Brand & Business: GCash gives away free health insurance to over 20 million Filipinos
MANILA, PHILIPPINES — With the financial impact the COVID-19 pandemic had brought upon the country, digital financial service provider GCash has reported a massively increased interest in financial security among Filipinos. And to help everyone get on top of these new needs, GCash, together with mobile-first life insurer Singlife Philippines, is giving away free health insurance through GInsure to over 20 million eligible Filipinos for free.
With GInsure Cash for Dengue Costs with Free COVID-19 Coverage (CFDC) powered by Singlife, Filipinos can get cash allowance for tests and hospitalization costs related to COVID-19 and Dengue. The ongoing promo will give 3 free months of coverage to eligible TM, Globe Prepaid, Globe Postpaid, and Globe at Home Broadband subscribers.
“Our vision is Finance For All, and we do this by providing meaningful digital financial solutions that empower our nation – so we can make Filipinos’ everyday lives better,” Jean-Francois Darre, Chief Data Officer of GCash, stated. “Launching GInsure was a key element in fulfilling our financial inclusion mission as we are now able to provide Filipinos with access to relevant financial protection from unforeseen events.”
From 27 million registered GCash users reported in January 2021 to over 40 million in April – the demand for these online financial platforms as people continue to refrain from going outside is unmistakable. In fact, Darre disclosed that one of the key trends that GCash has observed is the increase of search queries on how Filipinos can get easier access to wealth management and personal finance services.
He also shared that the younger generation attributes to most of the increased reception in financial security, wanting to preserve and grow their hard-earned money. Aside from savings and investments, insurance is also a top choice as it means having one less thing to worry about in the future.
“Previously, only a small percentage of Filipinos, usually the top percentile, had access to insurance. We want to change that by being the platform that connects all FIlipinos to accessible, affordable, and easy-to-purchase insurance products and services,” Darre claimed.
GInsure, like all financial services that GCash offers, may easily be availed via the app – ensuring that the entire application process and all approvals are secure. And with its current reach, GCash is opening the possibility for millions of Filipinos to gain financial security whenever and wherever, without the need to go out and meet agents, visit branches, and fill up long forms.
“Keeping Filipinos at the center of our mission, GCash and its partners seek to serve the interests and needs of Filipinos,” Darre shared “[And] one of the biggest fears of Filipinos has been unexpected medical costs due to illnesses.”
During this time where daily life is riddled with uncertainty, insurance can provide financial aid in case of unfortunate events – especially to those who are more vulnerable to sickness like frontliners and other Filipinos who need to go out to work in order to put food on the table. “Especially now that not all have the luxury to work from home, we want to be able to help reassure them that despite placing themselves at risk, there is still a way for them and their families to stay protected with our affordable insurance platforms,” Darre commented.
For those who do not qualify for the free insurance promo, GInsure CFDC can be availed for as low as PHP 300 per year for up to PHP 140,500 of coverage, PHP 550 per year for up to PHP 281,000 of coverage, or PHP 700 per year for up to PHP 421,500. To reach more Filipino households, the insurance coverage may be extended to one’s family for up to one spouse and five children.
“In just a few months after launching inside the GCash app, we’ve already insured hundreds of thousands of Filipino lives,” Darre revealed. “But this is just one small step towards insuring the tens of millions of Filipinos nationwide and around the world.”
This is why GCash and Singlife has partnered with Globe to offer the free three-month promo. With the latter’s 80 million subscribers, the collaboration opens the doors for a lot of Filipinos to get financially protected – all but with just a few taps on their app.
“We believe every Filipino should have easy access to financial protection in the form of insurance. We want Filipinos to gain access to insurance products and services relevant in every aspect of their lives – so they can not only preserve, but uplift their current lifestyle,” Darre concluded.If you’re a Globe or TM subscriber, head over to the GCash website to learn how you can avail your free 3 months of GInsure Cash for Dengue Costs with Free COVID-19 Coverage.
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