Recent data from the Insurance Commission showed that a total of 26.6 million Filipinos are covered with microinsurance as of the end of first quarter of this year. The industry is optimistic that microinsurance coverage will increase to over 31 million Filipinos by end of this year as more products are offered at very affordable premiums. One type of microinsurance being offered is TodaCARE, a Group Personal Accident insurance policy by one of the leading and largest non-bank financial services provider in the country.
In the Philippines, all vehicles must have an insurance prior to the approval of their registration at the Land Transportation Office (LTO), whether the vehicle is for commercial or private use. The basic coverage required shall answer for the death, disablement and medical expenses incurred by a person injured because of an accident that involves your vehicle. This includes Public Utility Vehicles (PUVs).
An example of microinsurance for PUV operators is CebuanaLhuillier’s TODACARE. This policy is a Group Personal Accident insurance specially designed for transport group leaders, officers and members. It covers:
Accidental Death
Disablement & Dismemberment (ADD&D)
Permanent Total Disability (PTD)
Murder and Unprovoked Assault (MUAAccident Medical Reimbursement (AMR)
Burial Benefit (accident/sickness)
Accident Daily Hospital Income (DHI)
This insurance policy only requires a minimum number of 10 enrollees aged 18 to 65 years old. Individuals above 65 years old,may be accepted but subject to 50% cover of the total sum insured for all benefits.
Cebuana Lhuillier’s TodaCARE microinsurance policy offers 24-hr protection for tricycle, taxi and jeepney drivers against accidents.
The coverage of TodaCARE by Cebuana Lhuillier’s Microinsurance are as follows:
- Accidental Death, Dismemberment & Disablement (Php 50,000)
- Accident Medical Reimbursement (Php 3,000)
- Burial Benefit – Accident/ Sickness (Php 50,000)
- Murder and Unprovoked Assault (Php 50,000)
- Permanent Total Disability (Php 50,000)
- Daily Hospital Income (Php 100)
Microinsurance such as TodaCARE is a great financial innovation, add to that that this is offered by Cebuana Lhuillier makes it all the more beneficial.
1. Reap high benefits at a low premium
Similar to the other microinsurance products offered by the leading microfinancial company Cebuana Lhuillier, TodaCARE is offered at a low premium. This type of financial product best serves those who cannot afford to pay higher premium.
2. Accessible financing all over the country
With over 2,000 branches nationwide, Cebuana Lhuillier stays true to its mission to enable more Filipinos to gain access to financial institutions.
3. Easy and fast processing
Cebuana Lhuillier not only offers low premiums but it also made its services convenient to lessen the distress and hassle faced by Filipinos. Deciding to purchase a policy insurance is made easy by visiting any Cebuana Lhuillier branch near you, submitting the documents needed and signing the necessary paper works.
Public Utility Drivers face the risk of accidents every time they go out on the road to earn for their families. Having an insurance that is affordable and offered by a reputable company guarantees that there is financial assistance to take care of their families when anything happens. Taking this precautionary measure of saving for the rainy days is something that would indeed be helpful in the long run.