Affordable Pioneer Life product combines insurance with savings

Affordable Pioneer Life product combines insurance with savings

Insurer Pioneer Life has launched a "bite-size" product in an effort to make insurance more affordable and accessible to Filipinos.
"Sparxx Hub" combines insurance coverage as well as savings in one low-cost product, according to a company statement on Friday. It comes in three variants.

The Sparxx Hub Solo costs only P400 a year and offers coverage of up to P100,000 for personal accident and a burial assistance of P30,000.

The Sparxx Hub Sakto provides personal accident insurance of P100,000, burial assistance of P50,000 and a savings component of P300 with a guaranteed interest of 3% over a set length of time. Premiums cost P800 per year.

Lastly, the Sparxx Hub Sumo costs P1,400 per year. The insured can get the same benefits as the Sakto variant, but with additional fire protection insurance for home contents summing up to P50,000, medical reimbursement of P5,000 and dismemberment insurance of P50,000.

"We wish to extend the benefits of having insurance and savings to the most number of Filipinos that we can possibly reach," Ferdinand L. Berba, Pioner Life senior vice president and head for business development was quoted as saying in the statement.

"Aside from the fact that many people never think they need insurance, they are also misled into thinking it is too complicated and difficult. We say that with Sparxx Hub, it doesn’t have to be."

When groups avail of Sparxx Hub, Pioneer Life also offers special privileges such as financial literacy talks and seminars. The company has held these workshops since the start of the year for small and medium enterprises, security service agencies and transport groups.

This is not the first time Pioneer Life has ventured into low-cost insurance. The insurer received an International Labor Organization grant in July 2009 to support efforts to promote savings among overseas Filipino workers (OFWs) and their dependents. It launched the Pamilyang OFW Savers Club in partnership with the Catholic Bishops Conference of the Philippines- Episcopal Commission for the Pastoral Care of Migrants and Itinerant People.

Pioneer Life was the 16th biggest life insurance company in the country in 2009, according to latest Insurance Commission data. -- Diane Claire J. Jiao

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