How insurance brings healthier, longer, better lives


Posted at Jun 17 2022 05:05 PM | Updated as of Jun 17 2022 05:25 PM

Photo source: Pexels
Photo source: Pexels

A lot of millennials and Gen Zs, even some baby boomers are realizing the importance of being insured. Whether it is to help manage financial loss, sudden medical emergencies, and other risks, an insurance, if you are able to choose the right one for you, can assist you in these times of sudden need.

So, what is it about insurance that makes it attractive?

Unexpected expenses will not bankrupt you

Medical emergencies or untimely passing of a family's breadwinner can greatly affect a family, however, there are insurances that cover these situations so that families do not have to worry about finances during these difficult times.

Potential to earn investments

A variable universal life insurance has a built-in cash value that is then invested by the insurance company to stocks, bonds, and mutual funds which enables insurance policy holders to earn at a higher rate.

These are also a few reasons why two individuals, one nearing forties and the other fifties, invest in an insurance policy.

These two lucky policyholders of insurance firm BPI AIA (formerly BPI-Philam) each got rewarded with a brand-new car for simply sustaining their policies. Eleazar Jugarap won a new Honda HR-V for consistently paying his policy premiums on time, while Arnaldo Andrade was the raffle winner under the reinstated auto-surrender or lapsed policies category.

Two lucky policyholders are now able to take home their new Honda HR-V, for being a top policy payer. Photo source: BPI AIA
Two lucky policyholders are now able to take home their new Honda HR-V, for being a top policy payer. Photo source: BPI AIA

Andrade, 47, got a Critical Care Plus unit-linked health and life insurance plan to protect himself and his family in case of the unexpected. His family is also the priority for Jugarap, 38, who maintains the savings and life insurance policy Build Life Plus. They have long chosen BPI AIA as their life protection partner and appreciate the quality of service of their respective BPI branches.

"Ang pakiramdam ko sa pagiging BPI AIA customer ay panatag sa sarili na mayroon na akong igagastos sa sarili 'pag magkasakit o maiwan sa pamilya ko," Jugarap shares.
(I feel that as a BPI AIA customer, I am at peace that I will have something to spend on myself when I get sick or leave my family.)

The car was an unexpected, but welcome surprise for the winners. The raffle draw was held in the presence of BPI AIA executives.

"I am very happy. Sobrang nagulat ako. Hindi pa ako makapaniwala noong una, at akala ko pa nga scam eh. Totoo pala," Andrade shares.
(I was so surprised. I could not believe it at first, and I even thought it was a scam. It is real.)

An alliance between two companies in the country – AIA Philippines and Bank of the Philippine Islands (BPI), BPI AIA held the special campaign from January to December 2021 to provide loyal customers more incentives for managing their insurance plans well. 

Apart from the cars given away as the grand prize, more lucky customers were rewarded as much as P5,000 worth of eGift credits each for being good clients who adopt better habits such as doing timely payment, enrolling to automatic payment facilities (auto-debit or auto-credit arrangement), shifting to less frequent modes of payment, and resuming premium payment for policies on premium holiday.

"Our customers have already taken the first step when it comes to securing their future, but we believe the market needs a little more push in terms of reforming mindsets and habits about insurance," shares Surendra Menon, CEO of BPI AIA.

Menon also shares that through the special campaign, customer's payment behaviors are incentivized and provided a way to help those with lapsed policies get back on track and continue to be protected through the coverage and benefits of their purchased plan. 

"We wanted to do this to make our customers feel that a relationship with BPI AIA is a rich and rewarding experience and that a journey towards healthier, longer, better lives is worth taking," Menon adds.

In the Philippines, insurance penetration increased to 2.03% in Premium Volume as a share of gross domestic product (GDP) during the third quarter of 2021, from 1.69% in the same period in 2020. 

BPI AIA has consistently been recognized by the Insurance Commission as one of the country's leading insurers, with net income of P2 billion by the end of 2021. This is a simple testament of how BPI AIA policyholders are assured that their insurance firm of choice is backed by financial strength and stability.

Conquering digital in the race against risk

Since the current health situation around the world started, more and more people began to appreciate the value of insurance but did not always know how or where to start.

BPI AIA noticed an uptick in the volume of inquiries for its products during this time, which it met by further strengthening its digital presence and capabilities to address the demand for protection at this critical time.

To date, a BPI customer can already signify interest for health and life protection solutions directly through the BPI mobile app. Otherwise, the virtual assistant Bessie has become available on Messenger to help customers get started in their insurance journey. BPI AIA's professional and expertly trained Sales Executives who are traditionally assigned in BPI branches nationwide now also work remotely using digital tools to render financial advisory and sales services that address customers' financial protection needs even while at the comfort of their homes.

Once they have found the right insurance plan that covers their protection needs, it is easy for customers to personally manage their plans via the secure customer portal My AIA, letting them be more hands-on with their health and finances without hassle or inconvenience. This proves most useful for the financially conscious and digital savvy younger generation, which has become accustomed to services acquired at their fingertips.

Comprehensive life protection solutions

Innovations within the company brought to life new insurance products and reinstated the limited pay schemes of popular products, in order to cater to customers' changing needs and make insurance accessible and affordable for all Filipinos.

MedLife Protect Plus (MLPP), for instance, offers the combined protection of life insurance, health insurance, and investment. Providing coverage of up to 90% of medical costs, with a maximum limit of P4,000,000 per year that covers basic in-patient hospitalization, medical emergencies leading to confinement, critical care, and surgical benefit. Policyholders are also entitled to a daily hospitalization income benefit of up to P3,000 per day.

Meanwhile, BPI AIA brought back the five-to-seven-year payment terms for its Build Life Plus insurance and investment solution for customers who prefer shorter pay periods. Build Life Plus is a savings and life insurance plan that provides protection up to age 100, investment in chosen fund, accident and health coverage, waiver of premium, and optional critical illness coverage and hospital confinement benefit.

While the Critical Care Plus, takes care of serious health-related expenses and grows the policyholder's fund for future healthcare needs. This way, they can focus on recovering and enjoy more moments with their family.

For these products, the component investment funds are expertly managed by the BPI Asset Management and Trust Group (BPI AMTG) and BPI Investment Management, Inc. (BIMI) and invested based on the policyholder's needs and risk appetite.

While AIA Vitality provides benefits such as premium discounts, additional coverage and add-ons, incentives, and rewards from partner establishments [LINK OUT "partner establishments": ]. It is accomplished through the Wellness Series that takes customers on a personal pathway to a healthy and active lifestyle by giving them the knowledge, tools, and motivation they need to help improve their health and enjoy the rewards. 

"As One AIA, we always put customer-centricity at the heart of our innovations. We have evolved and continue to evolve so that we can help every Filipino take the next step to achieving their goals in this constantly—and rapidly—changing world. BPI AIA commits to be a relentless presence that supports customers in securing a future for themselves and their loved ones," Menon adds.

Start securing your future with BPI AIA, and be rewarded. Visit their website or official Facebook page. You may also contact the virtual assistant Bessie (via Messenger). 

Existing policyholders must regularly update or confirm their contact information through My AIA or the corporate website to remain up-to-date on promotions.

NOTE: BrandNews articles are promotional features from our sponsors and not news articles from our editorial staff.