Disaster preparedness is more than packing a go bag with flashlights, first aid kit, and food supply. During the 2017 Disaster Resilience Forum, resilience has been defined as having the ability to get back on one’s feet after a disaster. In the Philippines, this means typhoons, earthquakes, and on a smaller scale – accidents like fire or death can also be considered as a disaster for the Filipino family.
Cebuana Lhuillier and the Insurance Commission are working together to provide tools that can help protect Filipinos against these disasters. One of these tools is microinsurance.
What is micro-insurance?
Micro insurance has a more affordable premium compared to standard insurance products. Microinsurance premiums are usually within a minimum-wage worker’s capacity to pay. By definition, an insurance guarantees compensation for specific loss, damage to property, illness, or death in exchange of paying the premium.
Cebuana Lhuillier is one of the leading microinsurance provider in the Philippines. They have microinsurance products that protect from the following:
– Burglary, and robbery insurance for small and medium enterprise business
– Fire, lightning insurance for home owners
– Accidental death, dismemberment, and disablement insurance
– Acts of nature on vehicles and more
If you remember during Ondoy, many cars were submerged in flood. Unfortunately, not all car owners are insured and majority had to shoulder the cost of repair to get their vehicles running again. For those whose vehicles were insured, the insurance company shoulders the cost of repair and damage incurred. Take note that different insurance companies would have different limits, terms, and conditions.
How much does microinsurance cost?
Citing from the Cebuana Lhuillier website, microinsurance premium can be as low as P10 pesos. But one of the most attractive microinsurance product that they carry is the Alagang Cebuana Plus (ACP) Gold.
Alagang Cebuana Plus (ACP) Gold cost only P40 pesos and is valid for 4 months. After 4 months, you have to pay another P40 to keep you and your family protected from the following and receive the respective benefits:
1. Accidental Death, Dismemberment, and Disablement – P20,000 per Confirmation of Cover (COC).
2. Murder and Unprovoked Assault – P5,000 per COC.
3. Fire Cash Assistance – P5,000 per COC.
4. Micro-life insurance (death) – P5,000 per COC
Another microinsurance product offered by Cebuana Lhuillier is NegosyoCare. NegosyoCare is designed to protect micro, small, and medium enterprises (MSMEs) from damages to property caused by fire, typhoon and flood, and even burglary and robbery. Negosyocare premium cost P1,500-2,500 and is valid for 1 year.
These are just 2 of many microinsurance products offered by Cebuana. You can check the complete list of microinsurance products suitable for different types of needs whether you are a homeowner, motorist, security guard, employee, and depending on your budget.
Cebuana Lhuillier also recently introduced RAPIDO which stands for Claims Rapid Action in a Disaster-Stricken Area Operations. RAPIDO is an initiative that enables Cebuana Lhuillier Insurance Solutions (CLIS) to immediately process and settle claims right at the site where a disaster had just occurred.
Mommy Lace is a blogger from the Philippines. She started this blog to share information on pregnancy, breastfeeding, childcare, family, and health.
