The Life Insurance Corporation of India (LICI) Fiji has made significant strides in fulfilling its commitment to policyholders by successfully transferring $180,000 in unclaimed funds to the Reserve Bank of Fiji (RBF). This transfer, which took place last year, pertains to around 350 policies belonging to policyholders whose claims had matured but had gone unclaimed for over seven years.
Vivek Prakash, LICI Fiji’s Manager of Finance and Investment, explained that this action is mandated by the Insurance Act, which requires that any unclaimed funds held by an insurance company for more than seven years must be redirected to the regulatory authority. He assured that if original policyholders come forward, their funds can be reclaimed from the RBF and returned to them, reinforcing the company’s dedication to ensuring rightful benefit distribution.
Prakash emphasized LICI’s resolve, stating, “Whenever the customer comes for that, we can ask the regulator for that money. We will get it from them and then we will pay to the customer.” This commitment showcases LICI’s proactive measures to ensure funds are effectively returned instead of remaining dormant.
Many of the unclaimed policies belong to individuals who have moved abroad. To reconnect with these policyholders, LICI has adopted multiple communication strategies. “We are trying with whatever contact numbers they have given, which are outdated, so we are reaching out through email and Facebook,” he noted. The company is also enhancing awareness by listing unclaimed amounts on their website.
This proactive approach has yielded results, as efforts to publicize unclaimed funds have led to an uptick in inquiries from policyholders, especially from those living overseas. In fact, LICI has already processed payments to several claimants abroad.
Looking ahead, LICI Fiji had also transferred another $120,000 to the RBF in 2024, while processing 182 death claims totaling over $4 million during the same period. By the end of 2024, a total of 190 death claims were recorded, with the potential for more claims to surface in the coming year.
The initiatives taken by LICI Fiji not only underline its commitment to customer service and regulatory compliance but also foster a strong and positive relationship with the community, emphasizing that every effort is made to ensure that rightful claimants receive their benefits.