In an effort to cater to the requirements and preferences of modern Filipinos, BPI-Philam has introduced a new insurance product—Life Ready Plus.
This move aligns with the ultimate aim of the country’s largest bancassurance company to make life insurance more accessible, personalized, and affordable to more people—a challenge that the entire local insurance industry is facing given the fact that only about 2 million (data from Insurance Commission) of over 103 million population (as of 2016, based on data from National Statistics Office) of the country is currently insured.
“Filipinos have a very good idea of what they need to protect for their future, but most financial solutions in the market right now seem to be out of reach for them,” said BPI-Philam CEO Surendra Menon. He added that it is a real challenge to convince people to save money and ensure protection for their future needs when in most cases, their incomes are just sufficient to cover their current living requirements.
Here are best reasons why you should consider Life Ready Plus if you are buying life protection insurance that can cover you until the age of 100.
1. Pre-packaged options suited to your needs
“BPI-Philam recognizes that people live differently and are at different stages of their lives,” Menon said. “This is why we stay true to our mission of making insurance easy to get and easy to have, personalizing their life plans depending on their needs.
Life Ready Plus comes in three pre-packaged options that suit specific financial needs of policy holders—Life Ready Plus-Protection, Life Ready Plus-Savings, and Life Ready Plus-Health.
2. Budget-friendly payment terms for premiums
As life insurance advisors always advise, it is best to start investing in insurance earlier in life. This could be the reason BPI-Philam offers Life Ready Plus at a monthly premium that is as low as P2,000 (for an insurance coverage initially worth P720,000). That amount could be fixed and upgraded gradually or eventually.
This new insurance product even allows a grace period for premium payment, up to a specific number of months, in case the policy holder finds it difficult to continue payments due to inevitable circumstances. However, the amount of missed premiums should be paid once the policy holder resumes payments.
“Life Ready Plus is for the young professional hoping to build wealth out of his starting salary, for the young couple hoping to have enough to comfortably start a family, and the regular employee who wishes to protect himself for his own and his family’s future,” Menon said.
3. Protection and savings
This new life insurance product is ideal for assuring protection for your loved ones by committing to provide possible future claims, amounting to as much as 30 times the annual premium payment. The protection amount even increases the longer a policy holder keeps the insurance.
Life Ready Plus is a unit-linked investment. It is a life insurance plan that automatically allocates a portion of premium payments in investments funds. Thus, on the 15th year of premium payments, policy owners are entitled to the option to withdraw the first year charge, equivalent to a year worth of premium payment.
4. Interesting add-ons
To amplify and further broaden the insurance protection, Life Ready Plus allows optional add-ons for small costs added to monthly premiums. Accidental and Health Add-On commits accessible funds to offset hospitalization, injury, or disability expenses.
Early Stage Critical Illness Add-On sets aside funds to cover medical conditions that require greater attention. Enhanced Critical Illness Add-On provides one-time payment benefit to policy holders below the age of 75 upon diagnosis of any of covered illness, while Hospitalization Add-On covers unexpected hospital bills due to a critical illness. Waiver of Premium Add-On protects policy holder from paying premiums in case of serious sickness or disability.
5. Ease of accessibility
Life Ready Plus can be availed through insurance agents assigned in all of more than 800 locations of Bank of the Philippine Islands (BPI) nationwide. It can also be availed online.
However, a savings account in the bank is required before any person can buy and keep Life Ready Plus. Payment of premiums can be coursed through BPI tellers, ATMs, auto-debit arrangements, or online. Processing of claims can also be initiated through BPI-Philam agents in any BPI branch.