Planning your retirement

Akash Chand , right, gets assistance from Unit Trust of Fiji staff members Poonam Chand and Prem Chand at their booth during the FNPF Retirement Expo at Downtown Boulevard in Suva on Monday, April 23, 2018. Picture: JONACANI LALAKOBAU

PLANNING out retirement is vital, a process which can be challenging and somewhat thought provoking. While this has been stressed through various mediums, a joint initiative spearheaded by the Fiji National Provident Fund is making this easier for those nearing retirement. Partnering with various major financial institutions, the weeklong Retirement Expo at Downtown Boulevard, Suva has slowly gained traction with more than 1200 people accessing the booths in the first three days. The booths from the various exhibitors include financial institutions, organisations, Government ministries and statutory bodies which are assisting members of the public on savings and investment planning and options after retirement.
A team from insurance provider LICI (Life Insurance Corporation of India) is also among exhibitors at the expo providing tailor-made solutions for retirement.

“LICI has very unique products like New Bula Gold, Double Gold, which covers risk after the expiry of your policy term,” the company said in a statement yesterday. “These unique products can provide you for retirement as well as security for your family after retirement also. “LICI has a basket of 19 products on sale catering to all the segments of the population. “Popularly known as LICI, has always provided the best Solutions for retirement planning. “Our Target Classic product is a popular tool for retirement planning. “The strategy for retirement planning is to start early in small installments. The advantage with LICI is that your savings also covers the contingencies like death, permanent disability etc.”

The company also has permanent disability benefit, term rider, critical illness rider and funeral expense benefit as the attractive features/riders in different policies. Every calendar year it completes about 10,000 new policies and in the year 2017, a record 11,173 new policies have been completed, and now it has a total of 63,133 policies in force so far. Last year, LICI paid out more than $67 million as policy payouts during 2017. LICI has an asset base of more than $608m. The company also stated that it will pay out an all-time high bonus of $11.11m among its Fijian policyholders. The total bonus paid has grown by 7 per cent over the previous year. The Retirement Expo ends tomorrow.

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