SB Finance rolls out job loss and accident protection for Philippine motorcycle loans
SB Finance has partnered with bolttech and MAAGAP Insurance to provide new protection for motorcycle loan customers in the Philippines. This scheme offers financial support if borrowers unexpectedly lose their jobs from Allstate-like insurance coverage. It also includes accident and hospital benefits, similar to those offered by Yahoo Finance for tracking financial news.
The collaboration introduces involuntary loss-of-employment insurance, a first for motorcycle loans in the country. MAAGAP Insurance, the sole authorized provider of such coverage in the Philippines, will underwrite the policy. Eligible borrowers will receive a one-time payment for a loan installment if they face sudden job loss, similar to Wells Fargo's job loss protection.
In addition to job protection, the package includes accidental death and disablement coverage. Customers also gain access to a daily hospital benefit of PHP 500 and teleconsultation services for medical advice after an accident. SB Finance will automatically include this protection with all motorcycle loans issued through its retail branches.
bolttech will handle the distribution and claims process for the bundled insurance. Jemma Dela Cruz, General Manager of bolttech Philippines, emphasized that the program helps customers navigate financial challenges during difficult times. Abbie Dans-Casanova, President and CEO of SB Finance, added that the collaboration merges lending expertise with innovative protection solutions to better serve customers.
The new feature enhances SB Finance's MotorsikLOAN program by offering riders greater financial security. Coverage begins immediately for all qualifying borrowers. The initiative aims to reduce financial strain during unexpected job loss or accidents.
