Bula Smart

Long term financial planning should be smart and simple while assisting you fulfill your life plans, whatever they may be. With Bula Smart you get the opportunity to have the valuable support required to realise your life plans. With a limited premium paying term, three policy terms to choose from and cash payouts before and on maturity, you have the ability to get a life insurance cover that is smart enough to suit your needs. Bula Smart also responds to the need for financial protection of dependents and provides a lump sum payment on death, if accidental in the first five years and through other cause thereafter.

Best of all, Bula Smart does not require medical underwriting providing ease of life insurance cover for you and your loved ones. Let Bula Smart help you fulfil your life plans and enjoy the peace of mind knowing that your loved ones are protected with financial security.

Features and Benefits

  • Hassle free application, where medical underwriting assessment is not applicable.
  • Pay premiums for the first 10 years only regardless of the policy term taken.
  • Receive cash returns of 25% of your chosen sum insured in the last three years of the policy term preceding maturity.
  • Receive 25% of the sum insured with declared bonuses at the end of your policy term.
  • Accumulate wealth on your policy with annual bonuses calculated on a compounding basis based on your chosen sum insured.
  • Select a policy term of 15, 20 or 25 years.
  • Choose a sum insured from $15,000 to $250,000 to suit your needs. The maximum sum insured is on a per insured basis.
  • Cover is available up to age 74.
  • You enjoy the security of worldwide protection 24/7.
  • This is a unique product only available with BSP Life.

Here is an example of payouts, including maturity payment for the different policy terms. The information shown is an illustration only.

 

Policy Term (yrs)  Years and percentage payouts
   Year 1  Year 10  Year
12
 Year
13
 Year
14
 Year 15  Year
16
 Year
17
 Year
18
 Year
19
 Year 20
 Year
21
 Year
22
 Year
23
 Year
24
 Year 25
 15

 Start
paying
premiums

 End
paying
premiums
 25%  25% 25%
 25%
plus
declared
bonuses
                   
 21  Start
paying
premiums
End
paying
premiums 
       
 25%  25%  25%  25%
plus
declared
bonuses
         
 25  Start
paying
premiums
End
paying
premiums 
 

   
         25%  25%
 25%  25%
plus
declared
bonuses

* Note - The percentage payout is a portion of the base sum insured and the longer the policy term, the greater the accumulation of bonuses providing greater overall returns.

 

Death Benefit for Bula Smart

If you meet an untimely passing before the fifth (5th) Policy Anniversary Date the following benefits will apply:

  a. for death by accidental means, payment of the Sum Insured plus declared bonuses, or
  b. for death through other means, refund of total premiums paid for Bula Smart plus interest compounded at a rate determined by BSP Life at the time of the payment.

If you meet an untimely passing on or after the fifth (5th) Policy Anniversary Date, the Sum Insured plus declared bonuses are payable.
All payouts are made less any policy debts.

Built-in Benefits

Immediate Interim Accidental Cover

As soon as your completed life insurance application is given to your insurance advisor, an accidental death cover of $50,000 or the sum insured of Bula Smart (whichever is
lesser) will apply.

This benefit will cease 30 days after receipt of your application or on the date the policy commences, whichever occurs first.

Cash Value

 

Bula Smart accumulates a 'Cash Value' if your policy remains in force for three consecutive years and three years premiums are fully paid. 

Rider Benefits - Optional

Enhance the value of your cover with one or more of the following rider benefits:

Accidental Death Benefit

An additional sum insured payable in the event the life insured dies through accidental means.


Premium payments

  • Premiums are based on your age, the selected policy term.
  • Premiums for Bula Smart are fixed and do not increase annually. Premiums are paid over 10 years only, regardless of the Policy Term.
  • Premiums for the Accidental Death Benefit rider will be payable over the selected benefit term.

Payment Channels

Your premiums can be paid through the following channels:

  • Salary deductions from source from an established group scheme.
  • Standing Instructions via bank transfers.
  • Direct payment at our Customer Service Centres.
  • Online payment via internet banking.
  • Mobile payment via BSP's SMS Banking, Digicel and Vodafone.

Payment Modes

You can use the following modes when making premium payments:

  • Lump sum payment where you pay the full 10 years premiums in one payment. Should death occur before the 10th year of the policy term, advance premiums will be refunded.
  • Annual, semi-annual, quarterly
  • Monthly, semi-monthly, fortnightly or weekly.

 How can I apply?

The steps to apply are very simple and easy to follow:

  1. Complete an application form with a licensed BSP Life Sales Advisor.
  2. For personal insurance cover, a copy of a valid identification card or passport is required together with proof of your current residential address, occupation, and source of income.
  3. BSP Life will then consider your proposal and advise whether cover will be provided.

 

Click here to download the Life Insurance Application form or call 132 700 to contact your BSP Life Agent. Alternatively, you can also click here to contact or visit your nearest BSP Life Sales Office.

Download Bula Smart Brochure

NOTE: Information in this web page is not legally binding. All details however are outlined in the Insurance Policy Document.

*Terms and conditions apply