to the office servicing your policy.
3. Bank standing order to remit to LICI on or after the due date
but before the expiry of the days of grace.
4. Premium can also be paid by direct deduction from Bank Account
and transferred to LICI premium collection accounts in the following
banks. This facility is available throughout Fiji with minimal charges
to the policyholders for bank-to-bank transfers.
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| Premium
Collection Accounts |
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| Collecting
Bank Accounts at Suva, Nausori, Sigatoka, Labasa,
Lautoka, Raki Raki, Nadi, and Ba |
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| Account
No. 2721544 – Valid Fiji wide |
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| Account
No. 4537610 – Valid Fiji wide |
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| Account
No. 9801047888 – Valid Fiji wide |
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Please
State Your Policy Numbers While Making Premium
Payments
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Salary
Savings Modes: Monthly, Bi-monthly, Fortnightly and Weekly
modes are available for payment of premium through salary deduction.
Grace
Period for Premium Payment: A grace period of 30 days (from
the due date of the first unpaid premium) is available for payment
of instalment premiums for all modes of premium payment.
Premium
Notices are sent only in cases of direct remittance.
Forfeiture
Notices are sent to the respective policyholders in terms
of the Insurance Act, 1998. These lapse notices are sent when the
premiums are not remitted within the days of grace.
Accounting
records are maintained for individual policies and are
made available upon request.
Certificates
of Premium Payment for Income Tax purposes are provided
upon request.
Download
Service Requisition Form
E-mail your requests to us
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Revival
of Lapsed Policies
If
premiums are not paid within the days of grace the policy lapses.
Life risk cover may not be available unless the policy is revived
(unless claim concessions apply to the policy) by paying the unpaid
premium and interest with other requirements (such as health declaration,
medical report, special reports, etc – as may be sought by
the underwriter) depending upon the period for which premiums have
not been paid, age of the policyholder and the sum to be revived
under the policy.
Life
assured is subject to fresh health assessment when a revival is
underwritten. Hence, there is no guarantee that the policy will
be revived on the same terms as originally accepted.
Policyholders
can avail of the following schemes for reviving their lapsed policies:
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Simple revival scheme
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Policy Loan-cum-revival scheme
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Survival Benefit-cum-revival scheme
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Instalment revival scheme
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Special revival scheme
Revival
quotations are available upon request
Download
Health Declaration Form
E-mail your request to us
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Policy
Loans
Policy
Loans are granted under Endowment, Money back and Whole life polices
(Tables 2, 5, 14, 28, 48, 74, 75, 93) 3 years from the commencement
of the policy,provided at least 3 years premium are paid. The rate
of interest charged may vary from time to time. Policy loan can
be repaid at the policy holder's convenience,during the term of
the policy. Loan interest must be paid an half yearly basis.
Requirements:
1. Loan application form (Form No.) and 2. The Original
Policy Document.
Download
Policy Loan Application Form
E-mail
your request to us
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Nominations
Policy
holders must nominate a beneficiary (as stipulated under section
152 of Insurance Act of 1998 at the time of the proposal for life
insurance itself. The Nomination can be changed any number of times
during the term of the policy LICI recommends that only the people having insurable
interest in the life of the assured can be nominated as beneficiaries
under the policy – parents, wife, children, siblings, employer,
etc. The Nominee has no right on the policy or the policy monies
during the lifetime of the assured.
APPOINTEE:
Where the nominee is a minor, the policyholder is advised to appoint
another elder person as an ‘Appointee’ who will not
only receive the money on the minor’s behalf but also will
undertake to spend for the minor’s welfare. Hence care should
to be taken to appoint only a highly responsible and closely related
person as an “appointee”.
Requirements:
Form of Notice-cum-Change of Nomination (in Duplicate).
Download
Change of Nomination Form
E-mail
your request to us
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Assignments
or
Transfer of Policy
Policies
can be assigned by the policyholder under section 147 of Insurance
Act of 1998.
Assignment
is valid only when
the deed (the memorandum of transfer) is signed by the assignor
and the assignee and registered by LICI. Assignment effectively
transfers the ownership rights of the policy from the assignor to
the assignee. Once assigned, the assignee become the absolute owner
of the policy and all the policy proceeds (policy loan, surrender
value, survival benefits, maturity value and even the death claim)
become payable to the assignee during the term of assignment.
All
premium notices shall be sent to the assignee. The
policy can be reassigned to the original policyholder by
the assignee during the term of the policy. Reassignment is done
following the same procedure as an assignment. Procedure for reassignment
same as an assignment.
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| Assignment
cancels all previous nominations and
hence, it is important that once the policy is re-assigned,
a fresh nomination is to be done, to ensure that the policy
monies reach the intended legal heirs without legal hassles.
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Requirements:
1. Form of Memorandum of Transfer. 2. Original Policy document.
Download
the Form of Assignment
E-mail
your request to us
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Loss
of Policy
The Policy document is the evidence of policy contract. Hence the
policyholder must take all possible care to preserve his or her
policy. If the original policy document is lost, then the policy
holder can apply for a ‘special’ policy document in
lieu of the lost policy. The policyholder may be required to pay
a standard fee to LICI and wait for a minimum stipulated period
of 6 weeks (in order that the loss of the document is notified in
the gazette as per section 146 of Insurance Act 1998).
Policy
services such as assignment, policy loans, survival benefits, etc.
will not be available to the policyholder until the special policy
is issued.
If
any time after the special policy is issued, if the original policy
is traced by the policyholder, he or she is required to return the
same to LICI for cancellation.
Requirements:
1. Form of Indemnity Bond for the issue of special policy 2. Form
of Surety where the sum assured is over $10,000 & 3. Policy
preparation charges - $22.00
Download
the Form of Application for Special Policy
E-mail your request to us
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Change
of Address
The
policyholder must keep LICI constantly informed of any changes in
his address for communication. The address can be changed any number
of times at no additional cost to the policyholder.
Download
Services Requisition Form
E-mail your request to us
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Change of Mode or Frequency
of Premium Payment
The
mode or frequency of payment of premiums can be altered to higher
or lower frequency during the term of the policy. Changes between
Salary savings modes to direct payment modes are also allowed. This
change is done in such a way as to coincide with the date of Policy
anniversary or the corresponding Monthly, Quarterly or Monthly dates.
As a rule, no alterations are entertained during the first policy
anniversary.
Requirements: Requisition for change of Mode. Money
can be remitted after getting the quote from the Office.
Download
Services Requisition Form
E-mail your request to us
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Surrenders
& Cancellations
All LICI policies can be surrendered for cash after at least 3 years’
premiums have been paid. However, we advise our valued policyholders
not to surrender or cancel their life insurance policies for the
following reasons:
1.
You will be devoid of the precious
life insurance cover. The purpose of insuring yourself was to secure
your family members’ financial future. Don’t you think
you are endangering their future by surrendering/cancelling your
policy?
2.
If you have to seek the same insurance cover again tomorrow, you
will end up paying more premiums for the same benefit, because your
age has increased and consequently has the risk in covering your
life. Your current policy is cheaper and generally offers more value
for your money invested. Remember the proverb, “the bird in
hand is worth two in the bush”.
3.
When you surrender your policy, you are breaking your contract.
LICI also has covered your risk so far, as well as incurred management
expenses in maintaining your policy. Thus you may receive only a
portion of what you have paid as premiums – depending upon
the policy term contracted and the duration elapsed so far.
4.
No surrender value is available if the polices are cancelled before
at least 3 years’ premiums are paid.
5.
Vested
bonuses are added only after at least 5 years’ premiums
are paid and the five year period has elapsed from the commencement
date of the policy. So no bonuses would accrue in respect of policies
surrendered within 5 years from the commencement date.
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Guaranteed Surrender Value: Provided that eligibility to receive
surrender value is met by a policy, LICI guarantees that the surrender
value payable shall not fall below 30% of all the premiums paid
under the policy, excluding the first year premiums.
Requirements:
1. Requisition for a quotation of surrender value 2. Request
for Surrender value Payment 3. Original Policy bond
Download
the form of requisition for surrender value quotation
E-mail
your request to us
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