LICI pays over $58 million in claims in 2021

7,907 claims amounting to over $58 million has been paid by the Life Insurance Corporation of India last year.

LICI General Manager, Pradeep Shenoy says $3.35 million was paid under 164 policies as death claims out of which 15 were due to COVID-19.

He says the income and investment of LICI has been growing consistently over the years and their total income for the last financial year that ended in December was $164.4 million against $121.95 million for the previous year showing a growth of 35.6%.

Shenoy further says despite the challenges of COVID-19, 95% of their profit is given away to the policyholders in the form of bonus and in the financial year ending in 2020, this amount was $14 million and in the last financial year, it has increased to $16 million.

Shenoy adds the cumulative investments of LICI in Financial Institutional Bond issued by the Reserve Bank of Fiji stands at $772 million as at 31st December last year.