Yes. The Group Term Life cover is employer-owned, and upon cessation of employment, coverage lapses. Wantok Delite, however, continues as individual coverage, owned by the policyholder. It is accessible to ordinary Papua New Guineans, residents, and contracted foreign nationals possessing a valid PNG Work Visa of three years or more.

Furthermore, the Group Term Life lacks a savings component and does not accumulate value upon premature exit.

Yes, provided the policy accrues a surrender value, typically after three years of continuous coverage. The surrender value serves as collateral.

A policyholder may nominate only one beneficiary. However, multiple beneficiaries can be designated through a Will, specifying each beneficiary’s entitlement.

The medical requirements are determined during the underwriting stage of the application. Certain situations where medicals can be required include the following:

• Individuals who declare pre-existing medical conditions
• Individuals who have previous medical history of being diagnosed with certain diseases
• Individuals who have undergone surgery or had been admitted to hospital for a period of time,
• Individuals with ages close to the maximum age limit

Premium rates are fixed upon completion of the Application Form for an agreed Sum Insured.

In certain instances where an individual leaves employment and is unable to meet the required premium payment due to the inability to secure new employment, he/she can opt for a ‘Paid Up Policy’. That is the previous Sum Insured will be reduced together with the premium rate. The difference between the old and new premium rate can be used to offset the remaining terms premium.

Claims processing duration ranges from 5 to 10 working days, contingent upon claim nature, document submission, and policy tenure.

Yes you can. If you have a son or daughter who is 18 years or more, you can take up the policy for your child as the Life Insured while you will be the Policy Owner. For such an arrangement, you have an option to get your children to pay the premium if and when they get employed, where you can transfer policy ownership to them.

Yes, there are specific exclusions under the policy which are included in the policy document. For ease the exclusions from the policy document are stated below:

BSP Life will not pay a claim if the claim arises out of or as a consequence of or contributed to or caused by:

1. Involvement in any criminal activity other than as a proven victim or bystander.
2. Nuclear, Chemical, Biological Terrorism where the use of any nuclear weapon or device or the emission, discharge, dispersal, release or escape of any solid, liquid or gaseous Chemical agent and/or Biological agent by any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organization(s) or government(s), committed for political, religious or ideological purposes or reasons including the intention to influence any government and/or to put the public, or any section of the public, in fear.
3. Terrorism, or threatened violent act or act harmful to human life directed towards or having the effect of:
1. Influencing or protesting against any government or,
2. Intimidating, coercing or putting in fear a civilian population or section thereof.
4. War (unless on war service), invasion, acts of foreign enemies, hostilities (whether war be declared or not), tribal or clan war, disputes of whatever nature, civil war, rebellion, revolution insurrection, military or usurped power.
5. Suicide or attempted suicide or, the willful self-inflicted injury or deliberate exposure to exceptional danger except in the attempt to save a human life as in the case of an employed Security Guard during the normal course of their occupation.
6. Pandemics and/or epidemics as declared by the World Health Organization or other recognized health organization.
7. Sexually transmitted diseases, Human Immuno-Deficiency Virus (HIV) and Acquired Immune Deficiency Syndrome (AIDS) and AIDS related complex (ARC).
8. Partaking of any Drug unless taken in accordance with the directions and prescription of a registered qualified medical practitioner;
9. Alcoholism or excessive consumption of alcohol. Alcoholism is defined as a dependency on alcohol. Excessive consumption of Alcohol is defined as being in a temporary state in which one’s physical and mental faculties are impaired by an excess of alcoholic drink.
10. Neuroses, psychoneuroses, psychopaths or psychoses, anxiety, stress, fatigue or mental or emotional diseases or disorders of any type and as classified in the Diagnostic and Statistical Manual of Mental disorders, Fifth Edition issued by the American Psychiatric Association or its nearest equivalent.
11. The connivance with or collusion of any beneficiaries of the benefits payable in respect of the life insured.
12. Any Endorsements which apply to the Policy.

Yes, you can. The full terms premium will be based on the annual premium multiplied by the policy term. It is advantageous to pay the full annual premium rather than fortnightly premium as the annual premium has an inbuilt discount due to lesser admin work.

Under the Anti-Money Laundering/Counter-Terrorist Financing Act, you will need to provide full details of the source of funds.

Yes, Wantok Delite provides worldwide cover provided your premium payments are up to date and the policy is in force. Any claims will be subject to meeting the policy terms and conditions.

The Survival and Maturity benefits under Wantok Delite are not taxed under the current Income Tax Act 1959.

Once a policy is issued, there is a 28 days cooling-off period as required under the Life Insurance Act 2000. During this period if the policy is cancelled then all premiums paid, excluding any taxes is refunded to the customer.

Once the policy exceeds the 28 day period and you decide to terminate your policy before three years, you will not receive any refunds. If your policy has been in force for three years with all premiums paid, than you will receive a Cash Value (surrender value) when you surrender the policy. However, the surrender value will be less than the amount you would receive at maturity.

Further, if you are in a very unlikely event of something happening to you before maturity even if it is only one month after your policy has been issued, your beneficiary will receive the full sum insured.

Yes. If you are unable to meet the premium payments due to circumstances that are beyond your control. However, in order to receive Cash Value, your policy must have been in force for three years and all premium payments are up to date. If your policy is less than 3 years, premiums paid to date will be forfeited. It is therefore encouraged that policies remain in force for the full term to reap the maximum maturity benefit.

The other option is to opt for a ‘Paid Up Policy’. That is the previous Sum Insured will be reduced together with the premium rate. The difference between the old and new premium rate can be used to offset the remaining terms premium.

Death benefits are amounts payable under the policy terms in the unlikely event of a premature death happening to the life insured. The Death benefit includes the Wantok Delite Sum Insured plus declared bonuses and rider benefits, if applicable, that are paid out to the beneficiary of a deceased policy holder. Full death benefit will be paid regardless of whatever survival benefits already paid.

A natural death is defined as death that results from the aging process or disease. There are no policy exclusions for natural death as long as there is no element of death caused by undeclared pre-existing medical condition. Therefore it is very important that customers have a duty of disclosure where they are required to fully and accurately declare any pre-existing conditions at the time of completing the proposal forms.

Yes. Under Wantok Delite an individual can purchase several policies depending on the individual‘s affordability and subject to the maximum life cover allowable of K250, 000.00 per life.

Should you find employment elsewhere, you can maintain your policy by paying the required premiums to keep the policy in force. Similarly, if you have not secured any formal employment but have savings elsewhere, you may use this to maintain your premium payments until such time you find employment. If for whatever reason you are unable to maintain the premium payment, you may choose to surrender your policy and receive the Cash Value. It is important to note that Policies only attract a surrender value after 3 years of the policy being in force, but the surrender value will be less than what you would receive if you were to keep your policy till maturity. There is NO benefit paid out if you terminate the policy before the 3rd year, and all premiums paid will be forfeited.

No, Life Insurance Premiums are ineligible for salary sacrifice per the Income Tax Act 1959.

No, Wantok Delite is an Individual Cover but spouse can be added to the same policy where he/she can be covered under the Death and/or Accidental Death or Accidental Total and Permanent Disability rider benefits.

No. Wantok Delite is available to all Papua New Guineans, residents and foreign nationals with valid PNG Work Visa of 3 years or more regardless of which financial institution you bank with.

No, the rider benefits are not payable at maturity but only when the specific risk one is covered under occurs. Maturity payouts are only on the Base Product. For instance, one receives the Accidental Total and Permanent Disability (ATPD) benefit when he/she is injured in an accident that leaves the individual with a permanent injury that prevents that person from ever securing work again.

The premiums paid for the riders are for the specific risk. It is not refunded at any point in time.

No. Under Wantok Delite Policy terms, BSP Life cannot withhold or roll-over Survival Benefits. However, you may use the Survival Benefit proceeds to pay future premiums in advance.

No, the Wantok Delite is only available in PNG and nowhere else. However, there is a similar product sold by our Fiji life insurance business.

This is confidential information. The premiums are determined based on a customer’s age, sum insured and added rider benefits on the policy. There can also be loading on the policy if you have certain medical conditions. We can provide you quotations on various scenarios of your preference to consider before you make a decision.

All deaths will have to be confirmed with appropriate medical documents including Death Certificate, identification documents plus a copy of the Policy Documents which are verified before claims can be paid. Should a policy holder’s death be suspicious, proper investigations will be undertaken to verify the circumstances before claims decisions are taken. For accidental deaths, police reports may be required and private investigations may be done to rule out any collusions.

The surrender value is calculated after 3 years of policy being inforce. There is no set Cash Value for Surrender Policies .The Gross surrender is calculated considering factors like:

• How long your policy has been in force and how much you have paid
• How long till your policy matures
• The amount of bonus that has been allocated to your policy

The surrender value paid is after deducting all costs associated with your policy and hence will be lower than premiums paid in the early years and will be closer to the illustrated maturity value at the later years (assuming same levels of bonus declaration in future years).

No. Riders do not earn bonuses nor pay Survival benefits like the base cover of Wantok Delite.

The policy may be terminated if the Primary Insured is unable to maintain premium payments. However, if the Primary Insured is able to afford the required premiums, he or she can assume ownership of the policy.

The Wantok Delite offers life cover only and does not include medical benefits.

Yes, this is permitted under the policy as there is an insurable interest.

No, Bereavement Support eligibility mandates policy tenure exceeding three years. That is, K5,000 or 10% of the death benefit, whichever is lesser is payable on the death of the primary insured to help with funeral arrangements.

Policy reinstatement is feasible upon full repayment of outstanding premiums, limited to two reinstatements throughout the policy term.