MANILA, Philippines — FINTQnologies Corp. (FINTQ), the financial technology arm of Voyager Innovations under the PLDT Group, is offering one million free microinsurance policies to unbanked and underserved FIlipinos across 42,000 barangays nationwide.
In a statement, FINTQ said it is distributing one million free microinsurance policies as part of the initiatives under its KasamaKA Ka-Barangay sa Kaunlaran, a capacity building program in collaboration with the Liga ng mga Barangay sa Pilipinas.
“We all need security and protection from any uncertainties. With this affordable and accessible microinsurance policies under the KasamaKA Microinsurance program, this will kickstart the massive nationwide financial literacy campaign to educate millions of unbanked and underserved Filipinos on the importance of being financially secured and insured,” said Lito Villanueva, managing director of FINTQ.
Villanueva, who is also the founder and lead convenor of KasamaKA, said the provision of microinsurance policies gives Filipinos an additional source of financial assistance during times of natural disasters or other unfortunate events.
Edmund Abesamis, Liga ng mga Barangay sa Pilipinas president, said the program also empowers the marginalized sector to avail and enjoy the benefits of financial services.
“With their insurance coverage, they now have peace of mind as their beneficiaries are entitled to avail immediate release of their accident-related claims to cover for their needed expenses, all through the use of their mobile phone,” he said.
According to FINTQ, the distribution of free microinsurance policies will run until March 13 only. The policies will provide insurance protection lasting for three months.
Policyholders and their beneficiaries are entitled to the following claims: P20,000 accidental death and disablement, P2,500 total and permanent disability due to accident, P5,000 burial assistance due to accident, P200 daily accident hospital benefit for a maximum of 10 days, and fire cash assistance of P5,000.
To avail of the free microinsurance, interested individuals must register as a KasamaKA member through a text message.
“Once you are registered, you will receive your KasamaKA Builder ID code, which will also serve as your insurance policy number. You will also receive a text message from our partner insurance companies and brokers,” he said.
These partners include Pioneer Insurance, Malayan Insurance, Sun Life Financial, Country Bankers Insurance, Gotuaco del Rosario Insurance Brokers, among others.
Villanueva said policyholders or their beneficiaries only need their KasamaKA Builder ID Code to file their claims. This ID code also serves as their referral ID for KasamaKA Loans via Lendr, which will allow them to earn P300 for every successful referrals.
And soon, this will include the KasamaKA Microsavings and KasamaKA Microinvestments.
KasamaKA is a “grassroots-based, self-help, and digital-enabled social intervention and last mile solution to promote financial literacy and inclusive growth” in the country.
It aims to provide a cost-efficient, convenient, secured and transparent services platform to help banks, financial services and the insurance sector expand their reach to the unbanked and underserved Filipinos.