BANCASSURANCE firm Manulife China Bank Life Assurance Corporation (MCBL) has rolled out an affordable life insurance package that requires a premium of as low as P299 per year, seeking to broaden the market for protection products in this country.
The bancassurance joint venture between Manulife Philippines and China Banking Corp. announced on Wednesday that the affordable insurance product called SURESecure would provide insurance coverage for one year.
Benefits include coverage worth P10,000 in the event of death or total and permanent disability and P30,000 in the event of accidental death and dismemberment.
The new product is available nationwide at China Bank Savings (CBS), the retail banking arm of China Bank.
Individuals between 18 to 60 years old are eligible for life insurance coverage under SURESecure without going through a medical examination. This can also be purchased as gifts for loved ones.
“China Bank Savings is pleased to have a very accessible insurance product available to its customers,” Joey Ramos, China Bank Savings president, said in a press statement.
“Insurance coverage for one year that costs less than P1 a day will go a long way in case of unfortunate events,” he said.
MCBL provides China Bank customers with exclusive life insurance and investment solutions to address their financial needs.
In 2015, MCBL received the Bangko Sentral ng Pilipinas’ approval to likewise offer its bancassurance products to China Bank Savings customers.