𝐌𝐢𝐧𝐢𝐬𝐭𝐞𝐫 𝐒𝐢𝐧𝐠𝐡 𝐋𝐚𝐮𝐧𝐜𝐡𝐞𝐬 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐏𝐫𝐨𝐭𝐞𝐜𝐭𝐢𝐨𝐧 𝐂𝐨𝐯𝐞𝐫 𝐟𝐨𝐫 𝐒𝐮𝐠𝐚𝐫𝐜𝐚𝐧𝐞 𝐅𝐚𝐫𝐦𝐞𝐫𝐬

The Minister for Multi-Ethnic Affairs and Sugar Industry, Hon. Charan Jeath Singh, launched the Mortgage Protection Cover for sugarcane farmers, in partnership with the Sugar Cane Growers Fund (SCGF) and Capital Insurance Company Ltd, during the 2025 Annual Farmers Open Day held at Kotonivere Grounds in Labasa yesterday (14/06/25).

Minister Singh said the launch reflects the Coalition Government’s commitment to placing the sugarcane farmers at the center of national development strategies.

“Today marks a historic partnership between SCGF and Capital Insurance Company Ltd, as they launch the SCGF Mortgage Protection Cover – A Sweet Peace of Mind. An important detail to note is that the initial premiums will be covered by SCGF. This is another example of how we are putting growers at the heart of our initiatives.” Said Hon. Singh

He emphasized that the Mortgage Protection Insurance serves as a crucial safety net, designed to protect sugarcane farmers and their families from financial hardship in times of crisis.

He said the farmers dedicate their lives to cultivate this industry, but life’s uncertainties can bring challenges that threaten financial security. This initiative ensures that in the event of death or total permanent disability, the mortgage balance is covered—relieving families from the burden and shielding lenders from default.

The Chief Executive Officer for the Capital Insurance Ltd, Mr. David Ariff Chan said the partnership with the SCGF is a shining example of what happens when two purpose-driven organisations come together.

“This is more than a product. It is a promise. A promise to stand beside our farmers, to protect what matters most, and to ensure that when life brings uncertainty, insurance brings reassurance,” he said

This insurance provides coverage for all SCGF loans—Specialized Loans, Priority Loans, and CDRF Loans—up to $50,000 for performing loans. In the event of death or total permanent disability, the outstanding mortgage balance will be covered, ensuring that families are not left struggling and that lenders are safeguarded against defaults.

Beyond financial security, this initiative comes with key benefits:

• Coverage up to 70 years of age, recognizing the ongoing contribution of our experienced farmers.

• 100% premium payment by SCGF for the initial years—from 2025 to 2027—ensuring a smooth transition and maximum benefit to growers.

• A sustainable model beyond 2030, where growers will gradually contribute to their insurance, empowering them to take ownership of their financial security.