Local unit of Singapore Life launches product

THE Philippine business of Singapore Life Pte. Ltd. announced the launch of a new product to cover the medical costs of people infected with the dengue virus.

The product, called “Cash for Dengue Costs,” “is a comprehensive yet affordable product that provides multilevel benefit against medical costs due to mild to severe cases of dengue—a first of its kind in the market,” a statement from Singapore Life (Philippines) Inc. said.

The company said its product is “very flexible with customizable coverage levels, payment terms and the option to cover an individual or the whole family.” The company added it will also be extending the coverage by adding a free Covid-19 rider “to provide customers protection from the ongoing pandemic.”

For P30 a month, one can get up to P140,000 coverage for dengue or Covid-19 costs and the application process will only take less than five minutes, according to the company.

Customers can pay, view, manage, and file claims on their policies directly in the application operated by Globe Telecom Inc. mobile commerce unit G-xchange Inc. called “Gcash.”

However, the product is Initially made available to a limited group of Gcash users this September, the company said.

Expanding its presence from Singapore to the Philippines, the company said it partnered with G-xchange “as it offers simple and flexible products at affordable prices, with a similar goal of unlocking the potential of money for all Filipinos.”

“This partnership comes at a crucial time when health and financial security are a priority,” the statement quoted G-xchange CEO Martha Sazon as saying. “Leveraging Singlife’s technology and offerings, we have an opportunity to provide more Filipinos with meaningful life insurance products that can effectively protect them and secure their financial wellbeing.”

“Singlife’s vision for this partnership is making simple yet meaningful health and income protection products available to all Filipinos,” Singlife Philippines President and CEO Rien Hermans was quoted in the statement as saying. “This is why we are also preparing to release a full suite of products in the coming months so that the rest of the Philippine population can have no-fuss protection, helping them take better control of their financial lives in an easy, quick and affordable manner.”

Singlife Philippines is a majority-owned subsidiary of Singlife (65 percent) and Aboitiz Equity Ventures Inc. (15 percent). Bernadette D. Nicolas