the servo should last the life of the bike, however, things break from time to time. It's job is to move a butterfly valve in the stock exhaust. When you turn the key on, the bike does a systems check, and checking this motor is one of the functions it carries out.
If the motor is damaged or gets stuck, then the FI light will come on. If you disconnect it, it will definitely come on. Plus, the valve in the stock pipe will remain open or closed, depending on where you leave it, which isn't great (especially if it's closed and you're at high revs!).
See if you know anyone with the same bike, and spend a couple of hours pulling your servo out (not apart), and if it's good enough mate, put theirs into your bike and see if the code comes up again. If it does, then it's something else. If the light doesn't come on, then you may need a new servo. You can then ride of with their servo (since you have the working bike), or be nice and give it back to them and either order a new one from the local, or check what's on eBay