SUNBIZ

BSP Life’s New Insurance Doesn’t Need Medical Report

No longer will you need to present medical assessments and health declarations for your life insurance policy with BSP Life’s newest product – Bula Smart. It will enable many Fijians
17 Jul 2015 09:47
BSP Life’s New Insurance Doesn’t Need Medical Report
Fiji team huddle during training session prior to the HSBC New Zealand Sevens 2020 men's competition on 21 January, 2020 in Hamilton, New Zealand. Photo: World Rugby

No longer will you need to present medical assessments and health declarations for your life insurance policy with BSP Life’s newest product – Bula Smart.

It will enable many Fijians who have previously been denied life insurance due to medical conditions to get insurance cover. Those not being able to complete their application process due to inability to get medical reports can now obtain life insurance cover.

BSP Life managing director, Malakai Naiyaga, said: “Never before has a no underwriting product been considered.

“Underwriting and life insurance are inextricably linked. So to introduce a product without the requirement for medical assessments and health declarations is a major milestone for BSP Life and for the Fijian market.”

The product launched yesterday has been created to offer better access to life insurance for Fijians.

Governor of the Reserve Bank of Fiji, Barry Whiteside, officially launched the product.

“Today’s launch is another example of our innovative ability and demonstrates BSP Life’s commitment to remaining market leaders,” he said.

He explained the launch could not have come at a better time.

“We are currently experiencing sustained buoyancy in our domestic economic activity.

“This, in my view, will positively impact the market performance of the new Bula Smart product.”

Mr Whiteside noted it may sound like a risky business to sell life insurance without medical examinations.

But, he said, the Reserve Bank has been assured of the robust due diligence undertaken by BSP Life in the product features.

What’s on offer with Bula Smart

  • A hassle-free application process made possible by the “no underwriting” feature on the base product.
  • Premiums are paid over 10 years only.
  • Customers receive 25% of their chosen sum insured each year in the final three years proceeding the year of maturity of their policy term.
  • Customers get the opportunity to build wealth on their policies, with annual bonuses calculated on a compounding basis, based on their sum insured.
  • Cover is available up to age 75 years.
  • In the event of untimely death in the first five years of the policy, premiums are fully refunded with interest. Beyond five years the full sum insured is payable.

Feedback: rachael.nath@fijisun.com.fj

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