Singlife Philippines, Inc. and GCash have launched a term insurance plan providing death and disability benefits, with monthly premiums starting at as low as P65.

The product, Singlife TermProtect, is now available on the GCash app through the GInsure marketplace. It is a yearly-renewable term insurance plan for existing GCash customers, offering total coverage of up to P1 million through a one-time payout. Policies are renewable until age 89 and can be purchased by Filipinos who are verified GCash users aged 18 to 55 years old.

“We believe every Filipino deserves to protect the people they love, and cost shouldn’t stand in the way,” said Ber Marquez, head of Products and Propositions at Singlife Philippines. “Singlife TermProtect gives them meaningful coverage that fits their budget so they can take care of what matters most without compromise.”

According to Singlife Philippines, if the policyholder dies, the designated beneficiary or beneficiaries will receive 100% of the sum assured stated in the policy.

In cases of total and permanent disability, the policyholder will receive 100% of the benefit amount if the disability resulted from a standard accident, and 50% if it resulted from an expanded accident. Covered disabilities may be functional, presumptive, or occupational.

“For too long, life insurance has felt out of reach, a ‘someday’ expense rather than a foundation for the future. Singlife TermProtect changes that. This is real protection at a real-world price, so Filipinos can focus on living their lives knowing their families are taken care of,” the life insurer said.

That framing points to a long-running gap: life insurance ownership in the Philippines has historically remained low relative to many Southeast Asian neighbors, and insurers have increasingly leaned on digital channels — mobile wallets chief among them — to reach customers beyond traditional agent-led distribution. Placing TermProtect inside GInsure puts a product with premiums starting at P65 per month in front of an audience that already manages money in the app.

The policy can be purchased through the GCash app via GInsure, where users set their preferred coverage amount, confirm their details, and complete payment. The policy contract is then delivered to the policyholder’s e-mail. Because the plan is yearly renewable, keeping coverage in force through age 89 requires completing each annual renewal — a recurring step that goes beyond the one-time sign-up.

“GCash users are already making smart financial decisions every day. Being ready for the unexpected should be as easy,” said Wilfrido de Ocampo, head of GInsure. “With Singlife TermProtect, they get real protection at a price that works for them, right in the app they already trust.”

— Bettina V. Roc

Source: BusinessWorld