Security Bank business unit SB Finance is bringing the provision of group credit life insurance as a voluntary add-on to its personal loan applicants through a collaboration with FWD Life Insurance.
SB Finance president and CEO Abbie Casanova inked an agreement with FWD Life president Li Hao Zhuang and FWD chief partnership officer Irene Andas in this regard.
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For SB Finance borrowers, this insurance covers the loan balance in case of death as well as permanent disability.
Applicable to borrowers aged between 21 and 70 years, the offering provides a minimum coverage from PHP10,000 ($175.25) to PHP2m. It costs PHP4.32 per PHP1,000 loan amount.
Commenting on the partnership, Casanova said: “We’re happy to partner with FWD Life Insurance to provide our clients with services that protect them from unforeseen events.
“The integration of the Group Credit Life insurance into our product allows them to protect themselves and their families while having access to funds that can improve their way of living.”
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By GlobalData“FWD enables people to celebrate living, and through this partnership with SB Finance we can help more Filipinos from all walks of life reach for their goals and achieve financial independence,” Zhuang noted.
In 2017, Philippines’ Security Bank joined forces with FWD Life Insurance to provide insurance services customised to the requirements of customers.
SB Finance is the result of an alliance between Security Bank and Thai lender Bank of Ayudhya (Krungsri).
