More than 300 sign up for insurance policies: BSP

MORE than 300 customers have signed up for Wantok Delite insurance policies with BSP Life PNG so far, says BSP Life PNG country manager Nilson Singh.
Singh said life insurance was not being taken seriously by many, especially in PNG, where less than 2 per cent have some form of life insurance.
He said others knew little about the benefits of being insured.
He told Department of Finance staff in Port Moresby last Friday that BSP Life PNG’s Wantok Delite Insurance was a long-term
savings and protection insurance product.
One can choose a policy term of 15, 18, 21 or 24 years.
BSP Life PNG offers regular cash payouts every three years called “survival benefit”.
Singh said the key feature of the product was the savings and protection being bundled together.
“The response has been really good wherever we have presented on the features and benefits of Wantok Delite,” he said.
“The biggest challenge in PNG is that insurance penetration has been generally very low due to lack of market awareness and understanding of the benefits of life insurance.
“BSP Life PNG is a credible life insurer in the market who you can trust to honour commitments when due.
“We pay 10 per cent of the sum insured every three years with the remainder plus bonuses earned on maturity.”