COVID-19 Customer Update

 

29 May 2020

Ni Sa Bula,

Greetings from the team at BSP Life. We trust that you and your families are well.  

In the span of just a few months, COVID-19 has had a dramatic effect on our country and our communities, re-shaping our economic landscape and heightening health and safety precautions. We’re fortunate that there wasn’t mass escalation in transmissions and that only 3 cases remain positive. We’re all hopeful that those still affected will fully recover and that we get to COVID-free status very soon.

The job losses caused by the pandemic, particularly in Tourism related businesses, have been devastating and our hearts go out to all those impacted. Let’s pray that a solution on international travel can be found soon and that our neighbours from Australia and New Zealand can re-commence travel here, with appropriate health safeguards, assisting our Tourism industry get back on its feet.

For your team at BSP Life, this crisis has reinforced the importance of supporting all our customers retain their life and health insurance policies. We believe that the need for life and health insurance has never been greater. COVID-19 has reminded us all about the importance of family and community. Life and health insurance policies provide comfort that when you or your family need financial support, you have the necessary safeguards in place. To that end, we have extended relief options to those in the Tourism industry and to anyone else who needs assistance. Our goal is to help customers maintain the valuable investments they have worked hard for, and to have every opportunity to reap the full benefit of their policies.

If your personal situation has changed, don’t hesitate to speak with our specially trained team to see how we can help. Simply call or email the team below who are on standby to assist:

Kaushal Kumar – 326 1309 | KKumar@bsplife.com.fj  

Karupe Taoba – 326 1707 | ktaoba@bsplife.com.fj

Kilive Naloli – 326 1607 | knaloli@bsplife.com.fj

Benefit Payments

From January to May this year, we’ve processed close to 37,000 benefit payouts with a total value of $24.2 million, supporting thousands of customers benefit from their policies. Despite the challenges posed by COVID-19, we are well positioned to fulfil our commitments to you, now and into the future. The table below shows the benefits paid so far in 2020:

Life Insurance

January – May 2020

Survival Benefit (interim cash payouts)

$2,800,000

Maturities (end of policy term)

$9,200,000

Policy loans and Cashing of Bonus

$5,700,000

Medical Insurance

         $5,300,000

Death related pay-outs

$1,200,000

Total

$24,200,000

 

MY BSP Life

We’ve made it easier for you to access your policy details, wherever and whenever you like. All you have to do is click here ‘MY BSP Life’. Some simple instructions for use are here.

On MY BSP Life, you can:

  • View your policy details, policy documents and other communications
  • Make online claims
  • Make requests related to your policy
  • View loan details (for life insurance policies)
  • Get an instant quote for life or health insurance policies

If you haven’t already registered I encourage you to do so and join over 2000 customers who have made the leap into the digital space. It is a hassle-free way of accessing your policy information. You may also call us on 132 700 or email us at bula@bsplife.com.fj for assistance.

Single Premium Products – Life Insurance

Our two new products, launched earlier this year, are becoming very popular. For a single, lump-sum payment, you can have a policy that provides life insurance protection with good investment returns. Returns go up to 5% p.a. for Bula Secure and up to 7% p.a. for Bula Secure Plus, depending on the sum insured. The higher the sum insured, the higher the rate of return. Both have 10-year terms with Bula Secure providing cash payouts from years 6 to 9 and a final payout, inclusive of accumulated bonuses, in year 10. Bula Secure Plus, with a higher rate of return, provides payout in year 10. The policies can be taken up as personal or as keyman cover.

Both products participate in BSP Life’s $765 million investment portfolio which is well diversified to ensure you get sustainable returns. Further details on the single premium products is here. You can also get a quote by clicking here or by talking to your insurance advisor. These products will definitely interest you!

Community Engagement

As part of our ongoing efforts to create stronger awareness of life and health insurance, we are running an educational series over the next three months in the newspapers and other media. Be on the lookout for these articles or visit our website www.bsplife.com.fj. We continue to do our best to educate our people on the importance of having necessary security for unexpected events.

Last week we visited a few communities in need in Suva, the West and the North, distributing food packs as a small gesture of goodwill. This was the culmination of internal staff fundraising over recent months. Our team was humbled by the reception they received and touched by the stories these communities shared. 

We remain committed to providing value for your investment with us. As a team, we constantly remind ourselves of how privileged we are to have your support and the responsibility we have of being trustworthy custodians. We welcome your suggestions on how we can serve you better. For any feedback, please e-mail us on cmcustomerexperience@bsplife.com.fj.

On behalf of the BSP Life Team.

 

Michael Nacola

Managing Director