As part of their efforts to broaden coverage of Life Insurance and support the development of a stronger savings culture in Fiji, BSP Life has launched two new innovative products.
At a press conference, this morning BSP Life introduced its single premium products – BULA SECURE and BULA SECURE PLUS. The products were launched by the Reserve Bank of Fiji (RBF) Deputy Governor, Esala Masitabua.
Deputy Governor, Masitabua said, “I am delighted to launch these new products for BSP Life. Launching of these new products demonstrates commitment, confidence and reinforces the critical role that financial institutions have in achieving the objectives of the Reserve Bank of Fiji’s financial inclusion program. People now have two more financial tools to help them with their financial planning. I congratulate the team at BSP Life for their hard work and determination to offer customised solutions for our people noting that these new products are in addition to a product that was launched only 16 months ago, BULA DELITE.”
At the launch, BSP Life’s Managing Director, Mr Michael Nacola said, “We are excited to deliver two further innovative products to the market that build on our already broad product range. BULA SECURE and BULA SECURE PLUS are single premium products that were developed following extensive market research, identifying gaps in the market that we can meet, with a view to providing more choice for customers. Less than 15% of our people have life insurance products that have a complementing savings or investment element. These new products are designed to assist those who are unable to pay insurance premiums continually but have the capability to pay a lump sum upfront. These include landowning units, our farmers, including kava farmers, our professional rugby players, small to medium business entrepreneurs, or anyone who has surplus cash that they’d like to invest whilst also obtaining valuable life insurance.”
Mr Nacola added, “We designed the policies with simplicity and ease for customers. There is no underwriting or medical assessment required where sums insured are less than a $1m. Customers who take up these products will participate in our large and diversified investment portfolio sharing in the returns of the portfolio with other customers who have our regular products”.
Mr Nacola added that BSP Life is the first to offer the benefit of earlier cash pay-outs on a single premium product; a feature of BULA SECURE. This feature offers flexibility for those needing cash returns aligned to their life plans before the maturity date. Benefits for BULA SECURE include:
Sums insured of $20,000 to $2,000,000. No underwriting for sums insureds per Life up to $1,000,000. A term of 10 years. Cover is available from birth to age 60. Security of worldwide protection 24/7. 20% of the sum insured each year in the last four years of the policy term preceding maturity. At maturity, receive 20% of the sum insured with declared bonuses.
Benefits for BULA SECURE PLUS includes: Sums insured of $50,000 to $2,000,000. No underwriting for sums insureds per Life up to $1,000,000. A term of 10 years. Cover is available from birth to age 60. Security of worldwide protection 24/7. Sum insured plus accumulated bonuses at maturity.
In addition, a free interim accident cover equivalent to $50,000 or the sum insured (whichever is less) will be applicable while applications are being processed. Other benefits include bereavement support and a death benefit.
Mr Masitabua also shared information from the 2018 Insurance Report highlighting that Life Insurance is one of the sectors that has contributed significantly towards national economic growth and is anticipated to continue to do so in future.
“Life Insurance plays a key role in providing safety and security against uncertainties. It provides protection against financial hardship and helps build financial resilience. The industry has evolved rapidly over the years. Total assets of the Fijian insurance industry grew by 9.2 percent to $1.8 billion attributed to the accumulation of assets by the life insurance sector. The life insurance sector’s total assets grew by 14.2 percent to $1.4 billion, underpinned by the growth in investments in Government securities and equities. BSP Life is a major player and through their investments, broad economic benefits are created,” he added.
BSP Life is urging those interested in the new products to meet BSP Life Insurance Advisors for further information.
“Our professional Advisors will assist and provide the right guidance on the product and design tailor-made solutions to suit you and your family’s needs,” Mr. Nacola said.
Visit your nearest BSP Life Centre for more information on the new products. The brochures are now available on our website www.bsplife.com.fj