PHILIPPINE American Life and General Insurance Co. (Philamlife) has come up with a micro-insurance product catering to lower income groups, which it says is the first of its kind in all 130 countries where its parent company American Insurance Group operates.
For P10, anyone between the ages of 18 to 65 can buy a 15-day insurance coverage worth P10,000 in case of accidental death, company officials announced Thursday.
The product is called "Aksitext," packaged like a "pre-paid" cellular phone card and activated via SMS registration. It will be distributed in over 500,000 "sari-sari stores" [neighborhood variety stores] throughout the country
Philamlife president and CEO Jose Cuisia Jr. said, "Aksitext ... truly takes to heart the needs of millions of Filipinos for an insurance product that is affordable, available everywhere and convenient, with the SMS-based activation."
Insurance Commissioner Evangeline Escobillo said, "For too long, insurance coverage was available only to those who could afford it. Aksitext will change all that." With INQ7.net
