MARAIA VULA
Suva
Good news for Life Insurance Corporation of India (LICI) policy holders in Fiji after the insurance company announced it had distributed $7.6 million as bonus as of July 1.
This is despite a decline in interest rates from 5.83 per cent in 2009 to 1.79 per cent in 2013.
LICI Fiji operations general manager, Vimlesh Dhar said LICI bonus had remained the same during these periods.
“LICI will pay the full year bonus to those policy holders as well as for those who take the policy at year end. In addition we also pay a final additional bonus as a top up over the bonus,” Mr Dhar said.
“95 percent of the surplus which is F$7.6 million have been distributed to policy holders as simple reversionary bonus for the year 2013.”
The final additional bonus goes up to 35 percent of bonus for the long term policies.
Mr Dhar announced this during a press conference in the LICI building on Butt Street yesterday.
He added the company had been enjoying a 22 per cent growth since last year.
“Our bonus rates are in public domain everything is very transparent with us even the final rates and interest rates.
“In the current year our business has been growing as of July 15 we have fortnightly figure we are having a 22 percent growth in the business over the same period last year.”
Mr Dhar believes keeping the interest of the policy holder paramount would continue to offer a good value for the investment and the purchase of the policy they always cover.
maraia.vula@fijisun.com.fj