Microinsurance
VanCare 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 VT500,000 cover offers indemnities for:
FUNERAL
(up to age of 65)
VT 50,000
This will provide a cover for:
- A total of VT50,000 will also be paid for funeral expenses of the insured.
TERM LIFE
(up to age of 65)
VT 150,000
This will provide a cover for:
- In the event of death of the insured, a total of VT150,000 will be paid to the beneficiary.
PERSONAL ACCIDENT
(up to age of 65)
VT 150,000
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 VT150, 000. In the event of a partial loss, 50% of VT75,000 will be paid. Maximum
payable is VT150,000 per house per period of insurance, which is usually one year renewable.