Microinsurance
FijiCare piloted an insurance product that offers the benefits of having both life and non-life insurance covers. This is not presently offered by any single insurer in the Pacific. The product will be sold primarily via the private sector, boosting the resilience of employees and their ability to cope with a range of events that can cause financial shocks.
The $10,000 cover offers indemnities for:
FUNERAL
(up to age of 65)
FJ $1,000
This will provide a cover for:
- A total of $1,000 will also be paid for funeral
expenses of the insured.
TERM LIFE
(up to age of 65)
FJ $3,000
This will provide a cover for:
- In the event of death of the insured, a total of
$3,000 will be paid to the beneficiary.
PERSONAL ACCIDENT
(up to age of 65)
FJ $3,000
This will provide a cover for:
- Protection for any injury that results in partial or
total disability of the insured person because of
an accident as per the policy document.
FIRE
- The package will also provide a cover for loss,
damage or destruction to the insured person’s house
on account of fire and/or explosion. In the event of a
total loss of house, the pay-out will be $3,000. In the
event of a partial loss, 50% of $3,000 ($1,500) will be
paid. Maximum payable is $3,000 per house per
period of insurance, which is usually one year
renewable.