PACIFIC insurer TISA Insurance (Fiji) Limited and financial services provider Merchant Finance Pte Limited have formalised an agreement to introduce loan protection insurance for eligible Merchant Finance personal loan customers.
The agreement, signed by Merchant Finance chief executive Veilawa Rereiwasaliwa and TISA Insurance chief executive David Chan yesterday, enables customers to access a range of insurance solutions.
Under the arrangement, Merchant Finance will facilitate access to TISA Insurance’s loan protection insurance for eligible unsecured loan customers.
“Our partnership with Merchant Finance brings together two important objectives – financial empowerment and financial protection. Through the introduction of loan protection insurance, we are strengthening the support available to eligible Merchant Finance customers,” Mr Chan said.
“This protection is designed to assist with outstanding loan obligations in the event of death or total and permanent disability, subject to policy terms and conditions, while also providing funeral assistance benefits to support families during difficult times.”
Mr Rereiwasaliwa said customers had been asking for this loan and mortgage protection product for a long time, particularly being a major financier of motor vehicle loans in the country.
He said the product provided customers a way to protect their family in the event of unforeseen circumstances.
“For mortgage protection, with our zero-deposit home loan, we’ve now got a good pool of customers; and as they are first time homeowners, they want to protect that investment for the future,” Mr Rereiwasaliwa said.
“We’re looking forward to giving our customers another option to protect their investment, whether it’s their first motor vehicle or their first home and ensuring that in the event of unforeseen circumstances that the family are not burdened unnecessarily,” he added.
