All Fijians will now have better access to life insurance with the launch of BSP Life's latest product Bula Smart. Bula Smart is an innovative life insurance plan with no requirement for medical underwriting and is only available from BSP Life. This product is the first of its kind for Fiji and the region.
In launching the new product, the Governor of the Reserve Bank of Fiji, Mr Barry Whiteside noted, "Our economic growth of recent years is testimony to our ability as a nation to push boundaries of innovation and create new opportunities. Today's launch is another example of our innovative ability and demonstrates BSP Life's commitment to remaining market leaders."
BSP Life's Managing Director, Mr Malakai Naiyaga, said, "At BSP Life, we strive for excellence in all that we do so that we deliver an unmatched proposition for our customers. The same vigour and passion has enabled us to deliver Bula Smart for the benefit of all Fijians."
Mr Naiyaga further explained that medical underwriting and life insurance are inextricably linked so to introduce a product without the requirement for medical assessments and health declaration is a major milestone for BSP Life and Fiji. It now enables many Fijians who have previously been denied life insurance due to medical conditions or not being able to complete the application process due to their inability to get medical reports to now obtain valuable life insurance cover. Mr Naiyaga added, "we strive to make a difference in our customers lives in the markets we serve and ensure that life insurance is accessible. Since rebranding to BSP Life in 2011, we have introduced three innovative and market leading products. Bula Prime to assist customers wishing to build their retirement funds, Bula Elite for those wishing to supplement long term returns with short term gains, and now Bula Smart to assist those who have difficulty meeting requirements for standard products. We now have a wide range of products to cater for every Fijian's needs."
Bula Smart offers customers a hassle free application process for people aged between 17 and 59. Customers pay premiums for only 10 years with policy terms of 15, 20 and 25 years. Payouts to customers will be 25% of their chosen sum insured each year in the final three years prior to maturity year of their policy term with 25% of the sum insured plus declared bonuses at maturity. In the event life insureds meet an untimely death by non-accidental means in the first five years of the policy term, premiums plus interest is paid otherwise, the full sum insured plus declared bonuses are paid to their beneficiary(s). Customers also enjoy bonuses each year on a compounding basis, which grows wealth on their policies. Bula Smart also offers worldwide cover including war zone areas for personnel on internationally sanctioned peace keeping duties.
BSP Life is the leading life and health insurance provider in Fiji paying over $50M in benefits and allocating $16.4M in bonuses to policyholders last year.
Mr Naiyaga added, "We've received a lot of interest for such a product and we're confident that Bula Smart will assist more customers achieve their financial goals and provide financial protection for their families."
"I encourage anyone who wants a life insurance plan for themselves, their families or their business to talk to one of our professional BSP Life Sales Advisors, visit the nearest BSP Life Office, or simply call 132 700. We are here to assist and will ensure that products offered meet your individual needs and budget."