LICI to pay out highest ever bonus to policyholders

From left, Gautam Kumar the manager underwriting, SSS, Sanjeev Garg the LICI manager finance, HR, Y S Ashok general manager Fiji operations, Sarath K.B manager information technology/NM, and Taina Talakubu the assistant manager finance. Picture: SUPPLIED

Life Insurance Corporation of India (LICI) will pay out $12.4 million among its Fijian policyholders, announced general manager Fiji operations YS Ashok in Suva yesterday.

Mr Ashok said every year LICI distributed 95 per cent of its surplus amount to policyholders by way of bonus.

“We are extremely happy to meet the expectations of the policyholders even in such critical circumstances.

“It’s a challenge to deliver what is promised and LICI was able to perform creditably well, even in the midst of adverse economic conditions.”

Mr Ashok said LICI declared the highest ever bonus of $12.4m to be credited to the policies.

“This is 3.30 per cent higher than the previous year’s bonus payout. This added value will result in higher payouts at the time of claim settlements.

“This is an indication of the efficiency of our operations and the healthy growth of our business portfolio.

“This year LICI has increased its bonus rates in two plans which is the Double Bula Gold and Aspire new money back children’s assurance plan, and is consistent for all other plans.”

The bonus rates per thousand sums assured ranges from $30 to $60 for the various insurance plans.

“In addition, LICI also rewards policyholders with a final additional bonus on policies maturing with tenures of 15 years or more.”

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