by | Jun 28, 2024 | News

In today’s uncertain world, having a solid financial plan is paramount. Savings play a crucial role in ensuring financial stability, enabling individuals to set money aside for emergencies or future obligations.

In celebration of International Insurance Day today, Friday, 28th June 2024, Nilson Singh, the Country Manager of BSP Life PNG, emphasizes the importance of “Financial Security & Savings through Life Insurance” as a secure and structured method of long-term financial planning. He emphasizes that life insurance is not just about protection but also about building a financial safety net for the future.

BSP Life’s Wantok Delite Insurance is a long-term insurance product designed for individuals, providing both savings and protection benefits. The premiums paid for this product are allocated in two parts: a portion covers the risk of untimely death, while the majority is invested as savings, which are paid back to policyholders at maturity. This dual function of insurance ensures that individuals are protected and have their savings grow over time.

Mr. Singh stated, “BSP Life is the only Life Insurance Company in Papua New Guinea that provides a Savings Life Insurance Product. A key feature of this product is the cash payout to customers every three years throughout the term of the policy. This is known as the Survival Benefit, and it is calculated as 10% of the sum insured (life insurance cover). For instance, if you take out an insurance cover of K100,000, you will be paid 10 percent or K10,000 every three years. The total payout made last year (2023) was K1.3 million to a total of 461 customers. By the end of 2024, we expect to pay over K2.0 million to over 500 customers. These benefits are tax-free under the current tax laws. Individuals who purchase Wantok Delite can plan to purchase assets in the future or settle future obligations through the guaranteed survival benefit payouts instead of taking out a loan.”

Another significant feature of this product is the bonuses policyholders earn based on investment performance. These bonuses are declared annually, added to the sum insured on a compounding basis, and will be paid out at maturity or upon the untimely passing of the policyholder. This compounding effect significantly enhances the value of the policy over time, making it a robust tool for financial security and growth.

Mr. Singh elaborated, “In Papua New Guinea, less than 3 percent of the population have some form of life insurance, and many are unaware of the benefits. The biggest challenge in PNG is that insurance penetration has been generally very low due to a lack of market awareness and understanding of the benefits of being insured. We are proud to be the only Life Insurer in PNG that offers our customers a disciplined approach to build up their savings and also have life insurance protection.”

Since the launch of the Wantok Delite Insurance product, BSP Life has signed up over 8,000 customers. We have established sales offices in Port Moresby, Lae, Mt Hagen, and Kokopo. Additionally, we have around 100 independently contracted Life Insurance Advisors based in our sales offices who are available to talk to prospective customers about how they can save with life insurance. Our advisors are dedicated to educating the public about the importance of life insurance and how it can be an integral part of their financial planning.

Financial security is a priority for many families, and life insurance provides a reliable means to achieve it. The Wantok Delite Insurance product is designed to meet the unique needs of the people of Papua New Guinea, offering both security and the opportunity to grow savings. This product not only provides peace of mind but also empowers individuals to plan for their future with confidence.

BSP Life PNG is committed to continuing its efforts to raise awareness about the importance of life insurance and to help more people secure their financial futures. As we celebrate International Insurance Day, we invite everyone to explore the benefits of the Wantok Delite Insurance product and take the first step towards a more secure financial future.

For more information about the Wantok Delite Insurance product and how it can benefit you and your family, please visit our website or contact one of our Life Insurance Advisors. Together, we can build a more financially secure future for everyone in Papua New Guinea.

Talk to any of our BSP Life Sales Agents or BSP Life Team today on how you can benefit from being insured while saving with BSP Life PNG.