Manulife Philippines and BDO Insurance Brokers Inc. (BDOI) have teamed up to make protection products accessible even to people at the bottom of the economic pyramid, among them household staff or “kasambahay” and blue-collar workers.
Manulife and BDOI unveiled the “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 a year for the “Kasambahay Plan” and P600 a 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 said in a statement Monday.
Through the Kasambahay Plan, Manulife protection plans for household helpers can be bought for an annual premium of 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. The minimum P285 plan provides accidental death and dismemberment benefit of P50,000, death benefit of P10,000, total and permanent disability benefit of P5,000 and burial benefit of P5,000.
With Pinoy Protect, Manulife provides workers across income levels with the opportunity to avail themselves 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 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.