People Park Asia photo by Tide He from PixabayBusiness Features

Malayan offers new insurance product via online platform

Malayan Insurance Co. Inc. (Malayan) has launched its Family Relief product on the Lazada LazMall platform, to help more Filipinos gain a foothold toward financial security. Family Relief is a specialized non-life insurance policy that shields families from unexpected financial burdens brought about by accidents and misfortunes. It is the first product offered by the country’s leading non-life insurer on the online shopping platform. 

“By increasing our presence in digital channels and online marketplaces like Lazada, we are enabling Filipinos to have the fortitude and peace of mind to help them and withstand financial shocks, disasters, and other crises that could occur in their household,” said Paolo Abaya, president and CEO of Malayan Insurance.

For as low as P500, the Family Relief Basic package helps households cope with unbudgeted financial needs caused by the untimely demise of a loved one. This non-transferable, one-year policy is renewable annually. It provides beneficiaries with a lump sum death benefit of P1.05 million if the policyholder passes away due to an unforeseen accident.

Malayan Insurance products now available at digital platform
Insurtech Igloo launches new travel insurance product

Expanding partnerships

Through this affordable package, policyholders and their families are assured of burial expenses assistance of up to P500,000 to help them contract the services of air and ground ambulance service providers and secure a memorial lot or columbarium. 

Beneficiaries will also receive a funeral service expense benefit of up to P200,000 to cover the costs of cremation and embalming. They will also receive a casket or urn expense benefit of up to P100,000.  

To help the bereaved handle the cost of burial service requirements, including prayers and services, music, security, transportation, seat and tent rentals, and the like, Family Relief extends assistance of up to P50,0000. 

Aside from Malayan’s new Lazada online store, the insurance company has also made its products and services accessible on other digital channels, such as GCash and Cebuana Lhuillier’s virtual shops.