Philippine low-cost airline Cebu Pacific has embedded an optional personal accident ‘microinsurance’ policy on its website, available through a partnership with AXA Philippines.
The policy, called Piso Protect, covers accidental death and permanent disablement for payouts of up to ₱250,000 (US$4,868), daily hospitalisation costs of up to ₱1,000 per day, for a maximum of ₱5,000, and a surgical cash benefit of ₱$5,000.
Piso Protect is available for as little as ₱365 per year, and flight ticket purchases are not required to obtain the policy.
In a statement, Cebu Pacific said: “The new offering comes at a critical time when the world is gradually transitioning to normalcy. More people need accident insurance coverage, as accidents happen to nearly everyone anytime, anywhere. Hospitalisation can be costly, that is why it is better to be prepared for these unforeseen instances.”
The policy is one of several AXA insurance products provided by Cebu via its website, including the CEB Health Protect policy, which provides coverage for health issues involving cancer, stroke and heart attacks.
Partnerships between commercial airlines and insurance firms are becoming increasingly common. Japan’s All Nippon Airways announced a deal with Tokio Marine & Nichido Fire Insurance in March 2022 to embed policies on their website; Allianz announced similar partnerships with Singapore Airlines in January, and with Canadian regional operator Porter Airlines in December 2021.