GCash has introduced a new feature designed to provide users with complimentary access to insurance. This initiative aligns with broader efforts in the Philippines to expand the local insurance sector.

The platform now offers free health insurance, underwritten by FPG Insurance, to eligible users who purchase prepaid mobile credits for themselves through the app’s “Buy Load” service. This aims to help users prepare for unforeseen medical or hospitalisation expenses.

Winsley Bangit, VP and Group Head of New Businesses at GCash, stated that this initiative, facilitated by their GInsure platform in collaboration with FPG Insurance, demonstrates a commitment to making financial protection accessible to Filipinos.

He highlighted that even routine transactions, such as buying mobile load, now include health coverage at no extra charge.

Despite recent growth, the country’s insurance penetration rate remains below 2%. GCash aims to increase financial protection for more Filipinos by integrating this benefit into its “Buy Load” service, offering an incentive beyond standard telecommunication services.

Ren-Ren Reyes, President and CEO of G-Xchange, Inc., which operates the GCash mobile wallet, explained that this benefit helps ensure users have funds for medical costs or can compensate for lost income during recovery, potentially preventing families from incurring debt and alleviating financial difficulties.

The complimentary health and accident insurance provides eligible users with up to PHP 30,000 in coverage and additional benefits. Users may also receive income assistance of PHP 500 per day for a maximum of five days if hospitalised due to illness or accidents.

Furthermore, a disablement benefit of up to PHP 10,000 offers a financial safety net for the user or their beneficiaries.

Featured image: Edited by Fintech News Philippines, based on images by GCash and mrsiraphol via Freepik.