A NATIONAL insurance company is offering two innovative life insurance products for clients.
Life Insurance Corporation (PNG) Limited is offering the Halivim Meri Plan and the Halivim Wantok Plan for people who have accounts with the Women’s Micro Bank and Bank of South Pacific.
The Halivim Meri Plan was launched in January 2015 by the deputy Governor of BPNG Benny Popoitai to target customers of the Women’s Micro Bank. The micro bank is an initiative of the PNG Women in Business group.
Life Insurance Corporation consultant Raka Taviri Snr (pictured) told The National that the plan began in 2015 with 500 customers of the micro bank.
It is a combination of a funeral or haus krai policy and a micro loan protection policy. It is referred to as a Credit Life Policy in the insurance industry.
The premium is K3 per fortnight or K78 per year. The benefits are:
- K6,000 funeral or haus krai benefit (for members aged 18 to 60) or K3,000 for members over 60; and,
- That if the member has an outstanding loan balance of K5000 maximum with Women’s Micro Bank, the LIC will pay it off under the member’s policy. Taviri said the LIC was collaborating with PNGWiB on the plan and would use the women’s expo starting this week to promote the product.
He said Halivim Wantok Plan targeted male and female customers of BSP.
“We are excited about this new product because it targets both male and female clients of all ages who have accounts with BSP,” Taviri said.
He said LIC wanted to tap into BSP’s current client base of more than one million customers.
It is also a funeral or haus krai benefit plan for BSP customers.
“The funeral benefit from this plan can be very handy at a time when the bereaved family members may be financially handicapped,” he said.
Taviri said the premium for HWP was only K5 per month and it would be deducted by the bank through a Standing Order.