LIFE Insurance Corporation of India had a lot more to celebrate on Thursday than the launch of their Double Bula Life plan.
The launch among other notable achievements was the icing on the cake as the company celebrated its 56th anniversary on October 4.
They were formally established though on October 5, 1956 and have grown over the years to secure more than $350million in total assets.
In a statement, the company said they had 50,000 customers so far with market shares at 61 per cent for LICI's number of new policies as of December 31, 2011.
"LICI has grown many folds with premium collection crossing more than $50m annually. Our marketing team has been working untiringly resulting in massive increase in our business during the last five years with our new business premium, which was less than $1m in 2006 to cross $21m for the current year," said Sanjeev Jain, LICI general manager.
"On Friday, LICI will put in one more plan to offer the people of Fiji for our 57th year — that is the Double Bula Life which combines the benefit of an endowment and whole life plan in a single policy.
"This policy provides flexibility for our customers in choosing the premium paying term from five to 57 years. The insurance cover does not stop after the premium paying term but continues until the age of 80."