Sun Life, Philam launch new packages

Two of the leading insurance companies in the Philippines – Philamlife and Sun Life – have launched innovative insurance packages aimed at specific markets: mediamen and risk-prone workers.

Sun Life Financial, the local unit of the Canadian insurance giant, will introduce this week a unique personal accident insurance product that will specifically cover mediamen in the Philippines.

"The recent deaths of TV field news personnel, especially those who died in the line of duty, are a great loss to our society who trusts the media as its vanguard of democracy," Sun Life officials said in a statement. "And more than a nation’s bereavement, it is the family they left behind who feels the desolation of losing a loved one."

Initial reports indicate that coverage will amount to up to P200,000 for editors and reporters and P100,000 for TV crew members and photographers.

"We would like to extend a helping hand and donate free one-year personal accident insurance (PAI) to all the field news personnel of the major networks and several print media reporters/editors," Sun Life said, adding that this is the first time such a package is offered in the country.

The PAI will cover both death and disability, has a time frame of one year, and is renewable.

Meanwhile, Philippine American Life and General Insurance Corp. (Philamlife) launched last week the country’s first commercial microfinance insurance product costing only P10 for a P10,000-coverage policy good for 15 days.

Company officials said the product is not only ideal to the low-income segment who can not afford the regular life insurance products but also to those working in high-risk or accident-prone areas such as drivers, construction workers and street vendors.

Called AKSIText, the product is packaged similar to a pre-paid cellphone card and activated through the hugely popular text messaging or SMS scheme.