Over a month after the announcement of the partnership, mobile-first Singlife Philippines (Singlife) and e-wallet GCash launched the first of many products with “Cash for Dengue Costs.”
Aside from the affordability of the premium payments, Singlife on GCash also streamlines the process of availing insurance protection. The “Cash for Dengue Costs” also comes with COVID-19 coverage for the first 10,000 policyholders.
“At Singlife, we aim to make financial services accessible to more Filipinos, and part of that is providing a product that is both affordable and comprehensive enough to cover medical costs,” said Kame Amado Gomez, head of Digital Networks, Singlife. “We want to help Filipinos be better prepared for unforeseen medical expenses, due to diseases such as dengue and COVID-19.”
Singlife Philippines is a majority-owned subsidiary of Singapore Life Pte. Ltd. and offers various financial services.
According to the latest figures of the World Health Organization, the Philippines has a total of 583 dengue cases with two reported deaths as of Aug. 16-22, 2020. While this is 97% lower compared to the same period in 2019, there are still 236 deaths from the total of 60,819 dengue cases from Jan. 1 to Aug. 22, 2020.
“Dengue is one of the most common and widespread diseases (in the country),” said Jerome Lim. head of Savings and Insurance, GCash. “So, when Singlife presented the idea to put up this product, we realized that is in line with what we wanted, which was to bring out relevant products to our customers.”
Globe Fintech Innovations Inc. (Mynt), which operates GCash, which now has more than 25 million users and over 73,000 partner merchants.
For as low as P300 a year, potential policyholders can get coverage of up to P421,500.
“The cover increases when the cash needed to pay for medical costs increase: starting with an allowance for positive test results, up to reimbursement of actual medical costs for more severe Dengue cases,” said Amado-Gomez. “You can also choose from three coverage levels depending on your budget and needs.”
Any verified GCash user can avail themselves of the “Cash for Dengue Costs” and must meet certain requirements.
Claims can also be conducted through the GCash app. For dengue or COVID-19 test allowance claims, Singlife said the benefit will be paid out within 24 hours to their GCash wallet.