I'm a firm believer in insurance. While I don't believe that everyone needs life insurance, I strongly hold that everyone should have critical illness insurance and personal insurance. What's sad is that those who need personal insurance the most are those who tend to shy away from it because they don't realize the importance of insurance, think that it's too expensive or, worse, don't know that such an animal exists. That's why things like microinsurance really excites me because it provides a viable solution to a real problem.
I first wrote about microinsurance almost a year ago and I'm happy to report that I discovered another microinsurance company that also aims to service the marginalized and underserved sector by providing low-cost insurance coverage. Everyone, meet Bima.
Bima is a Swedish microinsurance company that aims to provide insurance "to people who have never had it before". Bima has established a presence in the following developing countries, including our beloved archipelago.
Bima provides both group and personal insurance at ridiculously low premiums. For its group insurance, the goal is to target companies or small and medium enterprises that want to offer insurance coverage for their employees. Check out the premium rate for group insurance:
But Bima is not only about group insurance, because even individuals are welcome to secure themselves and their families. Here are the published rates for individual coverage:
Payout is as follows:
Payments can be made annually through bank deposit, prepaid load deduction or added to a postpaid load.
The eligibility for both group and individual insurance are the same:
And claims are released within 10 days of receipt of complete and verified documents.
I intend to take out individual policies on my kasambahay and will also encourage my family to gift their own kasambahay with insurance policies. Because For as little as Php540 per YEAR, insurance is a gift that can mean the world specially when your world is taken away from you.
* For inquiries, please email Bima at firstname.lastname@example.org