Budget-Friendly Insurance for Every Filipinos
Filipinos understand that insurance products
are valuable – most just find them expensive.
In 2021, Bangko Sentral ng Pilipinas reported
that only half of the Filipino population had some form of insurance. Of those
who do not have insurance, 56% said it was not a priority at present due to
inadequate funds, while 7% said they have not found the right product for them.
In partnership with trusted insurance
companies, GCash hopes to provide affordable and credible financial protection
for different needs such as health, income protection, travel, lifestyle,
business, vehicle, and lifestyle, through GInsure, a one-stop shop for all
insurance needs inside the GCash app.
“A lot of Filipinos are already working hard
to meet their everyday needs as is, and we want to provide them with one less
thing to worry about,” said Winsley Bangit, VP, Head of New Businesses of
GCash. “With GInsure, making the most out of the present while thinking ahead
for the future is made possible with insurance offerings that are not heavy on
the wallet and easy to accomplish.”
Health
and personal protection
A study by the Philippine Institute for Development Studies found that the country’s National Health Insurance Program covers only 40% of total hospital costs on average. This means that some may still have to shoulder out-of-pocket payments, leaving a dent in their everyday household or personal budget.
In partnership with Cebuana Lhuillier, Sun
Life, Singlife, Pru Life, Pioneer Insurance and Generali, GInsure also offers
personal insurance that will ensure regular monthly income for beneficiaries in
case of disability or death. Personal insurance on GInsure costs as low as P10
and only takes three steps to complete, providing a safety net for breadwinners
and family heads.
“Filipinos are known to be family-oriented,
with most taking on breadwinner roles. Through our selection of health and
personal insurance, we want users to never have to worry about securing their
family’s future when they’re covered against loss of income and medical
expenses,” Bangit said.
Worry-free
travels
With revenge travel in full swing, travel
disruptions have also increased. While travel insurance is not considered
mandatory in several destinations, Filipinos can largely benefit from the protection
from unexpected travel expenses resulting from trip delays and cancellations,
loss and damage to baggage, accidents, and illnesses.
Powered by Standard Insurance and Malayan
Insurance, travel protection premiums on GInsure start at PHP 103 pesos and can
be accomplished in under three minutes.
Peace
of mind for business
Micro-, Small and Medium-sized Enterprises make up 99% of the total establishments in the Philippines. However, their limited resources make it difficult for them to recover from the impacts of natural and human-induced hazards.
GCash has partnered with Malayan Insurance and
Igloo to offer Negosyo Insure, a product designed to protect small business
owners with physical stores. With a premium as low as PHP 160 per month, the insurance
product offers up to PHP 50,000 coverage for the owner’s personal accidents,
damage, or loss of property due to fire, burglary, and housebreaking.
“A lot of effort, time, and money goes into
starting and growing a business, and we want entrepreneurs to not have to worry
about their hard work going to waste because their business is protected,”
Bangit said.
Protection
on the road
In Metro Manila alone, an average of 157 car
crashes were recorded last year, with the average cost of minor injuries
resulting from a road crash amounting to PHP 71,000. As road mishaps remain
common despite careful driving, GCash has collaborated with trusted partners to
provide car owners with affordable vehicle insurance they can purchase within
minutes.
For car owners looking for alternative
insurance deals outside dealer options and second-hand car owners looking for
insurance, GInsure offers both mandatory CTPL (compulsory third-party
liability) and comprehensive insurance. GCash partnered with Standard Insurance,
Kwik.insure, FPG Insurance, and BPIMS Insurance to offer CPTL insurance that
covers up to PHP 100,000 of possible liability, and with Standard Insurance and
Kwik.insure to offer Comprehensive Insurance, which covers possible own damage
and theft to vehicles.
Users may access GInsure on the GCash
dashboard or find it under “Grow.” No GCash yet? Download the GCash App on the
Apple App Store, Google Play Store, or Huawei App Gallery. Kaya mo, i-GCash mo!
A study by the Philippine Institute for Development Studies found that the country’s National Health Insurance Program covers only 40% of total hospital costs on average. This means that some may still have to shoulder out-of-pocket payments, leaving a dent in their everyday household or personal budget.
Micro-, Small and Medium-sized Enterprises make up 99% of the total establishments in the Philippines. However, their limited resources make it difficult for them to recover from the impacts of natural and human-induced hazards.
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