Page 26 - IB July 2020

Celebrating Insurance Awareness Day June 28

Life and Health insurance plays a key role in invest with them. It is important to consider where Graph 1
providing financial security against unplanned events your money goes when choosing to invest with any
in life. It provides protection against financial hardship financial services provider.
and helps build financial resilience. If we want BSP Life’s investment portfolio also contributes
financial protection for our loved ones, we need life significantly to national economic growth. Refer to
insurance. If we want expensive, quality and timely graph 1
medical treatment, we need health insurance.
A Financial Services Demand Survey conducted Benefit Payouts
by the Reserve Bank of Fiji in 2018 revealed that the From 2015 to 2019, BSP Life paid a total of $289.8
percentage of people with life insurance increased million in benefits to its customers.Refer to graph 2
to 42%, which is a good improvement from 12% in
2014. However, it is noted that the coverage for life Bonus Allocation
insurance with an investment element is still less than Recently, BSP Life announced its 2019 recording
15% of our population, so there is still a large need breaking bonus of $30 million. Since 2015, BSP Life
in our communities for life insurance policies that has paid $110.4 million in bonuses to its customers.
provide periodic cash payouts over the duration of
the policy, together with payouts at policy maturity. Refer to graph 3
This supports plans for future financial needs like Pandemic Graph 2
retirement, children’s tertiary education, paying off The economic impact of COVID-19 has been
the mortgage or other personal needs, while providing devastating, and as a result many of BSP Life’s
protection for loved ones in the event of untimely loss. customers are facing hardships. Customers in the
BSP Life has designed tailor made and affordable Tourism industry have been granted premium holidays
insurance products for all segments of our community to assist them through the crisis. Their valuable life
to support life goals. BSP Life supports the Reserve insurance policies have been preserved despite
Bank of Fiji’s vision of broadening the coverage of life premiums not being paid. Other customers outside of
and health insurance in Fiji and promoting financial Tourism have also been assisted. Any of BSP Life’s
inclusivity. customers facing hardships are encouraged to contact
When customers purchase a life insurance us directly.
policy that has investment linked benefits, they join
thousands of Fijians who have invested in BSP Life’s How to Contact BSP Life
$770 million investment portfolio. The portfolio You can contact BSP Life via:
is well diversified with investments in Tourism,
manufacturing, food processing, private medical 1. Insurance Advisors who are all licensed by
services, our local stock exchange, government bonds, the Reserve Bank of Fiji and are well trained Graph 3
term deposits locally and offshore, offshore managed to ensure products offered meet individual
funds, as well as iconic properties in Suva and the customer needs. Insurance Advisor contacts can
West. This investment portfolio provides sustainable be obtained from the BSP Life website or via the
returns to customers via annual bonuses, which Sales Unit offices as follows:
increased in 2020 despite the pandemic. BSP Life is • Suva City | 326 1484
committed to providing sustainable value for all who • Samabula | 338 7894
• Nausori | 347 8779
Rescue from Near Death Experience • Lautoka | 666 2400
• Nadi | 672 4400
Mr Vunibola suffered from • Labasa | 881 1866
a gastrointestinal bacterial • Ba | 667 6777
infection. He was diagnosed Helping My Family to Restart
and treated at Oceania Hospi- 2. Website | www.bsplife.com.fj. A new, user
tals before being evacuated for friendly and informative website was launched Mrs Shamila Devi was the
further treatment to Auckland earlier this year which showcases the importance beneficiary of a policy be-
City Hospital in New Zealand. longing to her late husband.
He used his family medi- of life and health insurance, the products BSP She said the accident
cal cover which is part of his Life offers, its investment portfolio, the benefit changed their lives forever.
wife’s employment benefits at payouts made in recent years, the strength of “I lost my husband in the
Mr Apakuki Vunibola Telecom Fiji Ltd (TFL). its brand and service credibility, as well as a accident. A few days after,
Photo: Supplied
“The doctors told me that new customer self-service portal. Customers I was discharged from hos-
if I had delayed my visit for a are encouraged to register on BSP Life’s pital suffering from internal
few more days I would have gone. BSP Health stepped new customer self-service portal called MY injuries and fractures. I re-
in as soon as I was admitted after being informed by TFL Shamila Devi turned home to the funeral
through their HR Department. The benefits of local hospi- BSP Life. This is an interactive platform that Photo: Supplied arrangements. Then the bank
talisation and overseas evacuation were in full activation provides all the information customers need froze our accounts. We had
from then on.” about their policies. A chat facility is available no money. The businesses closed. My son got depressed.
Due to the seriousness of his sickness, Apakuki was allowing customers to engage with BSP Life My daughter needed to start tertiary. I kept thinking about
evacuated to NZ for further treatment. BSP Health took support staff and have queries addressed what would happen to our lives. I was completely lost.”
care of the evacuation process. quickly. For assistance on registering onto the It was in the middle of all of this chaos; Mrs Devi says
“I am a living testimony that I was able to fully re- she was visited by a BSP Life Insurance Advisor.
cover because of our insurance cover with BSP Health. customer portal, contact 132 700. “It was like a guardian angel visited. BSP Life really
We never know what we will face in life. I didn’t have helped me in my hard times. The BSP Life staff were so
enough money to pay for my medical treatment and I 3. Call Centre | 132 700 helpful, kind and considerate taking into account my situ-
don’t think I would be sitting here today if it wasn’t for BSP Life has been serving our country for over ation.”
BSP Health and TFL.” 140 years constantly striving to provide world And following the payout, Mrs Devi is considering get-
“When I went to NZ, I was at peace with myself. class life and health insurance products and ting an insurance cover for herself and is also encouraging
There are times when we lose hope especially when we services to its customers. It credits its growth others to do so.
are in hospital and sometimes we tend to wonder when and financial strength to its loyal customers and “I recommend people to come to BSP Life and get an
will all the check-ups finish but BSP Health was with me insurance cover because it will help you a lot. BSP Life
always.” thanks all customers for choosing BSP Life as was with me and will be in my life.“
“I am grateful. I am forever grateful,” he says. their trusted custodians.
26 Islands Business, July 2020