CAPITAL Insurance has launched a first mortgage protection insurance program in partnership with the Sugar Cane Growers Fund (SCGF).
The initiative was formally announced on June 14 in Labasa by SCGF chairman, Ahemad Bhamji and launched on Monday this week.
Speaking at the signing and handing over of insurance covers to growers in Lautoka, Capital Insurance chief executive officer David Ariff Chan said the program was specifically designed for farmers.
“Every day our farmers rise up early, you work the land under the hot sun, and you endure the rain, the uncertainty of the seasons and the fluctuations of the market, and yet you keep going,” Mr Chan said.
“The farmers here today- you provide for your families, you provide for your communities, and you feed this nation.
“And you (farmers) help keep the economy of Fiji alive — you are one of the heroes of Fiji.
“Yet for far too long, many farmers have faced a cruel reality, if something happens to them, whether it is death or permanent disability, their family can be left with not only grief but also the burden of death and fear.
“And a dream and aspirations that is under threat – so that is what this program is all about and here to change.”
Mr Chan acknowledged SCGF chief executive officer Raj Sharma, chairman and board directors and the Ministry of Sugar for their support in bringing the new program to life.
SCGF chairman Ahemad Bhamji says the loan average is maximum of $50,000.
“Grower’s fund will pay the premium for one person,” Mr Bhamji said.
“The mortgage insurance protection that we are signing today means in case of a death of the grower, the loan will be paid off. And you have to notify our officers within three months after death and lodge claims — normal procedure of any insurance deal.
“The cover also includes permanent disability and after notification and waiting, period of six months it will be paid off.”
