The policy, which is underwritten by Malayan Insurance, is the fourth product which Igloo has launched for GCash’s GInsure digital marketplace.
Premiums for the policy start at PHP950 for local or inbound travel, PHP970 for Asia, and PHP1,190 for worldwide travel, with up to a 90-day maximum coverage period.
The product includes a range of benefits, including:
- Personal Accident with Emergency Medical Treatment for Covid-19 for up to PHP2.5 million (US$45,529)
- Hospital cash allowance due to Covid-19 of up to PHP4,000
- Travel Inconvenience for up to PHP50,000
- Car Rental Protection of up to PHP500,000
- Sports Activities Extension of up to PHP100,000, and
- 24-hour global travel assistance in partnership with Assist America.
The launch of the policy is intended to support the return of enthusiasm for travel among Filipinos since the easing of travel restrictions in February 2022. Since then, the country has seen a gradual rise in travel – particularly to local destinations - with 85 per cent of tourism contributions to the Philippines’ gross domestic product being attributed to domestic travel.
“As more Filipinos become increasingly comfortable with traveling, our new travel insurance … will work as a key enabler to facilitate safe travel for Filipinos. Being an affordable, yet comprehensive product, that addresses common travel risks including contracting Covid-19, it will offer travellers the coverage they need so they can enjoy their trip and have peace of mind,” said Mario Berta, Country Manager for the Philippines at Igloo.