Life Insurance Corporation of India has approved $30.67million worth of loans to 11,307 policyholders so far this year compared to $28million to 11,000 of its customers last year.

General Manager Pradeep Shenoy says LICI last year paid out 164 death claims, 1,489 maturity claims and 6,418 Survival Benefit claims.

Shenoy says LICI paid out $61million as claims in 2021 of which $3 million were death claims, $38million in maturity claims and $19million in survival benefit claims.

“In the current financial year, we have paid $136 death claims we have paid and the amount is $2. 859million. Loans everybody’s favourite in Fiji which I realize in my last seven months of stay in Fiji, everybody loves loans, 5% or 10 or 20 or 100% interest doesn’t matter.”

General Manager Pradeep Shenoy

LICI noted a growth of 55 % in the number of new policies written this year over last year with Non-Single Premium growing by over 60 percent.