CITY Pharmacy Ltd (CPL) has launched a life insurance venture for customers based in the city.
The CPL Group has partnered with MMI Pacific Insurance (MMIPI) to carry out its new line of business.
CPL’s chief executive Ravi Singh and MMIPI general manager Lawrence Van-Degaag sealed the deal in a brief ceremony last Thursday.
It was witnessed by the media personnel, MMI senior associate Lynette Maha and CPL staff at its Gerehu headquarters.
Mr Singh said the launching of their new venture was a milestone for CPL Group as it would help Papua New Guinean citizens get insurance cover through its low premium policy.
He explained that it was not a savings plan or a funeral service plan.
Its main aim is to support the kith and kin of the life-insured person by providing lump sum benefits to selected beneficiaries.
“Life insurance is an investment to secure your family’s future, and anyone under the age of 55 can buy insurance under this scheme,” Mr Singh said.
He said the intention was to help Papua New Guinean families to benefit after the death of their insurers and did not need a pre-medical test to join the scheme.
Mr Van-Degaag said MMIPI was happy to work with City Pharmacy to make this life insurance a reality for Papua New Guineans.
Mr Singh said CPL life insurance would expand to other centres like Oro and Wabag in the near future.
He said they were anticipating more than a thousand people to join the scheme.