A: LIFE INSURANCE – INVESTMENT POLICY

Kwila Insurance Corporation Ltd provides Life Insurance cover to employed people in Papua New Guinea. Our non participating life policy is a carefully designed investment and savings tool to provide insurance and security for ordinary wage earners. The policy works in as follows:

1. INSURANCE – INVESTMENT POLICY – U10

Insure member’s personal life that, in the event the member passes away, Kwila will pay family or nominated beneficiaries subject to assessment and proof:

• Life cover or sum assured.
• Funeral expenses benefit of, K1,000.00. (K2,000.00 for policies proposed from January 2010)
• Policy Cash value balance attracting 5% interest annually, calculated and credited monthly.

As determined under the insurance policy, after deduction for insurance fees from premiums paid, the balance is a policy holder’s cash value, which grows with interest added monthly.

2. POLICY SAVINGS

In addition to the investment policy held, policy holders may deposit extra funds to their policy, apart from premiums or loan repayments. At Kwila we call this FPS – future premium savings. This amount attracts a generous interest rate of 5% and can be used to simply save extra – or to pay premiums from if a policy gets into arrears.

B: TERM LIFE INSURANCE

Kwila now offers non-participating straight life insurance policies without savings or maturity dates. Term is usually for one year, with premium and sum assured flexible and negotiable. These can be taken individually or an employer can take cover for their entire workforce or group.

As a general guide :

• K4.50 per fortnight (approx K120 per year) per employee gives a sum assured of K10,000.
• K7.50 per fortnight (approx K195 per year) per employee gives a sum assured of K20,000.

Funeral benefit can be added, and spouse cover enabled with adjusted premium – if requested. Premium varies slightly depending on number of employees , industry and age.

WHAT MAKES KWILA SPECIAL - GENERAL INFORMATION

• Kwila Insurance is a strong nationally owned company and invests the majority of it’s policyholder’s money in PNG, with some in offshore investments.
• Kwila Insurance is a provider and specialised underwriter of non-participating Investment Assurance life policies.
• Kwila Insurance has 35,000 policyholders working in both the public and private sector.
• Kwila Insurance strives to pay life insurance claims for policyholders who have passed away promptly.

NOTE: Information on this web site is a summary only and not legally binding. Any person considering taking a policy should refer to the policy wording.