Catholic faithful finds ‘sachet life insurance’ a blessing

Patiently preaching about the virtues of insurance coverage finally paid off for Pioneer Insurance. It was able to convince the Catholic Bishops Conference of the Philippines (CBCP) that insuring the lives of the faithful is good for their souls and easy on their pockets. Church workers in the diocese of Antipolo, Caloocan, Cavite, Nueva Vizcaya and few other ecclesiastical provinces now have life insurance cover for as little as P300 premium payment a year but which typically pays P100,000 for a death claim. Pioneer Insurance assistant vice president Virgilio Del Valle Jr. said on Thursday that what started as a corporate social responsibility program originally meant to be good for the company’s soul soon also made good business sense after turning in more profit that is honest. “We still do financial literacy sessions on group basis but there is money to be made here at the same time," Del Valle, who heads the insurer’s marketing services and communications group, said. He said that his company aims to enroll 100,000 church workers, overseas Filipino workers, homeowners, security guards, tricycle drivers and other uninsured Filipinos by year-end covering various risks to life and limb. Microinsurance policies He explained that some 10,000 Filipinos from all walks of life have their “sachet life policies" – microinsurance policies written for them by Pioneer Insurance which pursued this program in earnest two or three years ago. The company’s next goal: a million sachet life insurance policies using the lessons learned from dealing with the Catholic bishops who were at first skeptical but now endorse insurance cover for both church workers and parishioners. Aside from the P100,000 benefit for a death or dismemberment claim for an annual premium of only P300, Pioneer also pays P150,000 for accidental death plus burial assistance of P50,000. The same insurance policy even pays interest of three percent a year if not withdrawn for 10 years, or three times more return than any bank would pay its depositors at present. Del Valle said Pioneer Insurance products are tailor-fit to its clients’ needs, considering that most policies lapse when premium payments become more of a burden than a blessing. – MRT/VS, GMA News