Life insurance product launched, available in Port Moresby

A NEW life insurance product is available for Papua New Guineans, thanks to BSP Life PNG Ltd, a subsidiary of BSP group.
Called the “Wantok Delite”, the insurance will be made available to customers in Port Moresby and then rolled out to other centres.
During the product launch yesterday, BSP Life PNG country manager Nilson Singh said the product was long-term savings and protection product where one could choose a policy of 15, 18, 21 or 24 years. He said payouts would be made every three years, which was called survival benefit.
“The premiums paid to BSP Life PNG would be invested in a pool of assets,” Singh said.
“Based on the performance of these assets, BSP Life will declare a bonus every year.
“Once a bonus is declared, it is guaranteed and added to the policy on a compounding basis.
“Life insurance is about protecting what you care about most.
“It is about your family keeping your home, your children continuing tertiary education, your spouse living the life you both planned together or your business partner being able to continue the business.
“It also enables you to plan for future financial needs.”
BSP group chief executive Robin Fleming said this would be a long term investment.
“The returns of these type of funds don’t start to merge until 5-10 years after the initial investment,” Fleming said.
“From shareholders’ perspective, again, that reflects BSPs confidence in the PNG economy, our confidence in the business to be able to sell this profitably but also an investment in the financial standing of our customs.”