PFIP PRESS RELEASE
[12 July 2012, Nadi, Fiji] “This event marks a significant milestone with the launch of the first community based microinsurance scheme, not only in Fiji, but the entire Pacific!” said Mr John Davidson, the Minister Counsellor, Australian Agency for International Development (AusAID) at the launch of the new funeral insurance product at the Then India Sanmarga Ikya Sangam (TISI) Sangam in in Nadi yesterday.
Mr Davidson also highlighted that “Australia recognises the importance of improving financial services for the poor in the Fiji and over the last 4 years, the Australian Aid program had invested $4.3 million to promote financial inclusion in the country.” He also acknowledged the Life Insurance Corporation of India (LICI) and TISI Sangam, who has taken the bold step with Pacific Financial Inclusion Program (PFIP) to make insurance more accessible and affordable to the poor people in the country.
At the launching, LICI General Manager, Mr Sanjeev Kain explained that “new clients under the scheme would only pay $14/year for $1,000 annual funeral coverage which was one of the lowest premiums on the market and would greatly assist the poor to cope with the financial burden of funerals.”
Jagannath Sami, CEO, TISI Sangam, Fiji conveyed, “This scheme is important to TISI Sangam because for the first time it reaches out to all our members who belong to vulnerable and low income families. This funeral benefit will provide them the support and security they need in times of difficulties. This partnership will enable our 20,000 TISI Sangam members to have access to an affordable insurance product.”
This partnership, which was formed out of a demand research project (funded by the Asian Development Bank (ADB), PFIP and AusAID) conducted in Fiji last year, was facilitated by PFIP with financial assistance from AusAID.
PFIP is a Pacific-wide programme helping to provide sustainable financial services to low income households. It is a joint project of the UN Capital Development Fund (UNCDF) and the United Nations Development Programme (UNDP) and has received additional support from AusAID and the European Union. The programme is based at the UNDP Pacific Centre in Suva, Fiji.
For further information contact:
Mereseini Senikau-Tuivuniwai, Knowledge Management & Scholarship Coordinator, PFIP Fiji, (PFIP) on 3300399 ext 230 firstname.lastname@example.org; website: http://www.pfip.org