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FWD Life Insurance and financial services firm TrueMoney Philippines signed a partnership deal to sell basic life insurance.
The protection plan that provides one-year coverage for death, disability, and accidental death will be made available in TrueMoney Centers in Metro Manila, according to TrueMoney.
Citing a recent Bangko Sentral ng Pilipinas survey on financial inclusion, FWD Life noted that “only one in every five adults has some form of insurance coverage in the country.”
The central bank survey conducted from December 2017 to February 2018 found out that less than 7 percent of Filipino adults are actually insured one way or another:
6.8 percent with life insurance
5.4 percent with health insurance
4.6 percent with micro insurance
The survey was part of a national research dedicated to collecting financial inclusion data from the perspective of both users and non-users of financial products and services.
“The partnership with TrueMoney is part of the goal to reach new and emerging segments to expand financial inclusion in the Philippines,” said Peter Grimes, president and chief executive officer of FWD Life Philippines.
The Set Ka Na insurance premiums are P95.00, P185, and P365 with respective benefits of P25,000.00, P50,000.00, and P100,000.00.
“We aim to make it available in all our locations nationwide,” said TrueMoney president Xavier Marzan. —VDS, GMA News
News Source: GMA News