Fiji Time: 10:49 AM on Sunday 21 January

Fiji Times Logo

/ Front page / Archives » Article Index

Policy maturity date a concern: Council

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."

Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Code Inward TTs Outward TTs
CAD 0.62390.6049
JPY 56.369653.3696
GBP 0.36040.3524
EUR 0.41060.3986
NZD 0.69380.6608
AUD 0.63130.6063
USD 0.50390.4869



Exchange Rate updated on 19th, January, 2018

Today's Most Read Stories

  1. Back to work
  2. Do the right thing and resign: Biman
  3. Fiji not built on smiles and fake promises, says Bainimarama
  4. ATS seeks legal advice
  5. For a place in fashion festival
  6. Unsafe practice
  7. Tribunal ruling is a victory for workers, says Chaudhry
  8. 40th anniversary
  9. Living with NCDs hinders productivity
  10. Justice prevails, says Rabuka

Top Stories this Week

  1. Trip turns tragic Thursday (18 Jan)
  2. Mela beats the odds Thursday (18 Jan)
  3. Nadi man dies in crash Wednesday (17 Jan)
  4. Tube ride to school Thursday (18 Jan)
  5. Teachers transfer policy Monday (15 Jan)
  6. Patient info leaked Friday (19 Jan)
  7. Man attacks partner Monday (15 Jan)
  8. ATS Impasse: Tribunal orders return of all workers in 48 hours Saturday (20 Jan)
  9. Ray of hope Wednesday (17 Jan)
  10. Back to the tents Monday (15 Jan)