Page 32 - IB June July 2024

Insurance

strong advocate of improving financial literacy and
cultivating a stronger savings culture in Fiji.
Life Insurance of India (LICI) General Manager,
Pradeep Shenoy, believes Fijians are in a position to
save, if that amount goes directly from their salaries.
Shenoy revealed that between 80 to 85% of LICI’s
customers are salaried workers, and that recent
outreach efforts have seen his team present to nurses
and staff at the Colonial War Memorial Hospital and
new military recruits at the Republic of Fiji Military
Forces.
He said the option of LICI premiums being deducted
from salaries is available in 300 companies in Fiji.
Shenoy claims the returns seen by investing in
insurance products outweigh those offered by banks.
“In Fiji, if a person saves and keeps the money in a
bank, the returns which he gets are very, very low.
Most of the banks are giving 0.3-0.6% term deposit
rates even if one keeps the money [there] for five Nursing students at Fiji National University’s (FNU) College of Medicine, Nursing & Health
years or ten years. The returns given by LICI are Sciences. Photo: FNU
more than 4%, plus a very big amount in case of an
unfortunate death. [Our] life insurance cover is invaluable.” requesting life and health insurance as part of broader
In the face of increased labour migration to Australia wellness programs as well.
and New Zealand, businesses in partnership with insurance “In our Health Insurance business, we are noticing very
companies have also made efforts to retain employees by concerning trends related to non-communicable diseases. For
providing adequate health insurance.
BSP Life’s Nacola says more organisations are now Continued on page 34

32 Islands Business, June/July 2024