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Insurance Cover Is Important

Insurance Cover Is Important
From left: BSP Life sales advisor Litia Luvunakoro, BSP Life sales advisor Anare Luvunakoro, Business relationship consultant Karalaini Korovulavula and BSP Life business relationship manager Ronald Prasad at the Retirement Expo at the Fiji National Provident Fund Downtown Boulevard on April 23, 2018 . Photo: MARAIA VULA
April 24
10:00 2018

 

Just imagine life without insurance.

It would be a tough one especially if you have a family to support.

People should invest in an insurance policy and not look at it as a financial burden because it is a form of saving and investing in your future, possibly your retirement.

And this is what BSP Life is advocating at the Retirement Expo.

The one week expo is being held at the Fiji National Provident Fund Downtown Boulevard, Suva. Doors at the FNPF Downtown Boulevard open from 9.00am to 4.30pm.

BSP Life business relationship manager Ronald Prasad said: “BSP Life is fortunate to be part of the Retirement Expo. We are here to advocate about insurance.

“Insurance is very important for everybody in Fiji.

“What we want to encourage people is to start taking insurance policies.

“With BSP, we are not just representing insurance policies but we are also representing the bank so we are the financial advisors.

“Insurance helps people grow.

“We have been helping people grow especially when we have been with them in their journey,” Mr Prasad said.

People are encouraged to make their way down the expo and learn about retirement planning and what facilities are available to assist them financially.

What to expect at the Retirement Expo

At the expo, the public will be able to seek advice on retirement planning, find out how to start a business, obtain information on the various government grant schemes available and on financial products such as insurance, investments and loans that could help supplement FNPF savings.

Approximately 73 per cent of FNPF members have balances of $10,000 or less.

This statistic has led the Financial Literacy Working Group of the National Financial Inclusion Taskforce to partner with the FNPF, the Reserve Bank of Fiji and the UN’s Pacific Financial Inclusion Programme (PFIP) to create an awareness campaign on the dire need to save for retirement.

There are 23 exhibitors at the expo.

BSP cares for policyholders

In an ealier interview BSP Life’s Managing Director Malakai Naiyaga said: “On average we paid out $1.1M a week in 2017, enabling thousands of customers or policyholders to benefit from their policies with us.

“It’s delightful to see many Fijian households benefiting from their bread winners’ investment in a BSP Life insurance policy. We view life and health insurance as an essential and important integral part of one’s financial planning.

“We take great care to be there when our policyholders need us most.

“Our ability to pay these large benefits year on year is underpinned by our strong financial standing.

“We have a stable, balanced and growing investment portfolio, sound governance processes and internationally recognised actuarial expertise to ensure we can deliver on our promises now and in the future.

“We take this responsibility seriously. Our message is simple, it pays to have life and medical insurance and you can trust BSP Life to honour our commitments.”

About BSP Life

BSP Life is one of Fiji’s leading Life and Health insurance company with over 142 years’ experience. Formerly owned by the Commonwealth Bank of Australia and operating as Colonial Life & Health, the Company was acquired by Bank South Pacific in November 2009 and rebranded BSP Life in 2011.

Products and services include:

n Personal life insurance plans to cover education, retirement, mortgage protection, savings and investment, in addition to financial protection for loved ones in the event of untimely passing of the life insured.

nPolicies are designed to suit the personal circumstances of the individual or family and take into account premium affordability nKey-man policies to enable business continuity in the event of untimely passing of a key person, including Directors.

Group Medical and Term Life products.

BSP Life currently provides local hospitalisation, overseas evacuation and outpatient coverage for most of Fiji’s large corporate companies.

Family and Individual Medical policies are also available. Loan protection insurance inclusive of a funeral benefit on the untimely passing of the borrower, for those taking out unsecured personal loans with BSP Bank and vehicle loans with BSP Finance.

Investment portfolio:

As one of Fiji’s largest institutional investors, BSP Life’s investment portfolio is valued at over $650 Million.

The portfolio includes a number of landmark commercial properties in the Suva CBD, a gated high end residential property, majority shareholding in Richmond Limited trading as Sofitel Fiji Resort and Spa, Oceania Limited trading as MIOT Pacific Hospital and 100 per cent ownership of Future Farms Limited trading as Rooster Poultry.

The Investment portfolio is balanced and diversified to ensure returns are optimised for customers who have a direct interest in the portfolio as Policyholders.

BSP Life Fiji is the first insurance company for the BSP Group with 10 Sales and Customer Service Centres and 140 Insurance Advisors licensed by the Reserve Bank of Fiji.

BSP Life has the largest insurance customer base in Fiji with more than 80,000 customers and over 100,000 policies.

Feedback: maraia.vula@fijisun.com.fj

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