Benefits of Microinsurance

Updated: Aug 23, 2019

Why you should have one.

Microinsurance has gained its popularity since 2014. If you are wondering why more and more people are having micro insurance than the traditional one, below are the reasons why:

1. It Is Affordable

Microinsurance cost less than 500 pesos only. In fact, BIMA Philippines offers an affordable personal accident insurance that only cost 165 pesos and life insurance that only cost 300 pesos. Divide this for thirty (30) day, this will only cost 5 to 10 pesos daily. This is less than the cost of a cup of rice.

2. Gives You A Sufficient Coverage

Like traditional insurance, microinsurance has a pretty much interesting coverage too. For life insurance, it covers death caused by accident, natural disaster, medical surgery or even natural death. Coverage already gives the policyholder an edge when unfortunate circumstances happen.

3. Simple Claims and Requirements

With a minimum document needed, underwriters can already process claims in a short period of time. Not only that, there are insurance agencies who offer assistance for policyholders and beneficiary in filing a claim. Like BIMA Philippines, one of the pioneer microinsurance agency in the Philippines, they offer claim approval for ten (10) working days after validation.

The occurrence of unfortunate events like accidents may cause unexpected expenses that some are not prepared to handle. With microinsurance, Filipinos can be protected at a minimal cost. Experience the benefits of microinsurance by having a personal accident insurance or life insurance today.