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MICO offers Covid19-focused insurance

by ecommerce | Mar 15, 2021

 

Malayan Insurance Co. Inc. has rolled out a protection product to help manage the ill effects of the Coronavirus disease 2019 (Covid19).

 

The non-life insurer offers its Vital Cover product, an accident and hospitalization cover that provides loss of life cash assistance, a daily hospital income benefit for a maximum hospital confinement of up to 14 days, when the policyholder is stricken with Covid19, Dengue or Chikungunya.

 

Premiums for the product starts as low as P130 for a coverage worth P12,500. The higher variant, Plan C extends assistance worth P300,000 for a premium starting at P1,470 depending on the age of the customer. There are also other plan packages to choose from.

 

Vital Cover can also provide loss of life cash assistance for death resulting to dengue as well as the Chikungunya virus.

 

Policyholders of Vital Cover must be medically diagnosed by a licensed physician during the policy period and claims must be filed and reported within five days after expiry of the endorsement.

 

It does not cover policyholders who contracted and was treated for Covid19 outside the Philippines.

 

Recently, the Department of Health (DOH) together with the Philippine Genome Center (PGC) officially confirmed the detection of the B.1.1.7. SARS-CoV-2 variant (UK variant) in the country. This was confirmed after samples from a Filipino who arrived from the United Arab Emirates (UAE) on January 7 yielded positive genome sequencing results.

 

The DOH projected more infections should the more contagious new variant enter the Philippines. Emphasis was placed in following the safety protocols on the wearing of face mask and face shields, social distancing, hand washing, and taking the necessary extra health precautions.

 

Malayan Insurance is the leading non-life insurance company in the Philippines ranked by the Insurance Commission as the company with the largest Gross Premiums Written in 2019. Malayan Insurance is a member of the Yuchengco Group of Companies (YGC).