MANUFACTURERS Life Insurance (Co.) Phils. Inc. (Manulife Philippines) and BDO Insurance Brokers Inc. (BDOI) have teamed up to sell life insurance products to a broader market that include house helps and blue-collar workers.
In a statement on Monday, Manulife Philippines said it signed a partnership agreement with BDOI to launch two insurance plans – “Kasambahay Plan” and “Pinoy Protect” – which will be accessible to more Filipinos.
Kasambahay Plan and Pinoy Protect are being sold at SM Bills Pay Counters in select SM Malls starting.
“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,” said Ryan Charland, Manulife Philippines president and CEO.
“This partnership with BDOI enables us to help more Filipinos secure their families’ future by making insurance more easily accessible,” he added.
Kasambahay Plan and Pinoy Protect are annual renewable plans which cover accidental death and dismemberment, death due to all causes, total permanent disability, and burial.
“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. At P285 per year for the Kasambahay Plan and P600 per year for Pinoy Protect, insurance coverage is now within anyone’s reach,” Charland said.
“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,” Tracy Tan, BDOI general manager, said.
Kasambahay Plan offers insurance protection to a household help for P1 a day, with annual rates ranging from P285, P410, to P660. The P660 plan provides coverage worth P200,000 for accidental death and dismemberment, P40,000 for death, P20,000 for total and permanent disability, and P20,000 in burial benefit.
Pinoy Protect, on the other hand, provides workers across income levels for less than P2 per day, or annual premiums ranging from P600, P1,000 to P1,500. The P1,500 plan covers 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 life insurance plans are available at the SM Bill Pay counters in SM Mall of Asia, SM Makati, SM Megamall, SM North Edsa, and SM Fairview. Manulife said the two plans will be available in other SM malls soon.