BSP Life launches Wantok Sumatin Insurance Product

BSP Life PNG Country Manager Nilson Singh and BSP Life PNG Board Chairman Rabbie Namaliu Jnr with team of Port Moresby based Insurance Advisors after the launch of Wantok Sumatin.

BSP Life PNG has announced the official launch of Wantok Sumatin, a new endowment insurance product designed to help Papua New Guinean families secure long-term education funding while providing comprehensive life protection.

The launch, held at Lamana Hotel, was attended by BSP Financial Group CEO Mark Robinson, Deputy Group CEO and BSP Life PNG Executive Director Peter Beswick, BSP Life PNG Board Chairman Rabbie Namaliu Jnr, BSP Life PNG Country Manager Nilson Singh, members of the media, staff, and Insurance Advisors.

BSP Life PNG Board Chairman Rabbie Namaliu Jnr, described the launch as “a significant and proud moment in BSP Life PNG’s journey”, emphasising that the product reflects BSP Life’s commitment to innovation, responsible financial solutions, and strengthening communities. “Wantok Sumatin is designed not merely as a financial instrument, but as a promise – a promise of protection, security, and peace of mind for parents planning their children’s futures,” he said.

BSP Life PNG Country Manager Nilson Singh, highlighted the growing need for structured education funding as families nationwide struggle with rising fees and reactive financial planning. “School fees remain one of the biggest pressures for every Papua New Guinean. Families fundraise, borrow, and scramble every January. Wantok Sumatin is our long-term solution – a pathway to prosperity through education,” he said.

BSP Group CEO Mark Robinson also underscored the importance of life insurance in PNG and throughout the Pacific. “Life insurance is a core part of financial services. It is critical for family and generational planning. Considerable thought went into designing Wantok Sumatin so it supports people’s financial aspirations and provides comfort that families will be taken care of should the unexpected occur,” he said. He added that the product strongly aligns with BSP Financial Group’s goal of championing prosperity across PNG and the Pacific.

Key Features: A Product Designed for PNG Families

Wantok Sumatin introduces a unique “10-Pay” structure and guaranteed survival benefits: 

• Pay for 10 Years, Covered for Full Term: Customers choose a 15, 20, or 25-year term but only pay premiums for the first 10 years. Coverage and bonus accumulation continue for the full duration.

• Guaranteed Education Support: The policy pays 20% of the Sum Insured annually during the final 5 years of the term. These “Survival Benefits” are timed to align with peak education costs, such as secondary or tertiary fees, boarding, and textbooks.

• Strong Maturity Benefit: At maturity, customers receive the final 20% of the Sum Insured plus accumulated reversionary bonuses, which are tax-free under current laws.
• Safety Net for Children (Waiver of Premium): If the payer passes away or becomes totally and permanently disabled, all future premiums are waived, but the policy continues. This ensures the child’s education fund remains intact regardless of family tragedy.
• Accessibility & Flexibility: With a minimum entry age of 5 and coverage up to K500,000, the product is accessible to a wide range of families. It also offers access to Cash Value and a Policy Loan facility after just two years.

Mr Singh also drew attention to the country’s sobering health statistics, revealing that more than 60% of BSP Life PNG’s death claims since 2018 were due to non-communicable diseases, with an average age of 48–52. “We want to pay maturity benefits so families can enjoy their futures – not death benefits caused by preventable lifestyle diseases.”

Since its establishment in 2018, BSP Life PNG has grown its Wantok Delite policies to over 11,000, contributing K24 million in annual premiums, expanded sales offices across all four regions, built an investment portfolio of K63 million, paid over 2,300 claims valued at K60 million and paid over 1,800 Survival Benefit claims, living benefit, valued at K5.5 million.

A three-month promotion will run, drawing five winners each month (December, January, and February), each receiving K1, 000.

 “Today, we don’t just launch a product. We launch the Sumatin Generation – the future doctors, bankers, engineers, teachers, and leaders of Papua New Guinea.”