WANTOK SUMATIN INSURANCE SECURING EDUCATION AND FAMILY FINANCE

BY RAYLEEN WANJIMAN

BSP Life PNG Country Manager Nilson Singh says the company’s newly launched Wantok Sumatin endowment insurance product is designed to secure families’ financial future and support national growth.

Singh explains that a key feature of this product is the waiver of premium rider, if a parent passes away or becomes totally disabled, all future premiums are automatically waived, ensuring the child’s education fund remains intact.

He says the product provides 25 years of coverage, with premiums only paid for the first 10 years and includes five annual survival benefits each worth 20% of the sum insured paid in the final five years, just when school and university fees are needed most.

Singh added that at maturity, families receive the final 20% plus all accumulated bonuses, a tax-free payout, Coverage ranges from K7,000 to K500,000, for children aged five up to adults 59 years old.

Wantok Sumatin insurance also allows early access to cash, attaining cash value after two years, and offers policy loans of up to 75% of that value at 12% interest, providing a financial lifeline for families in tough times.

Singh says the product not only protects families against financial shocks but also helps contribute to national development, keeping children in school and promoting long-term savings and financial stability across the country.