AIA Philippines and its healthcare arm MediCard have rolled out an integrated employee benefits package that combines health maintenance organization (HMO) coverage with group life insurance, targeting small businesses looking to simplify benefits administration while expanding worker protection.
Dubbed Group Life + HMO, the offering combines MediCard’s healthcare coverage with AIA Philippines’ Yearly Renewable Term Life insurance, Total and Permanent Disability protection, and Accidental Death, Dismemberment and Disability coverage under a single plan.
The package is available to companies with as few as five employees, with annual premiums ranging from P56.80 to P284 per employee, depending on the selected coverage of P20,000 to P100,000.
The integrated offering also provides employers with a single provider relationship, one enrollment process and one billing arrangement, allowing companies to streamline benefits administration.
Currently, the Yearly Renewable Term Life insurance provides coverage against death from any cause, except suicide during the first year of coverage. Meanwhile, the Total and Permanent Disability benefit provides a lump-sum payout to employees who become permanently disabled.
The Accidental Death, Dismemberment and Disability coverage pays an additional benefit if an insured employee dies, suffers dismemberment or becomes disabled within 180 days of an accident.
‘Employers want to know they’re supporting their people through life’s unforeseen moments. By helping protect employees from both medical costs and the wider financial impact of life’s uncertainties, employers can provide more meaningful support for their people and their families,’ MediCard CEO Julian Mengual said.
AIA Philippines and MediCard said the product is particularly suited for micro, small and medium enterprises, which account for 99.5 percent of business establishments and employ more than 60 percent of the Philippine workforce