China Bank Savings, Manulife tie up for insurance bundle

China Bank Savings (CBS) has partnered with Manulife China Bank Life Assurance Corp. (MBCL) to launch a new loan product bundled with life insurance coverage.

The retail lending arm of Sy-led China Banking Corp. and MCBL have designed the Easi-Funds Salary Loan Protection Bundle, a firstof-its kind offering in the market, which provides free life insurance with total and permanent disability coverage to CBS clients availing its Easi-Funds Salary Loan product.

CBS president Alberto Emilio Ramos said the product was designed to give Filipino employees, as well as small and medium enterprises, quick and easy access to cash for immediate and emergency financial needs.

“This is a first in Philippine banking and we are proud to have MCBL as a partner to launch this in the market. The insurance coverage provided by MCBL will allow Filipino employees the added benefit of peace of mind and sense of security whenever they avail Easi-Funds Salary Loan,” Ramos added.

The Easi-Funds Salary Loan allows employees of CBS-accredited companies to apply for personal loans amounting to a minimum of P10,000 to be settled in various installment payment terms of 12, 18, 24, 30 and 36 months for non-seafarers and four to 11 months for seafarers.

With this new product innovation, the loan will now come bundled with free life insurance, and total and permanent disability coverage up to three times the outstanding loan balance, with a maximum of P1 million.

MCBL president and COO Rob Wyld said in case of unforeseen events, such as death or disability, the insurance proceeds can cover the borrower’s outstanding balance, and any excess proceeds would be given to beneficiaries.

“We are always looking for ways to help our customers prepare for the future. The added insurance benefit that now comes with the Easi-Funds Salary loan protects borrowers from unforeseen events, such as death or total and permanent disability,” Wyld said.