MANILA, Philippines - Manulife Philippines has launched FirstProtect, a low-cost life insurance plan with an array of benefits.
Manulife Philippines president and chief executive officer Indren Naidoo said that the number of Filipinos without life or accident protection was staggering, and the country’s insurance penetration rate is among the lowest in the Asia region at around 13 percent.
“For families who are just making ends meet, even a small accident can be financially catastrophic. In addition, families may not have the opportunity to save for the future. Manulife believes insurance should be a necessity and not a luxury. Through FirstProtect, we have created an affordable, reliable and forward-thinking product to help anyone prepare for the future,” Naidoo said.
The peso-denominated FirstProtect guarantees life and accident protection for 10 years with a maturity benefit at the end of the 10-year period, with premiums as low as P15 a day.
The product is packaged with accidental death and disability coverages. With the accidental death benefit feature, the policy pays an additional 200 percent of the coverage amount if death is due to an accident. Thus, the total benefit paid to beneficiaries is tripled.
Among the guaranteed benefits is life insurance protection of 100 percent of the coverage amount, payable upon the death of the insured within the 10-year policy period. Policyholders can also receive cash loans for emergencies and other needs.
The policyholder can expect a maturity benefit equivalent to 25 percent of his or her premiums back after 10 years, if the insured survives; or an equivalent to 50 percent of premiums back for the FirstProduct Plus variant.
“This is a great opportunity for many Filipinos to secure their future, and give their loved ones peace of mind. Through our FirstProtect products, reliable and very affordable insurance loaded with protection benefits are now within reach,” Naidoo added.