PaniguroKO helps BanKO account holders cope with loss

MANILA, Philippines - Despite their vulnerability to risk, many Filipinos in the low-income bracket used to avoid investing in insurance products due to the common perception that it was an “unnecessary expense,” with their meager earnings barely enough to pay for their basic needs.

This consumer attitude is slowly changing, however, as shown in a landscape study conducted by the Munich Re Foundation in 2013, which cited that one out of five Filipinos are protected by insurance. The number of insured Filipinos have remarkably increased from three million in 2008 to an estimated 28 million in 2014, but more than 80 percent of the population still remain unprotected from the risks brought about by sudden circumstances such as injury, illness, death and loss of property.

BPI Globe BanKO, the country’s first mobile micro-savings bank, is addressing the need for appropriate risk protection through its micro-insurance product PaniguroKO, providing its accountholders with a selection of affordable insurance plans to suit their budget. For as low as P50 for one-year coverage, accountholders are entitled to P40,000 accidental death benefit and P10,000 burial assistance. Other PaniguroKO insurance plans offer additional benefits such as accidental medical reimbursement, fire and flood assistance and hospitalization assistance.

BanKO is also offering PondoKO Plus, an insurance policy bundled with the BanKO savings account, providing the accountholder with automatic insurance coverage for one year.

Hazel Orocio, a single mother who was doing odd jobs to support her family, was working as a street sweeper in Las Piñas when a car hit her last January. Her children were left under the care of her mother Elena Sojero, who recalls the sacrifices her daughter went through. “Lahat ginagawa niya para makapag-aral ang mga anak niya (She did everything just to send her children to school),” Elena shares.

Hazel was a BanKO accountholder and insured with PaniguroKO, her children were the beneficiaries of the insurance proceeds. Part of the amount from Hazel’s PaniguroKO benefit will be used for her children’s school expenses, while Elena plans to put up a small sari-sari store or canteen to sustain her grandchildren. “I will set the money aside for the children’s education as Hazel worked hard to support them,” says Elena.

Adrian Dimaisip, a sugarcane plantation worker, died after being electrocuted by a live wire. He left behind two young children and some unsettled financial obligations. His mother, Teodora Dimaisip, herself also a BanKO accountholder, was thankful for the PaniguroKO coverage that came with having a BanKO account in spite of the unfortunate tragedy that befell her son. “Thank God that we were able to open a BanKO account before this occurred,” she says. Teodora will use the money for the children’s educational expenses and pay off Adrian’s debts.

Despite grieving for the loss of their loved ones, Elena and Teodora now realize the value of being financially prepared for unforeseen circumstances. “It’s good to be protected with insurance because you cannot predict what will happen to you,” Teodora says. “I am living proof. Now I am telling my friends to apply for a BanKO account as well because insurance can really help.”

BanKO chief marketing officer Rita Duenas says, “We recognize our customers’ strong need for access to risk protection services. Our micro-insurance products were developed to equip them with the financial assistance for unexpected needs in the future, giving them an opportunity to rebuild their lives sooner.”

For more information on BPI Globe BanKO and PaniguroKO insurance plans, visit www.banko.com.ph.