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Policy maturity date a concern: Council

ALISI VUCAGO
Tuesday, November 28, 2017

Update: 1:08PM THE Consumer Council of Fiji says 100 years maturity date for a policy is a concern considering surrenders and forfeitures comprise a very large share of all life insurance policies terminated.

This was a after group of municipal workers between the ages of 30 to 55 years signed up for the Bula Life policy with BSP Life Insurance not knowing that the policy would mature when they reached 100 years.

Consumer Council of Fiji chief executive officer Premila Kumar said the insurance agent had only informed the group of people involved of the benefits of the insurance such as receiving lump sum payout after five years of consecutive premium payments and the use of policy as a collateral for loans in their various banks.

Ms Kumar said however after numerous premium payments and receipt of their original policy document, the workers learnt that maturity dates for their respective policy were set to expire when they turned a 100 years and the policy could not be used to obtain loan.

"This vital piece of information was not disclosed upfront when the insurance agent made the presentation," she said.

According to the latest World Health Organization data published in 2015, Fiji's life expectancy is 69.9 years.

"Our experience with handling complaints against agents, has shown that some agents are not transparent in their dealings with consumers," said Ms Kumar.

"This practice denies consumers the right to full disclosure and many blindly enter into signing up for policies they may not purchase if they were fully informed in the first place."








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