The PNG Health Support Workers Association Inc. (PNGHSWA) is the first association that is being offered the Wantok Delite Endowment Insurance Product.
This after the PNGHSWA entered into an agreement with BSP Life PNG for its 2000 plus members. BSP Life PNG Country Manager Nilson Singh described this agreement as historic for the associations 2000+ members to be insured for the death benefit, as well as save for the future.
“It’s a huge milestone because PNGHSWA is the first association who has taken this step to sign up with BSP Life for an endowment insurance product.”
“All the engagements we have had so far have been with groups, where it’s for the risk-based product where we have only provided the protection benefit.”
“You should be proud of this achievement for your members. Your members will come back and thank you when they start receiving the cash survival benefit after 3 years, you are not only enabling your members to be protected, but you are also enabling your members to save with life insurance.”
“Life Insurance is very important; you only realize it when the breadwinner of the family passes away and there’s no safety net for the family to rely on. In Papua New Guinea, less than 3 percent of the population have some form of insurance. The low uptake is mainly due to lack of awareness on the benefits of life insurance.”
Speaking on behalf of the PNGHSWA members nationwide was the President Mr. Michael Laru, who gave thanks to BSP for assisting members get insured and save.
BSP Life is the only life insurer in PNG that offers a Life Insurance product where you can save for the future and at the same time have life insurance protection.
Mr. Singh highlighted that many of the country’s working class do not have a savings culture and their Delite Insurance enables customers to practice a disciplined approach to savings, which is beneficial in the long run.
Life Insurance is a key component of financial inclusion and equally it is a long-term investment that will provide a lot of future capacity to the economy of PNG.
BSP Life offers the Group Term Life insurance product to the corporate market mainly targeting employer-based groups and associations.
“In January 2020, BSP Life launched its Wantok Delite insurance product for individuals which is a long-term savings and protection insurance product where one can choose a policy term of 15, 18, 21 or 24 years.
BSP Life offers regular cash payouts every 3 years called ‘Survival Benefit’ and bonuses on maturity.
The bonuses are declared every year based on investments performance and added to the sum insured on a compounding basis.
“In the instance, the policyholder passes away before the policy maturity, the full sum insured is paid out to the beneficiary” added Mr. Singh.