Bid to increase insurance penetration
4 October, 2018, 9:21 am
WITH the launch of its new product BSP Life hopes to capture that segment of the public which is not able to afford high premiums and are left out from the benefits that other insurance policyholders enjoy.
BSP Life managing director Malakai Naiyaga launched the Bula Delite at their office in Suva yesterday and said the new product was a unique insurance product with features and benefits not offered before in the local market.
Mr Naiyaga said the new product was developed after extensive research and was designed to meet customers’ short, medium and long-term financial plans, while giving their families or beneficiaries added protection in the event of untimely loss of the life insured.
“We have recieved a lot of interest for such a product prior to launching Bula Delite. “The product features reflect the fit this product has in meeting our customers and future customers desire to invest in a life insurance policy,” he said.
Mr Naiyaga said the Reserve Bank of Fiji was also actively engaged in promoting greater financial inclusion in Fiji.
He said the Bula Delite life insurance policy provided guaranteed cash returns every three years, equal to 10 per cent of the sum insured with the remainder percentage of the sum insured included in the maturity benefit paid at the end of the policy term with accumulated bonuses.
“Therefore if you take a policy with $20,000 sum insured over a 24-year term, you receive $2000 every three years up until the 21st year, equalling $14,000 with a final maturity payment of $6000 plus accumulated bonuses on maturity in the 24th year,” he said.
Four terms of 15, 18, 21 and 24 years are offered with sums insured ranging from $5000 to $30,000 per policy and $100,000 per life insured.
Mr Naiyaga said other attractive benefits of Bula Delite included funeral assistance and others that can be added to the policy which included accidental death cover, critical illness and total permanent disability.
He said Bula Delite policyholders would participate in the returns of BSP Life’s investment portfolio which was valued at more than $670 million.