Many people in Papua New Guinea do not have access to insurance as a formal mechanism to protect them from the many perils that threaten their livelihoods. MiBank has developed an innovative insurance product specifically developed and designed with the low-income people in mind.
BIMA MiLife is a term life insurance cover that will cover the life of both the insured and spouse for a duration of one year and provide a payout in the event of death.
Product Summary:
Offers life insurance protection
Policy covers the policy holder + 1 family member (husband or wife)
Three distinct price points and cover levels.
Simple monthly payments via standing order from Bank account.
Price* - per month
Persons covered
Life insurance - sum assured
Bronze
K6.75
Up to 2
4,000 x 2 people = 8,000
Silver
K13.50
Up to 2
8,000 x 2 = 16,000
Gold
K20.25
Up to 2
12,000 x 2 = 24,000
*No partial deductions or proportional levels of coverage.