How Micro-Insurance Can Benefit You

Every single moment, people and their properties are exposed to various natural and man-made risks. To better prepare for the loss or effects of losses from these risks, people and companies usually get insurance.

Since most insurance policies are quite costly, micro-insurance was developed to cater to the needs of people that need guaranteed protection at affordable rates.  Micro-insurance covers many health-related risks including accidental death, injury, or illness.  Damage or loss of property may also be covered by micro-insurance.

Cebuana Lhuillier, one of largest lending and money remittance companies in the country, offers several micro-insurance packages to people who need them the most.

These are just some of the people who will surely benefit from micro-insurance:

1. Barangay Officials

By the very nature of their official duties, barangay officials face various risks and threats. As the implementer of laws at the village level, they face risks while performing one of their duties – maintaining peace and order. Developed as a group insurance product, barangay officials can benefit from medical reimbursements and daily hospital income. The micro-insurance product is available to persons aged 18 to 65 who are serving in the barangay. Dubbed as TanodCare, all it takes to have the security of this micro-insurance is P165/year.

2. Jeepney and Taxi Drivers

Without a doubt, jeepney and taxi drivers are involved in a risk-prone occupation. Aside from the risk of vehicular accidents, they also have to contend with threats from criminals who pretend as passengers and rob them. These drivers are also exposed to hazardous fumes and other dangers posed by pollution. More popularly known as TodaCare, this micro-insurance product is only P165 per year and provides the jeepney and taxi drivers with many benefits including a P50,000 accidental death benefit, a P3,000 medical reimbursement, and a number of other payouts that would significantly help the accident victims and their families.

3. Tricycle Drivers

Just like jeepney drivers, tricycle drivers also face danger on a daily basis. With their smaller vehicle, they are more prone to injury and other ill effects of road accidents. The good news is, they are also qualified to sign up and receive all the benefits that come with TodaCare.

4. Security Guards

SecurityCare is another micro-insurance product offered Cebuana Lhuillier that was designed especially for those in the security guard profession. Given the higher risks of the job, the main cash benefit is as high as P75,000 for only an annual premium of P144 a year.

5. Private Car & Motorcycle Owners

Cebuana Lhuillier’s AutoCare insurance product is a good option for private car owners while those who own motorcycles may consider getting MotorCare.  AutoCare is a standard 4-wheeled vehicle insurance while MotorCare is insurance for two-wheeled vehicles, both of which include a Voluntary Third Party Liability package.

6. People with Medical Needs

PharmaCare or InsureMed is a personal accident insurance product that was developed to meet the needs of people who consume pharmacological products. Those who take medicines on a regular basis are also exposed to a number of risks, making this form of micro-insurance one of the most essential products of its kind. The amazing microinsurance product only has a P7.50 annual premium yet the benefits simply make it an industry benchmark.

7. MSMEs

Putting up a business always involves a calculated risk.  Good thing is, entrepreneurs and companies classified as micro, small, or medium enterprises (MSMEs) can now avail of NegosyoCare which includes property insurance, accident medical insurance, payroll coverage, and other outstanding insurance features.

8. Property Owners

HomeCare insurance, which provides residential fire insurance coverage, is also a very affordable product that can provide a homeowner peace of mind for only P639.75 a year.

9. Students

Not to be left behind are students who can take part in a group insurance plan called StudentCare for only P22 per person.

10. Employees

Of course, employees can avail of the benefits under Employee Care which is a group personal accident insurance plan that includes benefit payments as high as P50,000 including a daily hospital income, burial benefits, to name a few.

Indeed, even with small premiums, people from all walks of life can get significant benefits from micro-insurance.

Image source: https://c1.staticflickr.com/9/8773/17291377302_b3db2710e3_b.jpg

CORPORATE AGENT PARTNERS

  • ACTION.ABLE, INC.
  • ALL ACCESS GATEWAY INC.
  • ANTRECCO (AGUSAN DEL NORTE TEACHERS, RETIREES, EMPLOYEES & COMMUNITY COOPERATIVE)
  • ACM VIP
  • ALL CASH
  • AGRILIFE/ AGRIVET
  • ASENSO PINOY STORE, INC. (EASY DAY SHOP)
  • AVICOM ENTERPRISES
  • AYALA ALABANG VILLAGE ASSOCIATION
  • BAUG CARP MULTI PURPOSE COOPERATIVE
  • BAGUIO BENGUET COOP
  • CARD BANK INC
  • CARD MRI RIZAL BANK INC
  • CARD SME BANK
  • CARITAS BANCO NG MASA, INC.
  • CEBU PEOPLE’S MULTIPURPOSE COOPERATIVE
  • CIS BAYAD CENTER, INC
  • COOPERATIVE BANK OF BOHOL, INC
  • COUNTRY BUILDERS BANK
  • CREDENCE FINANCING, INC.
  • CURAMED PHARMACY
  • DALTON PAWNSHOP AND JEWELRY INC.
  • DANIELA PAWNSHOP
  • DIRECT AGENT 5 (DA 5)
  • DEVELOPMENT BANK OF THE PHILS.
  • EXPRESSPAY INC.
  • EVRIJEM FOREIGN EXCHANGE AND MONEY REMITTANCE
  • FILHAI MULTI PURPOSE COOPERATIVE
  • GLOBAL PINOY REMITTANCE AND SERVICES (GPRS)
  • GEMARY PAWNSHOP AND JEWELRY (CORP.)

OVER 600 BILLER PARTNERS NATIONWIDE

  • 123 FINANCE CORPORATION
  • 123 LENDING CORPORATION
  • 2C2P
  • 8AMC (VIA ECPAY)
  • ABEJO WATERS CORP.
  • ABRA
  • ACOM CONSUMER FINANCE CORPORATION
  • ACTIVE REALTY & DEVELOPMENT CORP.
  • ADA MANUFACTURING CORPORATION (VIA ECPAY)
  • AEON CREDIT SERVICE
  • AETERNITAS CHAPELS AND COLUMBARIUM (VIA ECPAY)
  • AFC SME FINANCE INC
  • AFTERWEST MICROLOANS INC
  • AGODA – DRAGONPAY
  • AGRIBANK
  • AGRO-INDUSTRIAL FOUNDATION COLLEGE OF THE PHILS.
  • AGUSAN DEL NORTE ELECTRIC COOPERATIVE, INC.
  • AIR YOU GO TRAVELS PHILIPPINES CO.
  • AKLAN ELECTRIC COOPERATIVE, INC.
  • ALAMINOS CITY WATER DISTRICT (VIA ECPAY)
  • ALLIANZ PNB LIFE INSURANCE INC.
  • ALPHA FUND SAVINGS & CREDIT COOPERATIVE (VIA ECPAY)
  • AMADEO WATER DISTRICT (VIA ECPAY)
  • AMYA POLYTECHNIC COLLEGE, INC. AND FINANCING CORPORATION (LENDPINOY)
  • ANGAT WATER DISTRICT (VIA ECPAY)
  • ANGELES ELECTRIC COMPANY ANGELICUM SCHOOL , INC. ILOILO CITY (VIA ECPAY)
  • ANJELMAN REAL ESTATE LEASING
  • ANTIQUE ELECTRIC COOP, INC ANTRECCO (BILLS PAYMENT)

OVER 600 BILLER PARTNERS NATIONWIDE

  • 123 FINANCE CORPORATION
  • 123 LENDING CORPORATION
  • 2C2P
  • 8AMC (VIA ECPAY)
  • ABEJO WATERS CORP.
  • ABRA
  • ACOM CONSUMER FINANCE CORPORATION
  • ACTIVE REALTY & DEVELOPMENT CORP.
  • ADA MANUFACTURING CORPORATION (VIA ECPAY)
  • CREDIT SERVICE
  • AETERNITAS CHAPELS AND COLUMBARIUM (via ECPAY)
  • AFC SME FINANCE INC
  • AFTERWEST MICROLOANS INC
  • AGODA – DRAGONPAY
  • AGRIBANK
  • AGRO-INDUSTRIAL FOUNDATION COLLEGE OF THE PHILS.
  • AGUSAN DEL NORTE ELECTRIC COOPERATIVE, INC.
  • AIR YOU GO TRAVELS PHILIPPINES CO.
  • AKLAN ELECTRIC COOPERATIVE, INC.
  • ALAMINOS CITY WATER DISTRICT (via ECPAY)
  • CREDENCE FINANCING, INC.
  • CURAMED PHARMACY
  • DALTON PAWNSHOP AND JEWELRY INC.
  • DANIELA PAWNSHOP
  • DIRECT AGENT 5 (DA 5)
  • DEVELOPMENT BANK OF THE PHILS.
  • EXPRESSPAY INC.
  • EVRIJEM FOREIGN EXCHANGE AND MONEY REMITTANCE
  • FILHAI MULTI PURPOSE COOPERATIVE
  • GLOBAL PINOY REMITTANCE AND SERVICES (GPRS)
  • GEMARY PAWNSHOP AND JEWELRY (CORP.)

List of Accepted Government/ Valid IDs

  • Passport
  • Driver’s License
  • Professional Regulation Commission (PRC) ID
  • National Bureau of Investigation (NBI) Clearance
  • Police Clearance
  • Postal ID
  • Voter’s ID
  • Philippine Identification (PhilID) card
  • Government Service Insurance System (GSIS) e-Card
  • Social Security System (SSS) ID
  • Senior Citizen’s ID
  • Overseas Workers Welfare Administration (OWWA) ID
  • OFW ID
  • Seaman’s Book
  • Alien Certification of Registration (ACR)
  • Barangay Certificate or ID (with picture and signature)
  • Birth Certificate (applicable to minors only)
  • Firearm License
  • Immigrant Certificate of Registration
  • Marriage License
  • National Council for the Welfare of Disabled Persons
  • New TIN ID
  • OWWA ID
  • Student ID
  • Alien Certification of Registration (ACR) / Immigrant Certificate of Registration
  • Government Office or Government Owned and Controlled Corporations (GOCC) ID (e.g. AFP ID, HDMF (Pag-ibig Fund) ID, etc.
  • Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
  • Department of Social Welfare and Development (DSWD) Certification
  • Integrated Bar of the Philippines ID (IBP)
  • Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP (Bangko Sentral ng Pilipinas), SEC (Securities and Exchange Commission) or IC (Insurance Commission)

IDs Accepted

As required by Bangko Sentral ng Pilipinas (BSP), clients who engage in a financial transaction with covered institutions for the first time shall be required to present the original and submit a clear copy of at least ONE (1) valid photo-bearing identification document issued by an official authority. For our clients’ convenience, Cebuana no longer requires submission of the photocopied ID. IDs are captured using a webcam in all branches. Clients are also required to submit an updated photo and other relevant information whenever the need for it arises.

Forms of identification accepted are the following;

Pawn Accepted IDs
1. Passport
2. Driver’s License
3. Professional Regulation Commission (PRC) ID
4. National Bureau of Investigation (NBI) Clearance
5. Police Clearance
6. Postal ID
7. Voter’s ID
8. Philippine Identification (PhilID) card
9. Social Security System (SSS) Card / Unified Multi-Purpose ID (UMID)
10. Barangay Certification
11. Government Service Insurance System (GSIS) e-Card
12. Senior Citizen Card
13. Overseas Workers Welfare Administration (OWWA) ID
14. OFW ID
15. Seaman’s Book
16. Alien Certification of Registration/Immigrant Certificate of Registration (for foreigners)
17. Government Office and GOCC ID, e.g., Armed Forces of the Philippines (AFP ID)
18. Home Development Mutual Fund (HDMF ID)
19. Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
20. Department of Social Welfare and Development (DSWD) Certification
21. Integrated Bar of the Philippines (IBP) ID
22. Company IDs issued by private entities or institutions registered with or supervised or regulated either by the Bangko Sentral ng Pilipinas, Securities and Exchange Commission or Insurance Commission
23. ID issued by the National Council on Disability Affairs (NCDA)