DiskarTech offers sachet insurance for COVID-related protection

Rizal Commercial Banking Corporation (RCBC) through DiskarTech has introduced the new sachet insurance products for COVID-related protection. Filipinos may avail of the said insurance products for as low as PHP 35USD 0.60INR 51EUR 0.57CNY 4.

RCBC’s DiskarTech app has created a line of affordable and accessible insurance products for small businesses and individuals in partnership with Malayan Insurance.

“By making the microinsurance available via the DiskarTech app, more Filipinos will benefit from the app’s wide reach and accessibility, especially at a time when face-to-face transactions are rather risky. This is how we tell our customers that we value them: stay safe at home while we take care of your future concerns,” said Eugene Acevedo, President and Chief Executive Officer of RCBC.

Small business owners can avail of “Sari-Sari Store Insurance” which provides up to PHP 25,000USD 426INR 36,115EUR 406CNY 3,103 in fire cash assistance and accidental death, disability, and disablement assistance, for PHP 35USD 0.60INR 51EUR 0.57CNY 4.

Hence, DiskarTech came up with the PanProtect line of insurance products to offer more affordable health insurance plans for its users.

PanProtect 130, Senior 195, 600, and Senior 900 offer cash assistance for COVID-19 and Chikungunya hospitalization and death, as well as regular medical reimbursement and accidental death cash assistance.

On the other hand, PanProtect 130 covers users 1-59 years old for only PHP 130USD 2INR 188EUR 2CNY 16 for a period of six months. PanProtect Senior 195 covers users and 60-75 years for PHP 195USD 3INR 282EUR 3CNY 24 for the same period. Insurance
coverage for both ranges from PHP 500USD 9INR 722EUR 8CNY 62 to PHP 12,500USD 213INR 18,058EUR 203CNY 1,551.

Meanwhile, PanProtect 600 and PanProtect Senior 900 give coverage for the same age groups for 12 months, for PHP 600USD 10INR 867EUR 10CNY 74 and PHP 900USD 15INR 1,300EUR 15CNY 112, respectively. Insurance benefits for both coverages range
from PHP 750USD 13INR 1,083EUR 12CNY 93 to PHP 100,000USD 1,704INR 144,460EUR 1,623CNY 12,410.

All insurance products offered through DiskarTech are underwritten by Malayan Insurance, a sister company of RCBC in the Yuchengco Group of Companies.

“We are extending Malayan’s goal of providing relevant protection to more Filipinos through this
new partnership,” said Malayan Insurance President and CEO Paolo Y. Abaya. “DiskarTech’s digital reach shall enable safe and convenient access to Malayan’s microinsurance products that are made especially for our health and economic front liners during these trying times.”

The digital shift in insurance and wider adoption of insurance technology or insurtech is expected to
increase the reach of microinsurance platforms, especially in times of crisis, according to the Insurance Commission.

As per their latest data, over 48 million Filipinos are currently covered by microinsurance. Mobile financial apps like DiskarTech aim to boost these numbers, in line with the country’s goal of extending microinsurance coverage to around 50 million Filipinos by 2022.