MANILA, Philippines — Manulife Philippines has launched a new group insurance product that enables companies to provide employees with coverage against critical illness for up to P5 million.
The new product called Health Protect is a one-year renewable term insurance plan that provides minimum coverage of P50,000 and maximum of P5 million.
Client firms can provide their employees with relevant health protection by choosing from any of its four protection bundles against cancer, heart attack, and stroke ; cancer + 57 other critical illnesses; or three critical illnesses + 57 other clinical illnesses.
According to Manulife’s 2020 health study, among the top critical illnesses most feared by Filipinos are cancer, heart attack and stroke.
For organizations with existing basic group life plans, they can also boost their employees’ protection with the new group critical illness riders.
Businesses can opt to upgrade their plan to include additional coverage of up to P6 million.
“The pandemic has made many organizations realize that taking care of their employees’ health and well-being not only makes good business sense, but helps them thrive in the long term,” said Richard Bates, president and CEO of Manulife Philippines.
“With Manulife Health Protect, companies can strengthen their commitment to employee well-being, by providing benefits and health protection coverage against critical illnesses most prevalent in the Philippines. This will allow their employees to have the confidence and the sense of security that they need, making their everyday better.”
Amid the pandemic, many insurers are ramping up sales of protection product focused on health, accidents, and pandemic-related emergencies rather than long-hatching savings and investment products.