The Mataqali who are the traditional landowners of the land where Nausori town sits decided to invest their lease money by calling for financial institutions to submit proposals. After looking at other financial proposals and meetings with both the ITLB and the Mataqali there was an overwhelming consensus from 61% of members of the Mataqali Nailagobokola to invest their money under BSP Life's product offering.
Under the product, five members of the Trust were chosen to be insured on behalf of the Trust. The Mataqali invested in 5 Bula Elite products as Keyman Insurance which commenced on 1st February 2016 with a term of 25 years. The sum insured per person was $100k with a survival benefit pay-out of 10% every three years, totalling $50k. The premiums towards the product was paid directly from their lease money.
Last week the First payout of $50,000 was made to the Mataqali through the Chairman of the Trust, Ratu Lepani Tagicakibau, in the presence of the trustees and BSPLife management team. The Chairman of the Trust, Ratu Lepani Tagicakibau expressed his sincere appreciation to BSPLife for developing such a product which has assisted their development.
Ratu Lepani was excited about receiving the first pay-out of $50,000 and also expressed that the Mataqali will channel these funds as scholarships to their children studying at tertiary institutions. With more pay-outs to come, the Mataqali is already making plans to take part in the commercial development of Nausori Town.
Watch the news coverage here.