BSP Life PNG to pay K1.3m in Survival Benefit Payouts

by | Feb 20, 2023

“BSP Life PNG Limited will pay a total of K1.3m in 2023 as part of its first Survival Benefit payout to its 450 eligible Wantok Delite Policyholders,” said BSP Life PNG Country Manager Nilson Singh today at the BSP Waigani Head Office in Port Moresby.

In making this milestone announcement, Mr. Singh said, “we have already commenced the Survival Benefit payment from this month, and we are expected to pay out in excess of K1.3m to 450 individuals from February through to December 2023. The payment of the survival benefit is a seamless process where once the customer confirms their current bank account details, the benefit is deposited directly into their bank accounts. The Survival benefit is also tax free as per the current Income Tax Act,” said Singh.

Present during this announcement was BSP Life PNG’s first Wantok Delite Insurance policyholder, Henrietta Apping.

Mr. Singh when declaring the inaugural Benefit payment said, “I would like to thank Ms. Apping’s employer, who allowed her to pay the premiums through salary deductions.”

The delighted Survival Benefit recipient, Ms. Apping, commended BSP Life saying that Life Insurance is not something she hesitated to sign up on. “I have confidence in BSP Life as part of the BSP Group and recommend this product to others.”

“I encourage the working class citizens and young people to sign up for this product as it not only helps you stay protected but also helps you save for future in times of unexpected bereavement,” said Ms. Apping.

BSP Group Acting CEO Mr. Ronesh Dayal who was also present during the announcement said, “We understand the importance of Financial Inclusion in PNG and Life Insurance is a key component of financial inclusion. Equally, a long-term investment that will provide a lot of future capacity to the economy of PNG with the savings of our Policyholders, reinvested in profitable and economic opportunities for the country.”

“Whilst BSP Life is a relatively new entity in PNG, having commenced operations in 2018, BSP’s insurance business in Fiji has over 140 years of experience and is able to effectively provide technical expertise and support to its sister company in PNG,” said Mr. Dayal.  This, combined with BSP Group’s strong backing, provides our policyholders the confidence they seek when taking up an insurance policy with BSP Life PNG.

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“Our message is simple, it is important to save, it pays to have life insurance and you can trust BSP Life to honour our commitments as we have done today,” concluded Mr. Singh.

BSP Financial Group acting Group CEO Ronesh Dayal and BSP Life PNG’s first Wantok Delite Insurance policyholder, Henrietta Apping.

BSP Life PNG’s first Wantok Delite Insurance policyholder, Henrietta Apping and BSP Life PNG Country Manager Nilson Singh.