Page 29 - IB Mar 2020

Launches New Single Premium Products

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

Islands Business, March 2020 29