Bula Delite helps more Fijians build stronger financial futures

BSP Life’s newest product, Bula Delite, is helping more Fijians build stronger financial futures. This was announced in a press statement by the Managing Director, Michael Nacola yesterday.

From January to June 2019, 2,072 Bula Delite policies were sold, with the total sum insured of these policies valued at over $40 mil

lion and with the optional benefits, the total sum insured increased to $112.8 million. Over 70 per cent of the policies were taken by first time life insurance customers with 45 per cent of customers being between the ages of 20 and 30.

Mr Nacola said: “We are delighted with the continued success of Bula Delite and how it is assisting more of our people obtain life insurance,

most of whom are getting policies for the first time.

“The product was designed and developed following findings from a comprehensive market research.

“These findings are summarised as follows; the need for a product that would provide quick and regular returns, good value at policy maturity, protection for beneficiaries of the life insured in the event of untimely loss and an affordable premium.”

The Bula Delite product provides cash returns every three years with a final payment at maturity inclusive of bonuses accumulated over the duration of the policy term.

There are four policy terms of 15, 18, 21

and 24 years. Further results showed that the average sum insured taken was $20,000 with premiums averaging $24 per week.

So for a 24-year policy term with $20,000 sum insured, the policyholder would receive $2,000 in years 3, 6, 9, 12, 15, 18, 21 with a final payout of $6,000 plus accumulated bonuses at maturity in the 24th year.

Mr Nacola added, “BSP Life strongly advocates building a savings culture in Fiji, particularly amongst our young people, and it is pleasing to see the highest take-up of Bula Delite by first time policyholders between the ages of 20 and 30.”