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RETAIL BANKING | Tony Chua, Philippines

BPI microfinance bank taps microinsurance business

3 BPI units join forces to deliver insurance products to low-income earning Filipinos

Mobile microfinance bank BPI Globe BanKO will begin offering microinsurance after partnering with two other subsidiaries of the Bank of the Philippine Islands.

In a statement, BPI Globe BanKO said it has partnered with BPI Philam Life Assurance Corp. (BPI-Philam) and BPI-Mitsui Sumimoto Insurance Corp. (BPI/MS) to offer insurance products that are affordable and targeted at low-income earning Filipinos.

BPI-Philam, the bancassurance arm of BPI, is an alliance between BPI and the Philippine American Life and General Insurance Co., the country’s biggest life insurance company. 

BPI/MS is a joint venture between BPI and Mitsui Sumimoto Insurance Co., a non-life insurance company based in Japan.

BPI Globe BanKO on Friday launched three microinsurance products, namely, PondoKO, PuhunanKO and PaniguroKO.

PondoKO entitles an individual to life insurance and to a 1% interest rate per annum on his or her deposit once this reaches P2,000. 

In the event of death -- regardless of the cause -- his or her beneficiary will get five times of the amount of cash in the account.

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