SINGLIFE ROLLS OUT ‘NO-FUSS’ PROTECTION PRODUCT

Mobile-first life insurer Singlife seeks to make inroads into the underpenetrated mass market for insurance with the rollout of a “no-fuss” protection product that makes up for loss in monthly income due to disability or death caused by covered accident.

The “Cash for Income Loss (Accidents)” offering is designed for breadwinners or persons with loved ones who depend on their monthly income for day-to-day needs, whether a white-collar or blue-collar worker, Singlife head of digital networks Kame Amado-Gomez said in an interview.

The product provides up to 100 percent of monthly takehome income for 36 months plus two months cash bonus at the end of the 36-month period. Instead of a lump sum, benefits are staggered in line with its proposition to replace lost income.

The product is available to between 18 to 64 years old who have fully verified GCash account. The GCash electronic payment platform has about 30 million users to date, of which 40 percent are fully verified users.

Average annual premium for this protection product depends on the income covered. The average annual premium for the targeted market is estimated at P1,000. A customer can customize the plan based on whether one want to cover 50 percent, 75 percent or 100 percent of monthly income.

The maximum amount of monthly income that can be covered by this product is P100,000. Singlife expects this product to appeal most to the “emerging middle class” or those with monthly income of between P25,000 and P50,000.

This is touted as a comprehensive product that covers accidents, including those not covered by usual accident plans. For instance, 100 percent coverage will be given in case of: accidents arising from traveling on land, air or sea; accidental drowning; unprovoked assault; fire-related accident, and, accidental suffocation form inhalation of fumes.

There will be 50 percent coverage for accident while doing occupation-related task, accident while doing highrisk sport or activity, accident during act of terrorism or warfare.

Zayd Tolentino, chief technology officer, said that aside from meaningful protection products sold via partner digital networks, Singlife would also launch a direct to customer initiative in the second half of 2021.

“This new offering will allow customers to set aside money for big funding goals and seamlessly purchase insurance products to close any financial protection gaps,” he said.