Manulife, BDO Insurance team up for microinsurance

MANILA, Philippines - Manulife Philippines and BDO Insurance Brokers Inc. (BDOI) has conspired to offer more affordable protection with the launch of the Kasambahay Plan and Pinoy Protect.

Filipino workers, including those working for households or in blue-collar occupations, can enjoy the benefits of life insurance coverage, available at SM Bills Pay Counters in select SM Malls.

Manulife Philippines president and chief executive officer Ryan Charland said that Filipinos value building a secure future for their families, and that is one of their biggest motivators when they seek employment.

“This partnership with BDOI enables us to help more Filipinos secure their families’ future by making insurance more easily accessible,” Charland said.

The Kasambahay Plan and Pinoy Protect products are annual renewable insurance plans providing coverage for accidental death and dismemberment (AD&D), death (due to all causes), total permanent disability (TPD), and burial.

The Kasambahay Plan promotes responsible household employment by encouraging employers to include life insurance as one of the benefits of their household help, while Pinoy Protect enables Filipino workers to sign up for life insurance.

“At P285 per year for the Kasambahay Plan and P600 per year for Pinoy Protect, insurance coverage is now within anyone’s reach,” the Manulife Philippines chief executive said.

The Kasambahay Plan delivers protection to household help for less than P1 per day, or an annual premium of either P285, P410 or P660. 

Plan 660 will provide coverage worth P200,000 for accidental death and dismemberment, P40,000 for death, P20,000 for total and permanent disability, and P20,000 for burial benefit.

Meanwhile, with Pinoy Protect, Manulife provides workers across income levels with the opportunity to avail of insurance policies for less than P2 per day or annual premium of either P600, P1,000 or P1,500.

Plan 1,500 will provide coverage worth P500,000 for accidental death and dismemberment, P30,000 for death, P75,000 for total and permanent disability, and P30,000 for burial benefit.