BSP Life launched its latest life insurance product, Bula Delite at a press conference yesterday.
In launching the new product, the Managing Director of BSP Life, Mr Malakai Naiyaga told invited guests, “It’s time for us to delight our customers with our new Bula Delite!. Bula Delite is a unique insurance product with features and benefits not offered before in the Fiji market. We are confident Bula Delite with its quick cash returns and relatively low and affordable premiums will now make it possible for many more Fijians to have valuable insurance cover. The product offers quick cash returns at three year intervals to assist customers achieve their future financial goals.”
Bula Delite has been developed following extensive research. The product is designed to meet customers short, medium and long term financial plans, while giving their families or beneficiaries added protection in the event of the untimely loss of the life insured. Bula Delite policyholders will participate in the returns of BSP Life’s investment portfolio currently valued at over $670 million.
The Bula Delite life insurance policy provides guaranteed cash returns every three years, equal to 10% of the sum insured. The remainder percentage of the sum insured is included in the maturity benefit paid at the end of the policy term together with accumulated bonuses. Therefore if you take a policy with a $20,000 sum insured over a 24 year term, you receive $2,000 every three years up till the 21st year, equalling $14,000 with a final maturity payment of $6,000 plus accumulated bonuses on maturity in the 24th year.
Four terms of 15, 18, 21 and 24 years are offered with sums insureds ranging from $5,000 to $30,000 per policy and $100,000 per life insured.
When explaining the low premiums, Mr Naiyaga said, “For a 30 year male, a 24 year term Bula Delite with a sum insured of $20,000 would cost him around $42.47 per fortnight, and a supplementary term life death benefit cover of $80,000 would cost him an extra $9.63. If the insured also chose to cover his wife of the same age, for an additional supplementary Term Life cover of $80,000, he would pay extra premiums of about $8.10. This means for a total cover of $180,000 it would cost him about $60.20 per fortnight.”
Other attractive benefits of Bula Delite include funeral assistance and others that can be added to the policy which includes accidental death cover, critical illness and total and permanent disability.
Mr Naiyaga added, “We’ve received a lot of interest for such a product prior to launching Bula Delite. The product features reflect the fit this product has in meeting our customers and future customers desire to invest in a life insurance policy. The Reserve Bank of Fiji is also actively engaged in promoting greater financial inclusion in Fiji. This product will assist these efforts by providing affordable life insurance with attractive returns to engage more Fijians, including job starters. At BSP Life we are passionate about innovating and developing products that will continue to build and promote a savings culture for our nation. ”
“I encourage anyone who wants a life insurance plan for themselves and their families to talk to one of our professional BSP Life Insurance Advisors, or visit their nearest BSP Life office, check out our website on www.bsplife.com or simply call 132 700.”