ANZ, in partnership with the Life Insurance Corporation of India (LICI), launched its first life insurance product suite, providing customers with access to market-leading life insurance products.
"The effects of an untimely death of a family member can be financially devastating to the other family members, particularly the dependants," ANZ's head of retail Fiji Graham Meecham said.
"We're extremely pleased to be able to partner with LICI, Fiji's leading life insurer, to provide our customers with three popular life insurance products which are being marketed in Fiji, allowing customers to choose the product that best suits their needs."
As part of the Life Insurance product suite, ANZ will offer three LICI life insurance products to ANZ customers, which are New Bula Gold, Money Tree and Endowment.
"We are focused on providing our customers with easy and convenient products and the addition of life insurance to our already comprehensive insurance solutions will provide access to many options to ensure that our customers are able to protect what matters to them the most," Mr Meecham said.
LICI Fiji acting general manager Sanjeev Jain said his company was pleased with the partnership.
"With both ANZ's and LICI's longstanding history and commitment to Fiji, customers can be assured that we will be around for a very long time to continue to look for solutions that will suit them," Mr Jain said.
"The LICI and ANZ partnership is a milestone for providing innovative life insurance products to the people of Fiji. We are very excited about this relationship and look forward to providing the best of services for ANZ customers."
The New Bula Gold has been described as "a unique money-back plan with periodical survival benefit payments every four years with three additional features - auto cover, extended term cover and funeral expenses benefits. The plan is available for 12, 16 and 20-year terms.
Money Tree is a plan that combines life insurance and liquidity with periodical survival benefit payments once every five years. In the event of death during the policy term, the beneficiary receives the full sum assured along with accrued bonuses. The plan is available for 15, 20 and 25-year terms.
The Endowment plan allows one to target a specific long-term goal such as retirement savings or children's higher educational needs. This option ensures that the savings plan is fulfilled in the event of death — the targeted sum along with vested bonuses is payable to the beneficiary.
The product suite will be initially available for ANZ's Signature Priority Banking customers and will be available to all customers later this year.