Manulife takes first step into microinsurance in the Philippines

Responding to a call by the
Philippines insurance regulator to make life insurance more
affordable, Manulife Philippines has entered the microinsurance
market with a new product, FirstProtect.

According to Manulife
Philippines, monthly premiums on FirstProtect start at PHP15
($0.35).

The product guarantees life
and accident protection for 10 years with a maturity benefit
equivalent to 25% of the premiums back after10 years, if the
insured survives.

The policy also offers an
accidental death rider under which 200% of the coverage amount is
paid if the insured’s death is a result of accidental
causes.

Manulife Philippines
president and CEO Indren Naidoo said: “The number of Filipinos
without life or accident protection is staggering, and the
country’s insurance penetration rate is among the lowest in the
Asia region at around 13% [of the population].”

A unit of Canadian insurer Manulife Financial, Manulife
Philippines was established in 1907.

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