BSP Health, a subsidiary of BSP Life, and market leader in private health insurance, today announced the launch of a new product called Value Health Care.
Managing Director, Mr Michael Nacola said, “We are delighted to announce this latest innovation which is part of our ongoing efforts to assist our people get access to affordable, tailor-made insurance products, designed specifically for local needs. The Covid-19 pandemic has heightened both the awareness and the need for medical insurance. A recent survey by the Reserve Bank of Fiji indicates that insurance coverage in Fiji is still low, which reinforces the need for continued innovation in products and services. We are confident that the attractive features of this product will allow more Fijians who currently do not have medical insurance to consider getting covered.”
Value Health Care offers:
- Direct access to a private medical facility like Oceania Hospitals in Suva or Zen’s Medical Centre in Nadi, amongst others, for specialist care and treatment. Costs related to consultations, tests and admission is covered.
- Overseas evacuation if treatment is not available in Fiji. Cost of visas, airfares, an accompanying person (if medically necessary), transport, tests, treatment, pharmaceutical drugs, accommodation and a daily allowance, is covered. All conditions (except for standard exclusions in the Policy Terms & Conditions), including cancer, and recurring treatment costs, are covered to the full policy limit without extra contributions from customers. This is to alleviate the logistical and financial burden from customers so that they focus on preparing for treatment, and rehabilitation post treatment. Evacuation option is to India, with emergency cases to New Zealand and Australia.
- Customers can also add optional benefits including outpatient and diagnostic services, dental, optical, physiotherapy and chiropractic treatment. Cover is up to age 65, with a maximum entry age of 55 years.
Mr Nacola added that medical insurance is critical as it mitigates the cost of expensive specialised treatments. “Treatments for severe conditions like complex heart surgeries, or cancer, at an overseas medical facility, can go up to $300,000. Without medical insurance, individuals and families are extremely vulnerable, so investing in a policy provides security in the event of unexpected serious ailments. Value Health Care individual premiums range from $300 to $800 per annum, or $6 to $16 a week, depending on your age.”
BSP Health’s claims trends highlight that the age bracket 40-44 years is now the highest claiming bracket for medical treatment, with growing numbers of deaths in the 45-54 range. From January to July this year, BSP Health paid $6 million for medical treatments. Around 96% of claims received were approved with only 4% declined as they were outside policy terms. Customers continue to be evacuated to Australia and New Zealand for life saving treatment, including those who have the India option and need emergency treatment but unable to travel there due to border closures.
Further information is available on BSP Life’s website, www.bsplife.com.fj.
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About BSP Life
BSP Life is Fiji’s leading Life and Health insurance company with over 145 years’ experience. Formerly owned by the Commonwealth Bank of Australia and operating as Colonial Life & Health, the Company was acquired by BSP Financial Group in November 2009 and rebranded BSP Life in 2011. BSP Health is a wholly owned subsidiary of BSP Life.
Products and services include:
- Personal life insurance plans to cover education, retirement, mortgage protection, savings and investment, in addition to financial protection for loved ones in the event of untimely passing of the life insured. Policies are designed to suit the personal circumstances of the individual or family and take into account premium affordability.
- Key-man policies to enable business continuity in the event of untimely passing of a key person, including Directors.
- Group Medical and Term Life products. BSP Life currently provides local hospitalization, overseas evacuation, and outpatient coverage for most of Fiji’s large corporate companies.
- Family and Individual Medical policies are also available.
- Loan protection insurance inclusive of a funeral benefit on the untimely passing of the borrower, for those taking out unsecured personal loans with BSP Bank and vehicle loans with BSP Finance.
As one of Fiji’s largest institutional investors, BSP Life’s investment portfolio is now valued at over F$842 million (June 2021). The portfolio includes several landmark commercial properties in the Suva CBD, a gated high end residential property, majority shareholding in Richmond Pte Limited trading as Sofitel Fiji Resort and Spa and 100% ownership of Future Farms Pte Limited trading as Rooster Poultry and Oceania Hospitals Pte Limited. The Investment portfolio is balanced and diversified to ensure returns are optimized for customers who have a direct interest in the portfolio as Policyholders.
BSP Life is the first insurance company for the BSP Group with 10 Sales and Customer Service Centers and 140 Insurance Advisors licensed by the Reserve Bank of Fiji. BSP Life has the largest insurance customer base in Fiji with more than 90,000 customers and over 100,000 policies.
About the BSP Financial Group
The BSP Financial Group (BSP) is a leading provider of financial services including retail and business banking, life insurance and health insurance. BSP has a proud and established reputation in Papua New Guinea, and a long history of highly successful businesses in the region. BSP has become the most respected bank in PNG. Aside from PNG, BSP is represented in Fiji, Samoa, Tonga, Cook Islands, Vanuatu and Solomon Islands.