Online store sells insurance for as low as P199

Anne Curtis —Contributed photo

Will Filipinos buy an accident insurance plan for just about the same price as a grande cup of Starbucks caramel macchiato, or life insurance for the price of a glass of mojito?

Manulife Philippines is wooing the tech-savvy, especially young adults who are starting to plan for their future, with the launch of a new online store that pitches affordable insurance plans.

Manulife Shop offers annually renewable insurance products, such as:

– 365 Ready Accident: An accident life insurance plan that covers accidental death, dismemberment, total permanent disability, double indemnity and family assistance for as low as P199 a year

– 365 Ready Life: A term life insurance plan that provides coverage for as little as P249 a year

– 365 Ready Duo: A combination of term life and personal accident insurance plan that provides both life and accident protection benefits for as low as P448 a year

Manulife, which recently picked Anne Curtis as its brand ambassador, enables customers to choose insurance coverage based on their budget, with life protection coverage of up to P1 million.

“Manulife Shop is our latest initiative to provide intuitive, convenient and frictionless customer experience for today’s hyper-digital Filipinos, in line with our ambition to be the most digital, customer-centric global company in our industry,” says Rahul Hora, Manulife Philippines president and CEO.

“Through Manulife Shop, we respond to the needs of Filipinos who want access to easy and affordable insurance protection options, with the comfort of digitally driven customer experiences where they can transact seamlessly.”

Manulife’s recent study, “The Modern Filipino Family: Exploring Family Dynamics and Digitalization in the New Normal,” found that 90 percent of Filipinos surveyed use e-commerce apps, and 82 percent use finance apps for cashless payments or to buy insurance. In addition, among those surveyed, about a quarter of Gen Xs and a third of millennials have bought insurance products online in the past 12 months.

Meanwhile, 41 percent of Gen Zs are considering to buy insurance products online in the next 12 months.

Participants in the survey cited convenience (45 percent), sense of security (22 percent) and protection (17 percent) as their reasons for buying insurance products online.