Tonik Rolls Out Insurance Product for Loan Borrowersby Fintech News Philippines October 17, 2023
Philippines’ digital bank Tonik has tied up with life insurance company Sun Life Grepa Financial to launch Payhinga, an inclusive insurance product for loan borrowers.
Payhinga will complement Tonik’s existing loan offerings and will be readily available to customers applying for loans.
This new offering will give customers access to life and disability insurance with coverage up to 120% of their loan amount.
Payhinga also offers a two-month payment grace period where customers can push back their upcoming loan installments in case of financial strain.
Long Pineda, Country President of Tonik said,
“The partnership with Sun Life Grepa will significantly expand our suite of products, and insurance is a highly sought-after addition our customers have been requesting.”
Richard S. Lim, President of Sun Life Grepa added,
“The partnership with Tonik will enable us to reach a broader client base and fulfill our mission of delivering insurance protection to the underserved.”