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BSP Life payout

Timoci Vula
Wednesday, November 14, 2012

LIFE and health company — BSP Life — has paid out some $30million dollars in insurance claims so far until September-end this year.

Like last year, the member of the BSP group had its life insurance payout top the various categories of claims.

Of the $30million so far this year, BSP Life paid out $26million for life insurance claims and $4million for health insurance.

Compared to the whole of last year, it paid out $41million and $5million, respectively.

Of the $26million paid out for life insurance up to September 30 this year, $13million were for matured policies, $5million for death and disability, and $8million totalling other claims.

The $4million health insurance pay out comprised the $2.5million paid for medical claims, including evacuation; term life claims totalled $1million; and $0.5million paid out for travel insurance claims.

Since its rebranding from Colonial to BSP Life, the latter had assisted more than 3000 individuals and families through life and health insurance payouts.

BSP Life managing director Malakai Naiyaga noted that maturity payments comprised 50 per cent of its total life insurance claims.

He said this meant their customers were enjoying the investment returns on their policies.

"The high maturity payout clearly demonstrates that our customers are looking at life insurance as more than just a safety net for unexpected events," Mr Naiyaga said.

"Customers are investing in life insurance for savings and benefitting from good returns when their policies mature," he said.

"This savings vehicle also provides future financial security and we encourage more customers to invest in policies, particularly to supplement retirement plans," he added.

Mr Naiyaga said investing in policies meant policy holders with BSP Life could access a diversified and balanced portfolio of assets worth over $400million.

He said those investments not only ensured reliable returns to customers but it also provided jobs for many Fijians and helped the local economy grow.

"We take our responsibility of being there when our customers need us most very seriously," Mr Naiyaga said.

"We do all our underwriting at the point of application and try to ensure receipt of full disclosures from customers so that once we accept cover, we are able to process all genuine claims as quickly as possible," he said.

BSP Life's investments include fixed interest securities, term deposits, properties and ownership of Rooster Poultry, Suva Private Hospital, and over 60 per cent shareholding in Richmond Limited — the owners of the Sofitel Resort on Denarau in Nadi.

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