TrueMoney, Bankers Assurance offer P25.00 insurance

TrueMoney Philippines and Bankers Assurance Corporation have partnered to sell accident and medical microinsurance for P25.

Tunay Mag-alaga Insurance aims to provide underserved Filipinos with insurance coverage against accidents and related medical expenses, according to TrueMoney.

The premium cost is P25.00 for a 3-month coverage, which includes P20,000 accidental death benefit and P5,000 accidental medical reimbursement benefit.

Buyers have the option of getting longer coverage of 4 months, 6 months or 12 months. The insurance is available in more than 20,000 TrueMoney Centers nationwide.

“The Tunay Mag-alaga Insurance helps address the risk priorities of the low-income sector such as unexpected death and medical expenses. It provides coverage for loss of life or accidental death, or bodily injuries caused by accidents,” said Jacqueline Van Den Ende, CEO of TrueMoney Philippines.

TrueMoney and Bankers Assurance share the same mission to provide the underserved Filipinos with accessible and affordable financial products, she added.

“Every year thousands of people die or are injured in accidents. Sadly, so many Filipinos do not have accident insurance coverage,” said Eden R. Tesoro, president of Bankers Assurance Corporation.

Citing the Bangko Sentral ng Pilipinas 2017 Financial Inclusion Survey, Xavier Marzan, founder and president of TrueMoney Philippines, noted a significant barrier to buying an insurance seems to be financial with 66 percent of adults saying that they simply do not have the money to buy insurance.

That is why around 82 percent of Filipinos do not have any form of insurance protection, he added.

Bankers Assurance is a member of the Malayan Group of Insurance Companies, the largest non-life insurance group in the Philippines.

TrueMoney Philippines operates under Ascend Money, the largest Fintech company in Southeast Asia and a digital finance joint venture of the C.P. Group and Ant Financial.  —VDS, GMA News