Bancassurance leader BPI-Philam and its partner Bank of the Philippine Islands (BPI) have extended the registration for the free Covid-19 life insurance coverage for their clients until the end of June 2021. The coverage is effective for 90 days.
BPI-Philam has allotted ₱200,000 in life insurance each to one million clients, equivalent to ₱200 billion. Any qualified BPI account holder or BPI-Philam policy owner can sign up for the free insurance. For the latter, this is an additional benefit on top of their existing plan’s benefits. Overseas Filipinos may also register, as long as they meet the requirements.
“We would like to reassure our clients that we are one in this fight. BPI-Philam is dedicated to delivering the life, health, and financial protection needs of Filipinos at this critical time. Amid all the uncertainty and anxiety that came with the pandemic, let us remember that the most important thing is that we take care of our loved ones and protect what matters most before it becomes too late,” said BPI-Philam Chief Executive Officer Surendra Menon.
The latest statistics from the Department of Health puts the nationwide tally at over 1.1 million confirmed Covid-19 cases, with the death toll at over 20,000. In addition, the government’s vaccination plan spans three years, highlighting the need for urgent interventions. BPI-Philam’s free life insurance is for BPI clients aged 18 to 64 who are not probable/suspect/confirmed Covid-19 patients at the time of application. The registration can be fully completed via the website or through Bancassurance Sales Executives (BSE) via phone or in person at the branch.
BPI-Philam is the bancassurance arm of AIA Philam Life in the Philippines. At the onset of the pandemic, it was among the first in the country to offer free Covid-19 life insurance, with one of the longest periods of coverage at 90 days and the highest coverage amount at ₱200,000. First launched in June 2020, the program has since covered over 700,000 lives, with 19 claims filed for a total payout of ₱3.8million to date.
Among the first beneficiaries of the program was Janice of Kalibo, Aklan. In their family’s ordeal with Covid-19, the biggest realization was how the virus can affect just about anyone and even lead to death. The financial assistance from the program helped them deal with the grief over their deceased family member without the anxiety that came with financial expenses.
“I believe that loving your family includes giving them a sense of security and peace of mind when it’s time for you to go. This is why I strongly encourage people, especially the young generation, to secure an insurance plan while they are still young and able,” said Janice.
Clients are also encouraged to extend the program to their family and friends who can register as long as they are also qualified BPI account holders. Non-BPI accountholders can grab the opportunity by easily opening an account before the registration period ends.
Meanwhile, those who wish to extend their protection coverage beyond the allotted amount and for other insurable claims may get the full protection of BPI-Philam’s affordable and accessible life and health insurance products. This can include financial assistance for hospitalization costs, income protection, accidental death/dismemberment/disablement benefits, and more.
“Most importantly, however, peace of mind is the singular invaluable benefit that people can get from insurance. As such, we would like to invite everyone to take advantage of this offer and protect their loved ones in case of the unthinkable,” Menon said.
Interested customers can talk to a BSE or BPI branch officer for further assistance.