CAPITAL Insurance has introduced an innovative mortgage protection insurance program in collaboration with the Sugar Cane Growers Fund (SCGF). This initiative was officially announced on June 14 in Labasa by SCGF chairman Ahemad Bhamji and formally launched earlier this week.
During the signing ceremony where insurance covers were distributed to farmers in Lautoka, David Ariff Chan, the chief executive officer of Capital Insurance, highlighted that the program is tailored specifically for farmers. Chan emphasized the hard work and resilience of farmers, stating, “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.”
Chan acknowledged the crucial role farmers play in supporting their families and communities, framing them as heroes of the Fijian economy. He underscored the harsh reality that many farmers face; if something were to happen to them—like death or permanent disability—their families could be left not only grieving but also burdened by financial worries.
Ahemad Bhamji, in his remarks, indicated that the average loan covered by this insurance program is up to $50,000. Under this insurance, in the event of a farmer’s death, the outstanding loan will be settled, provided that claims are notified within three months. The coverage also extends to cases of permanent disability, with payments being made after a six-month waiting period following notification.
This development closely aligns with previous efforts by the SCGF to empower sugarcane farmers. The SCGF recently invested approximately $3.5 million in a new office complex aimed at supporting these farmers, which anticipates generating revenue that could fund such protective insurance measures. The commitment to enhancing both financial and healthcare support through various programs underscores a broader strategy to reinforce the farming community’s resilience.
The launch of this insurance program represents a significant step towards providing security for farmers and illustrating a collaborative commitment to enhancing the agricultural framework in Fiji.
Overall, this initiative offers a hopeful outlook for the farming community, as it aims to alleviate financial burdens during challenging times and strengthen the support network essential for sustaining the agricultural sector in Fiji.
Leave a comment