Philam Life, BAC offer OFW insurance

MANILA, Philippines - Overseas Filipino workers (OFWs) recruitment agencies can now give their clients free comprehensive insurance protection with the Pinoy Assist OFW Insurance product developed by Bankers Assurance Corp. (BAC), together with the Philippine American Life and General Insurance Co. (Philam Life).

Through Pinoy Assist, duly-licensed private recruitment agencies will provide life and accidental insurance coverage to all hired workers, who are duly registered with the Philippine Overseas Employement Administration (POEA).

OFWs can get a $15,000 (or its peso equivalent) accidental death benefit and a $10,000 (or its peso equivalent) natural death benefit.  In case of permanent and total disablement or disability arising from an accident, illness or natural causes, the insured will get $7,500 (or its peso equivalent).

The insurance protection is effective for the duration of the insured migrant worker’s employment contract.

Pinoy Assist also gives emergency assistance packages as provided under Republic Acat (RA) 10022 or the Migrant Workers and Overseas Filipino Act, including subsistence benefits and legitimate monetary claims benefit.  Qualified OFWs can file their claims directly to any Pinoy Assist sales office. Once all required documents are in order, BAC settles the claim within 10 working days.

BAC is a member of the Malayan Group of Insurance Companies, the Philippine’s largest non-life insurance group, while Philam Life is one of the largest life insurance institutions and a member of the AIA Group, one of the largest financial institutions in Asia.

BAC chairman Antonio M. Rubin explained that this initiative between two of the largest players in the country’s insurance industry is designed to give greater peace of mind and confidence to the OFWs that local recruitment agencies deploy to other countries.

“The trust, stability, and reliability of our companies make Pinoy Assist OFW insurance a product that our overseas Filipino people can really count on during times of risks and emergencies in the course of their employment,” Rubin said. “It is also designed to enable employers, which are the recruitment agencies, enhance the benefits they give to the workers they hire.” BAC is focused on providing general insurance covers to the OFW and microinsurance markets.

For his part, Philam Life president and chief executive officer Rex A. Mendoza is confident that the partnership will provide extensive protection to migrant Filipinos.

 “OFWs are exposed to numerous risks abroad. As insurers, we are duty-bound to provide them with products that they can trust,” Mendoza explained.