Four microinsurance products approved by Insurance Commission
Four microinsurance products are on its way for implementation upon release of approved rules and regulations from the Insurance Commission. Low-cost life insurance to cover life, loans, and hospitalizations are ready to be put into action for the respective members of the Mi-MBAs.
The approved products include Basic Life Insurance Plan for Nueva Segovia Consortium of Cooperatives (NSCC) MBA, Credit Life Insurance Plan for Paglaum MBA, and Kazama Grameen, Inc. (KGI) MBA and Hospital Assistance Pampamilya Insurance Plan for Peoples Bank of Caraga (PBC) MBA.
NSCC MBA started its operations
NSCC MBA geared up to formally start its operations following the approval of its basic microinsurance product last July 10. The product will cover natural death, accidental death, total and permanent disability, and hospitalization of insured members and qualified dependents.
Forty-three (43) key officers of the cooperatives and NSCC MBA management were trained and oriented on microinsurance concept, product, processes and compliance requirements in an Operations Training last August 1-3 in Laoag, Ilocos Norte.
Upon completion of requirements and preparations, NSCC MBA formally launched its operations in September.
Loan protection for members of KGI MBA and Paglaum MBA
Both KGI MBA and Paglaum MBA acquired its approved new microinsurance product from the Insurance Commission last July 3. CLIP insures corresponding loan amount of member-debtors in case of death and total and permanent disability to benefit both the organization and its members.
Putting in place policies and implementation plan, Operations Training for key officers of their partner institutions and management and staff of KGI MBA and Paglaum MBA were conducted on July 12-13 and August 30-21 in Zambales and Misamis Occidental, respectively.
PBC MBA to pioneer health insurance among MBAs in RIMANSI network
PBC MBA is now bracing for the implementation of Hospital Assistance Pampamilya Insurance tagged as HAPI plan upon receipt of the approval from IC last November 22. The new microinsurance product shall provide hospitalization benefit for both non-maternal and maternal related hospitalization in the form of daily cash allowance to members and their dependents.
Among the Mi-MBAs in the RIMANSI network, PBC MBA is the first to develop the hospitalization product.