Insurer paid K15mil in claims

By CLARISSA MOI
BSP Life PNG Ltd has paid over 600 insurance claims amounting to over K15 million since its launch in January 2018, country manager Nilson Singh says.
Singh said of the K15 million, K10 million was paid for its consumer credit insurance product and K5 million for its Wantok group term life product.
He said the consumer credit insurance product was bundled with BSP’s unsecured personal loan product.
“This product was rolled out in January, 2018, and provides payment of outstanding loan balance and K5,000 in funeral benefits on the demise of the borrower.
“This is a free insurance cover for all BSP unsecured loan customers.
“From the K10 million paid out, K2.8 million was paid out to 553 beneficiaries at K5,000 each and K7.2 million was used to clear off the outstanding loan balance.”
While providing an update on its Wantok Delite product, Singh said at the end of May 2021, over 800 Wantok Delite policies had been sold with annual premiums amounting to almost K2 million.
The Wantok Delite is a long term protection and savings insurance product.
One can choose a policy term of 15, 18, 21 or 24 years.
Singh noted that feedback from customers had been quite positive towards the product.
“A lot of young professionals are understanding the benefits of this product and are committing to purchase a policy so that their families are secured against future losses in the event of their untimely death.
“Apart from the death benefit that the Wantok Delite product offers, many customers are buying these policies for the investment component that enables them to earn tax free bonuses every year,” he said
“In addition the policy pays out survival benefit, which is 10 per cent of the sum insured, every three years.”