E-wallet pioneer GCash has rolled out a new insurance product designed for commuters as accidents are becoming more prevalent in public transport, particularly on the road.
GCash yesterday said it has teamed up with BPI MS Insurance Corp. to bring PasaHERO Protect into the insurance market with the aim of catering to millions of commuters.
The policy is available on GCash’s insurance platform, GInsure, and is being marketed as one of the most affordable accident coverage on the e-wallet.
PasaHERO Protect extends accident insurance for passengers of all kinds of public transport like buses, jeepneys and trains. The policy also covers commuters taking motorcycle-for-hire offered by transport network vehicle services, which is now one of the most popular transport modes.
PasaHERO Protect provides as much as P500,000 of coverage for death and disability caused by an accident while using public transport. The policy also renders up to P250,000 of coverage for other kinds of accidents.
On top of this, the policy comes with a double indemnity feature, meaning the insurer pays twice the coverage if the insured dies from a covered accident.
GCash head for GInsure Wilfrido de Ocampo said Filipinos can subscribe to PasaHERO Protect for as low as P15 a month.
De Ocampo said PasaHERO Protect can be procured for up to five people, including family and friends, through a single account for ease of transaction.
‘We believe protection should be part of everyday life – not a luxury, but a basic need that every Filipino and their families can access. Together with BPI MS Insurance and through PasaHERO Protect, we are making insurance more relevant, affordable and inclusive for the daily realities of commuters,’ De Ocampo said.
BPI MS Insurance president and CEO Noriyuki Kobayashi said PasaHERO Protect was created to make insurance closer to the daily needs of Filipinos. For PasaHERO Protect, the objective is to recognize the vulnerability commuters go through when they take public transport.
Recently, the Philippines has seen a rise in the number of fatalities resulting from car crashes and road-based accidents.
In May a bus crash at the Subic-Clark-Tarlac Expressway led to the death of 10 people, including four children, forcing the Department of Transportation to raise driving and transport standards.