Families could receive financial relief following the death or disability of a borrower through a new loan protection insurance agreement between TISA Insurance and Merchant Finance.
The two companies signed an agreement in Suva today to offer Loan Protection Insurance to eligible Merchant Finance personal loan customers.
Under the agreement, the insurance is designed to cover the outstanding balance of an insured loan if a borrower dies or experiences a disability covered by the policy, subject to its terms, conditions and limits.
This could help reduce financial pressure on families during a difficult time.
TISA Insurance (Fiji) Limited CEO David Ariff Chan says insurance should provide security and peace of mind to individuals and families during unexpected circumstances.
Chan says the partnership aims to make financial protection more accessible to Fijians and ensure families have support during difficult times.
He says TISA Insurance is committed to understanding the needs of communities and working with partners to help build a more financially secure Fiji.
Meanwhile, Merchant Finance CEO Veilawa Rereiwasa says access to finance is important in helping families achieve their goals, but protection against unexpected circumstances is equally important.
Rereiwasa says the insurance aims to provide protection for eligible personal loans if a borrower dies or experiences a disability covered under the policy.
He says there are certain limits to the insurance cover, and customers will be informed about the terms and conditions when taking out the policy.
Rereiwasa adds that brochures and policy documents explaining the coverage will be available at the point of sale.
He says the agreement will strengthen support for Merchant Finance customers and offer more responsible financial solutions.
The insurance will be available to eligible Merchant Finance customers with unsecured personal loans.
