Chubb Philippines embeds cover in UnionDigital Bank app

Eligible loan borrowers receive protection for 3 months at no added cost.

UnionDigital Bank (UD) and Chubb Philippines have partnered to offer insurance products through the UD mobile application.

Under the partnership, Chubb's insurance products will be integrated into UD's digital banking platform, allowing customers to access insurance alongside the bank's financial services.

The move comes as nearly half of adult Filipinos remain uninsured. According to the latest Financial Inclusion Survey by the Bangko Sentral ng Pilipinas, 48% of adults in the country do not have insurance coverage.

The first, Loan Protect Insurance, is automatically provided to eligible UD loan borrowers at no additional cost during the first three months after loan approval.

The cover pays up to the original loan amount in cases of accidental death, permanent disability, temporary disability, or death due to illness.

The benefit is used to settle the borrower's outstanding loan balance, with any excess amount paid to beneficiaries.

The product is currently available for loans of up to $510 (P30,000) with short-term repayment periods.

The second product, Ipon Protect Insurance, will be launched soon. It offers personal accident and accidental death cover of up to $2,550 (P150,000). The insurance is activated automatically when customers maintain a minimum balance of $1.70 (P100) in their savings account.

($1.00 = P60.37)