Protection Against Hardship
Life and Health insurance plays a key role in providing financial security against unplanned events in life. It provides protection against financial hardship and helps build financial resilience. If we want financial protection for our loved ones, we need life insurance. If we want expensive, quality and timely medical treatment, we need health insurance.
A Financial Services Demand Survey conducted by the Reserve Bank of Fiji in 2018 revealed that the percentage of people with life insurance increased to 42 per cent, which is a good improvement from 12 per cent in 2014.
However, it is noted that the coverage for life insurance with an investment element is still less than 15 per cent of our population, so there is still a large need in our communities for life insurance policies that provide periodic cash payouts over the duration of the policy, together with payouts at policy maturity. This supports plans for future financial needs like retirement, children’s tertiary education, paying off the mortgage or other personal needs, while providing protection for loved ones in the event of an untimely loss.
BSP Life has designed tailor made and affordable insurance products for all segments of our community to support life goals. BSP Life supports the Reserve Bank of Fiji’s vision of broadening the coverage of life and health insurance in Fiji and promoting financial inclusivity. When customers purchase a life insurance policy that has investment linked benefits, they join thousands of Fijians who have invested in BSP Life’s $770 million investment portfolio. The portfolio is well diversified with investments in Tourism, manufacturing, food processing, private medical services, our local stock exchange, government bonds, term deposits locally and offshore, offshore managed funds, as well as iconic properties in Suva and the West.
This investment portfolio provides sustainable returns to customers via annual bonuses, which increased in 2020 despite the pandemic. BSP Life is committed to providing sustainable value for all who invest with them. It is important to consider where your money goes when choosing to invest with any financial services provider. BSP Life’s investment portfolio also contributes significantly to national economic growth.
Benefit Payouts
From 2015 to 2019, BSP Life paid a total of $289.8 million in benefits to its customers.
Bonus Allocation
Recently, BSP Life announced its 2019 record breaking bonus payout of $30 million. Since 2015, BSP Life has paid $110.4 million in bonuses to its customers.
Pandemic
The economic impact of COVID-19 has been devastating, and as a result many of BSP Life’s customers are facing hardships. Customers in the Tourism industry have been granted premium holidays to assist them through the crisis.
Their valuable life insurance policies have been preserved despite premiums not being paid. Other customers outside of Tourism have also been assisted. Any of BSP Life’s customers facing hardships are encouraged to contact us directly.
You can contact BSP Life via:
1. Insurance Advisors who are all licensed by the Reserve Bank of Fiji and are well trained to ensure that the products offered meet individual customer needs. Insurance
Advisor contacts can be obtained from the BSP Life website or via the Sales Unit offices as follows:
Suva City | 326 1484
Samabula | 338 7894
Nausori | 347 8779
Lautoka | 666 2400
Nadi | 672 4400
Labasa | 881 1866 Ba | 667 6777
2. Website | www.bsplife.com.fj. A new, user friendly and informative website was launched earlier this year which showcases the importance of life and health insurance, the products BSP Life offers, its investment portfolio, the benefit payouts made in recent years, the strength of its brand and service credibility, as well as a new customer self-service portal.
Customers are encouraged to register on BSP Life’s new customer self-service portal called MY BSP Life. This is an interactive platform that provides all the information customers need about their policies.
A chat facility is available allowing customers to engage with BSP Life support staff and have queries addressed quickly. For assistance on registering onto the customer portal, contact: 331 7000.
3. Call Centre | 132 700
BSP Life has been serving our country for over 140 years constantly striving to provide world class life and health insurance products and services to its customers.
It credits its growth and financial strength to its loyal customers and thanks all customers for choosing BSP Life as their trusted custodians.
Happy International Insurance Awareness Day!