Life insurance for ‘kasambahays’
MANULIFE Philippines and BDO Insurance Brokers Inc. (BDOI) have teamed up to make life protection products affordable to people at the bottom of the economic pyramid, especially household staff “kasambahays” and blue-collar workers.
Manulife and BDOI unveiled “Kasambahay Plan” and “Pinoy Protect” products, both of which are annual renewable insurance plans providing coverage for accidental death and dismemberment, death (due to all causes), total permanent disability (TPD) and burial.
The premium is worth as low as P285 per year for the “Kasambahay Plan” and as low as P600 per year for “Pinoy Protect.”
“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,” Ryan Charland, Manulife Philippines president and chief executive officer said in a press statement on Monday.
Through the Kasambahay Plan, Manulife protection plans for household helpers can be bought for an annual premium of P285, P410 or P660. Plan P660 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.
The minimum P285 Kasambahay Plan provides accidental death and dismemberment benefit of P5,000, death benefit of P10,000, total and permanent disability benefit of P50,000 and burial benefit of P5,000.
With Pinoy Protect, Manulife provides workers across income levels with the opportunity to avail of insurance policies for 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.
The minimum Pinoy Protect P600 plan provides accidental death and dismemberment benefit of P150,000, death benefit of P10,000, total and permanent disability benefit of P30,000 and burial benefit of P10,000.
“At Manulife, we recognize 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,”
These life insurance plans can now be purchased at SM Bills Pay counters in select SM Malls.
“BDOI is pleased to make the Kasambahay Plan and Pinoy Protect available through the SM Bills Pay Counter at selected SM Malls. This allows us to broaden the range of value added services that we deliver to our customers. Availing of insurance coverage now becomes as easy as paying your bills at our payment counters,” said Tracy Tan BDOI general manager.
For now, these low-cost insurance products are available at the SM Bill Pay counters in SM Mall of Asia, SM Makati, SM Megamall, SM North Edsa, and SM Fairview but they will be available in other SM Malls nationwide in the future.
