MANULIFE China Bank Life Assurance Corp. (MCBL), the bancassurance partnership between Manulife Financial Corp. and China Banking Corp., announced the sale of a term insurance scheme that offers life protection or accident and medical reimbursement, for as little as P1 per day or P500 per year.
Exclusive to CBS China Bank Savings customers, the plan called “Secure Pinoy” is available in four annual premium plans: P500, P1,000, P2,500 or P 5,000, the company said. For the entry-level P500 plan, customers can get life insurance coverage worth P35,000 for one year or P200,000 coverage in case of death due to accident plus coverage of P10,000 for accidental medical reimbursement.
MCBL CEO Sandeep Deobhakta cited the company’s third “Asia Care Study” as the impetus for the product. Deobhakta said the study found that 91% of Filipinos surveyed recognize the importance of insurance and 86% intend to purchase life insurance within the next 12 months.
“By making life and health coverage more widely available to Filipinos, we can help them provide stronger financial protection, focus on their life journeys and improve their everyday lives,” he said in a statement. .
“At CBS, we want our customers to have greater access to life-saving opportunities, which they can also extend to their families, so they are financially secure when it matters most,” the quote also quoted. chairman of CBS China Bank Savings, James Christian Dee. statement as saying.