Singlife Philippines has expanded its protection offerings with the launch of "Protect from Income Loss (Accidents)," now available through its Plan & Protect App.
The product provides monthly payouts for up to 36 months, plus a cash bonus, in the event of accidental death or permanent disability.
The move comes amidst rising accident rates in the Philippines, with over 31,000 road crashes recorded by the PNP-Highway Patrol Group in 2024 and 13,125 transport-related fatalities reported in 2023.
Unlike traditional lump-sum insurance, Singlife’s new product delivers a steady monthly income, with options of $340 (PHP20,000), $510 (PHP30,000), or $850 (PHP50,000) payouts and a bonus equivalent to two months' payout at the end of the benefit period.
Total benefits can reach up to $30.6k (PHP1.8 million). Monthly premiums start at $2.04 (PHP120), and coverage begins immediately after purchase.
The fully digital product allows customers to apply, manage policies, and file claims directly through the app. Policyholders can also earn interest of up to 15% per annum on their Singlife Account through the Super Boost Rewards Programme.