The Insular Life Assurance Co. Ltd. announced it recently launched a new product bundled with an investment plan.
Insular Life said for a minimum monthly premium of P2,500 or annual premium of P30,000, its product called “Guaranteed Issue Offer,” or GIO, “enables Filipinos to set up a life protection and investment plan.”
Insular Life Chief Marketing Officer Gae L. Martinez was quoted in a statement that—applying for a life insurance for the first time may sound intimidating to some Filipinos.”
“We are offering an affordable and hassle-free way to provide insurance coverage and investment opportunity to young professionals, breadwinners and entrepreneurs,” Martinez said.
“There is no need to go through a medical examination and fill-out lengthy forms since the application for GIO will be through our pioneering automated underwriting system,” she added. “We hope that more Filipinos will engage in life insurance which is a crucial part of financial planning.”
The insurer said that GIO provides life insurance coverage equivalent to five times the annual premium. This product’s investment component boosts insurance coverage by putting premiums in a diversified portfolio of stocks and bonds, the company added.
Filipinos aged 18 to 60 years old may avail of GIO until December 18, Insular Life said.