BDO Insurance Brokers, Inc. (BDOI) formally launched on Wednesday a new and cheap insurance product called “InsureME” which may be availed of at 56 SM stores nationwide.
BDOI inked an agreement with Pioneer Life, Inc. and The SM Store to offer insurance for travel (Safe Trip Comprehensive Travel Insurance), dengue (MediCash Dengue Insurance), and compulsory third party liability (CTPL) for vehicles in an easily accessible way.
Safe Trip Insurance, for a P199 premium, provides medical treatment cover of up to P2.5 million, which includes access to emergency and travel assistance hotlines and satisfies the Schengen Visa requirement.
The product includes personal accident insurance coverage worth P1 million and personal liability insurance of up to P1.5 million to cover travel inconveniences such as trip cancellation, flight delay and loss of baggage.
“It is perfect for those traveling to destinations outside the Philippines, especially the European Union, as this plan meets the visa requirements of the European states and is accredited with the Schengen embassies in Manila,” BDOI said.
Meanwhile, MediCash Dengue Insurance is offered for an annual premium of P350. It provides cash assistance of P10,000 in the event that the covered person is diagnosed with dengue, even if diagnosis does not require hospital confinement. The cash assistance is paid on top of Health Maintenance Organization (HMO) and Philhealth coverage.
“The dengue insurance—you should be [from]age 1 to 70 and in good health,” Pioneer Life President Lorenzo Chan Jr. told reporters on the sidelines of the launching event held in Makati City.
“Normally, when you buy the dengue insurance, there’s a 15-day waiting period. The cover starts only 15 days after you declare it because, once again, we don’t want you to have dengue and then buy it [insurance]and then claim it the next day,” he added.
On the other hand, CTPL provides up to P100,000 coverage for the death, disablement and medical expenses of a person injured due to a vehicle accident.
The companies have provided a simplified process for individuals who wish to get secured with an InsureME product.
“If you buy an insurance—it’s a very short form with about seven information fields that you fill up and you can leave the form at the SM store or you can call us and we can do it over the phone or you can take a photo of it and viber it. We process that and we will send you an SMS confirming that you are indeed covered,” Chan said.
“And then for claim, it works the same way. You get a medical certification form and then you can take a photo of that, viber it to Pioneer, if there are more questions we’ll call you, if not, we’ll process it for you. Payment will be settled within a few days and if you don’t have a bank account, then we will remit it through the nearest pawnshop or remittance centers.”
However, insurance products can only cover applicants and are not transferrable to other members.
“We are planning to roll out several more projects. We are looking at the potential of health insurance, a variant of motorcycle accident insurance, because the whole objective is what is relevant to the Pinoys. We just start up with three products but the plan is to add more,” he said.