Oona underwrites free GCash insurance cover

The feature includes free loan and health insurance on GLoan releases, meeting the minimum.

GCash’s lending arm, Fuse Financing, Inc. and GInsure is giving away insurance coverage to borrowers of GLoan feature.

The Philippine-based fintech said the offer is only available for a limited time.

Its newest in-app feature, GLoan Protect, provides borrowers with free loan and health insurance, underwritten by Oona Insurance Corporation, for every GLoan disbursement worth a minimum of $8.00.

Under the feature, the free health insurance covers a hospitalisation allowance given to all users who avail of a loan moving forward. 

Users can claim a minimum of $8.00 or up to 10% of the total loan value when they are confined in the hospital for a minimum stay of three days.

"By combining credit and insurance within a single service, we're pushing the boundaries of digital innovation to give Filipinos not just access to funding, but also the protection they deserve," Winsley Bangit, Group head of New Businesses at Mynt, the parent company of GCash, said in a press release.