Fintech firm PayMaya Philippines will start offering microinsurance through its mobile app in partnership with Singapore-based insurtech (insurance technology) bolttech.
Under the PayMaya Protect, PayMaya app users can avail themselves of health insurance coverage and mobile service plans. Personal Protect offers flexible and affordable health insurance that can cover dengue and COVID-19 medical expenses as well as Permanent Total Disability caused by accidents, dengue, or COVID-19. Philippine insurance company Pioneer Insurance is the insurance provider for Personal Protect.
For as low as P85 per month, people can have up to over P500,000 worth of coverage. PayMaya Personal Protect comes in different plan options: Basic Protect Plan, Advanced Protect Plan, and Holistic Protect Plan.
PayMaya will also offer Mobile Protect, wherein users can purchase mobile phone repair services for Cracked Screen and Accidental and Liquid Damage for as low as P21 a month.
In case of liquid damage, smartphone owners can send their device for a 24-hour repair.
On top of affordability and ease of access, PayMaya Protect also offers more flexibility to customers, giving them better control over their finances. Consumers can choose to subscribe to Mobile Protect monthly, while they can avail themselves of health coverage bundles via Personal Protect for three months and choose to renew their coverage plans based on their budget.
PayMaya and bolttech are working on introducing other consumer and enterprise insurance offers to meet Filipinos’ evolving needs.