The Life Insurance Corporation of India (LICI) Fiji has successfully transferred $180,000 in unclaimed funds to the Reserve Bank of Fiji (RBF) last year, highlighting their commitment to ensure that benefits are properly directed to policyholders. This amount pertains to approximately 350 policies belonging to policyholders whose claims had matured but remained unclaimed for over seven years.
Vivek Prakash, the manager of Finance and Investment at LICI Fiji, explained that the transfer of these unclaimed funds is a regulatory requirement stipulated by the Insurance Act. According to this act, any unclaimed money held by an insurance company for more than seven years must be transferred to the regulatory authority. In instances where the original policyholders come forward, the funds can be retrieved from the RBF and returned to the rightful beneficiaries.
Prakash stated, “Whenever the customer comes for that, we can ask the regulator for that money. We will get it from them (regulator) and then we will pay to the customer.” His comments underscore LICI’s dedication to ensuring that money is not merely stored but returned to those who rightfully deserve it.
He also noted that a significant portion of these unclaimed policies belongs to individuals who have since relocated abroad. In an effort to reconnect with these policyholders, LICI is utilizing various means of communication. “We are trying with whatever contact numbers they have given, which are outdated, so we are reaching out through email and Facebook,” he remarked. The company has also made it a priority to list unclaimed amounts on their website to increase awareness.
LICI’s proactive approach has proven beneficial, as publishing unclaimed funds has often resulted in inquiries from policyholders, particularly those living overseas. To date, the company has already sent payments abroad to many of these claimants.
Additionally, in 2024, LICI Fiji had previously transferred another $120,000 to the RBF and managed to process 182 death claims totaling over $4 million. As of December 31, 2024, a total of 190 death claims were recorded, with the possibility of additional claims from subsequent events being reported in the following year.
Overall, the efforts of LICI Fiji to locate and assist legitimate claimants reflect a strong commitment to customer service and regulatory compliance, fostering a positive relationship with the community.