Malayan Insurance offers micro-insurance products through DiskarTech
Malayan Insurance Co. Inc. and the Rizal Commercial Banking Corp. (RCBC) has locked arms to offer affordable micro-insurance products through the RCBC DiskarTech mobile app.
The four micro-insurance products with premium prices ranging from P20 to P300 are Dengue Cash, Commuters Personal Accident (PA), Ridesafe, and the accident protection tucked-in to various banking products and services (TuckIn PA) variants in the mobile banking app. Coverage periods vary from six months to one year.
Depending on the product, policyholders are covered for accidental death, permanent disability, dismemberment, and unprovoked assault, with benefits ranging from medical reimbursement, burial expense and protection while on public conveyance.
Micro-insurance is defined as an activity providing specific insurance, that meet the needs of the low-income sector for risk protection and relief against distress, misfortune and other contingent events.
The DiskarTech app, which was recently launched by RCBC, is the first “Taglish” super inclusion mobile app that encourages users to manage their finances online. It can be downloaded through the Google Play Store and App Store.
App users can open basic deposit accounts through DiskarTech in less than three minutes with no required maintaining balance, and users can also earn interest of 3.25 percent in terms of their savings when using the #BuhayGinhawa feature.
The #BuhayGinhawa feature enables accountholders to create a concrete savings plan for each of their life goals, making saving a fun habit for users.
In January this year, the Insurance Commission (IC) reported that Filipinos covered by microinsurance has reached 40 million as of end-September 2019, insurance penetration remains at 1.69 percent, and market penetration at 59.15 percent.
Insurance penetration is the contribution of the local insurance industry in terms of premium as a share of gross domestic product (GDP), while market penetration refers to the number of Filipinos with already some form of insurance coverage.
Malayan Insurance and RCBC are both members of
the Yuchengco Group of Companies (YGC).