BSP Life have today launched their new Bula Secure and Bula Secure Plus life insurance plans.
Speaking at the launch, BSP Life Managing Director Michael Nacola says the two plans are for people who want insurance but are unable to pay over a long period of time and prefer to pay a lump sum upfront.
Nacola says the plans enables people who have surplus cash such as a farmer, businessman or even a professional rugby player who returns from overseas with a lot of cash.
He says if these people have cash which is surplus to immediate requirements, they can put it into these products.
The Bula secure is a 10-year plan where a person will receive 20% of the sum insured each year in the last four years of the policy term.
At maturity, the person will receive 20% of the sum insured with declared bonuses.
The Bula Secure Plus which is also a 10-year plan where the person will not receive any proceeds in the last four years of the policy term but will receive one lump sum payment in year ten.
However, Nacola says that this will yield a higher rate of return because the money stays with BSP for a longer period of time.
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