BSP Life's newest product, Bula Delite, is helping more Fijians build stronger financial futures. This was announced in a press statement by the Managing Director, Mr Michael Nacola.
From January to June 2019, 2,072 Bula Delite policies were sold, with the total sum insured of these policies valued at over $40 million and with the optional benefits, the total sum insured increased to $112.8 million. Over 70% of the policies were taken by first time life insurance customers with 45% of customers being between the ages of 20 and 30.
Mr Nacola said, "We are delighted with the continued success of Bula Delite and how it is assisting more of our people obtain life insurance, most of whom are getting policies for the first time. The product was designed and developed following findings from a comprehensive market research. These findings are summarised as follows; the need for a product that would provide quick and regular returns, good value at policy maturity, protection for beneficiaries of the life insured in the event of untimely loss and an affordable premium."
The Bula Delite product provides cash returns every 3 years with a final payment at maturity inclusive of bonuses accumulated over the duration of the policy term. There are four policy terms of 15, 18, 21 and 24 years.
Further results showed that the average sum insured taken was $20,000 with premiums averaging $24 per week. So for a 24-year policy term with $20,000 sum insured, the policyholder would receive $2,000 in years 3, 6, 9, 12, 15, 18, 21 with a final payout of $6,000 plus accumulated bonuses at maturity in the 24th year.
The Bula Delite product joins BSP Life's product portfolio, which has products to suit the needs of individuals and couples at various stages of life. Life policies also accommodate, key man policies for businesses. There is also term life cover for groups.
On the health insurance product portfolio, there are health insurance products for individuals, families and groups, which cater for outpatient services, hospitalisation, both local and overseas, dental and optical, and allied health which includes physiotherapy, chiropractor, dietician and speech therapist services.
Mr Nacola advised, "We encourage anyone who wants a life or health insurance plan or who would like to review their insurance needs to talk to one of our 150 professional BSP Life Insurance Advisors, or to visit your nearest BSP Life office. Alternatively, customers can visit the BSP Life website on www.bsplife.com or simply call 132 700."