Life & Medical Insurance

OVERVIEW & LEGISLATION

Under the guidelines of Life Insurance Act (2000) only Bank of Papua New Guinea accredited Insurerer may underwrite Life Policies within PNG. Life Insurance Corporation (PNG) Ltd has been a fully licensed life and medical Insurer in PNG since 2006.

The other current licence holders, as of 2014, are Pacific MMI, Capital Life and Kwila Insurance. See the BPNG website for details.

Life Insurance Corporation (PNG) Ltd has been on the forefront of the insurance industry for a decade. Our comprehensive, competitive, and wide ranging Life & Medical Policies are suitable for all Budgets, Businesses or Groups.

 

OUR LIFE AND MEDICAL POLICIES

Life/Medical Policy NameAnnual Premium
(Fee)
Best Suited forDetails &
Sample Quote
Paradise Resting Plan - PRP
(Funeral Benefit Only)
From K12 - K60 Per Person
(Large Groups Only)
Entire Electorates, Societies
Paradise Learners Plan - PLP
(Funeral Benefit Only)
K13 per Person
(Groups Only)
School/University Students
Paradise Accident Plan - PAP
(Funeral Benefit Only)
K26 per Person
(Groups Only)
Churches, Societies, NGOs
Paradise Grassroots Plan - PGP
(Life, Medical, & Funeral)
K338 per Person
(Groups Only)
Grassroots, Blue Collar Workers
Paradise Crop Growers Plan - PCP
(Life, Medical, & Accident)
K390 per Person
(Groups Only)
Rural Framers and Workers
Paradise Workers Plan - PWP
(Life, Medical, & Funeral)
K442 per Person
(Groups Only)
General Workers or Staff
Paradise Kundu Plan - PKP
(Life, Medical, & Accident)
K598 per Person
(Groups Only)
Medium Income Earners
Paradise Lifestyle Plan - PSP
(Life, Medical, & Funeral)
K780 per Person
Individuals, Middle Management, Self-Employed
Paradise Executive Plans (1-8) - PEP
(Life, Medical, & Funeral)
From K910 to K8060 per Person
Executives, Management, VIPs, High Income or Net Worth
Paradise Medical Plans (1-8) - PMP
(Medical & Funeral)
From K960 to K8060 per PersonExpatriate Residents (Non Citizen)
Tailor Made Plan – (PTP)
(Customised Plans)
Via Negotiation
(Groups Only)"
Organisations, Government Bodies, Companies, Societies,

 

NOTES TO POLICIES:

  • All Policies are available to Groups (i.e. Companies, Organisations, Institutions, NGOs, Government Bodies etc). Some Policies are available to direct Individuals.
  • Groups may choose to pick and choose different Policies for different categories of employees
  • Some Policies include various levels for coverage for Family Members within the quoted rates. These plans include PGP, PCP, PKP, PSP, PEP (optionally), and PTP (optionally). See the respective Sample Quotes for details.
  • Expatriate Members must choose from one of our PMP Policies. These Policies include generous Family Medical, Funeral  and Evacuation Benefits; but do not include Life Cover.

 

GET A QUOTATION

Individuals Applicants or Organisations can contact us for Guidance on which policy is right for you; or to receive a formal quote on a policy shown here.

Where known, please include in your communications:

  • No. of Potential Members
  • Types of Members (eg. General Workers, Executives, Students, Management)
  • approximate Budgets (if any)
  • Which Policies interest you (only if known).
  • No of. Expatriate Members
  • If family Members are to be covered

 

MEMBER APPLICATION FORM (MAF) 

All Members, as Part of a Group, or as individuals should complete a MAF form found HERE. Each members should Print, complete and return it to us. Few exceptions apply, see quotations for details.

Individuals may pay the Annual Premium and submit the completed form via Mail, Email, Fax or in Person. Individual members must submit a MAF at the time of paying the Premium.

Groups should Contact us via their responsible Human Resources Officer/Department with the completed forms. Groups may choose to submit their MAFs after starting their Covers(must be submitted within a reasonable time).

This same MAF form can be used to Update any previously submitted MAFs (eg. to Change Beneficiary Allocations).

 

PAYMENT METHODS, FREQUENCY & ANNUAL RENEWAL

For Individual Members: Annual Premium is due in full and immediately upon membership being accepted.

For Group Members (Payments made by a Group): We accept Annual premiums to be paid on an Annually, Half Yearly, Quarterly, Monthly, or Fortnightly Pay Deduction basis. Premiums are payable in Advance of each agreed period; and a list of the contributing members should be provided with each group payment.

Membership Renewal: at the of any Policy term, Individuals and Groups may rollover the existing Policy at existing agreed annual rates  and payment frequencies. Conditions apply, see the P.D.S.

Payment Methods: We accept Payments viia Cheque (Payable to “Life Insurance Corporation Ltd”)Direct Deposit (contact us for our account details); or Cash.

 

MAKE A CLAIM

Members may make a Claim by downloading and printing the Member Claim Form HERE. Wherever possible Groups are encouraged to assign a responsible HR or Insurance Officer to coordinate with our Clams Department.

Generalized Claim Procedures and Requirements can be found HERE. Further requirements may be sought as per the respective detailed policy Product Disclosure Statements.

Claim Limits can be found in the respective policy Product Disclosure Statements (Policy Wording), provided to you upon acceptance as a member, as well as in the appropriate Sample Quotes above.