PROVIDENT LIFE ASSURANCE COMPANY

Otago Daily Times, Issue 21647, 18 May 1932, Page 14

PROVIDENT LIFE ASSURANCE COMPANY

The Provident Life Assurance Company, whose headquarters 'are in Dunedin, has the distinction of being the oldest life assurance company founded in New Zealand, and in the last quarter of a century has performed many useful services for the people of this Dominion, During the first few years policies were issued exclusively in the industrial branch, but in 1909 business was commenced in the ordinary branch, and three years later an accident branch was added. In the ordinary branch tfie directors wisely adopted the system of deferred bonuses so successfully instituted by a leading Scottish office some 70 years previously. The premiums charged are on so moderate a scale that they provide the equivalent of an annual cash bonus to all policyholders,- while the use of the most recently-published select tables produce rates which at older ages are actually lower than the non-profit rates of other companies. The system has now been tested for over 20 years, a period which embraced the war and its consequent difficulties, and the success obtained confirms the directors in their' opinion that they adopted the most equitable method of allotting bonuses. The largest additions are made to those members who have contributed most to the profits of the company. The accident branch rates and policy conditions are most liberal, the premiums being the lowest in Australia or New Zealand. The company issues policies covering all sickness, recognising that this form of insurance is as absolute a necessity as life insurance. , The total income of tbe company for 1931 was £279,000. and the funds at tbe present time exceed £1.120,000. Over £750,000 have been paid to policyholders.