LIC launched its microfinance product “Microlife” four months back in Fiji and since then has sold it to approximately 300 clients. LIC now has an aim to increase this to 3000 by the end of this financial year.
The premium of Microlife is 2 dollars a week for a minimum cover of 2000 dollars, and the maximum cover is 7000 dollars. In the insurance cover, natural death, accidental death, permanent disability and funeral are covered for a period ranging from 5 to 10 years. Anyone between the age group of eighteen to sixty years can purchase this policy with no need of medical examination.
LIC has partnered with Vodafone to pay the policy premium through its mobile money platform “M-PAiSA”. This action will result in LIC’s widened reach to far-flung areas, rural areas and outer islands.
LICI presently has 59% market share in Fiji and is also the biggest insurance company in the country with a balance sheet of 302 million dollars.
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