Insurance is an intimidating topic for Filipinos and its utility can be lost in jargon. Mobile wallet GCash has affordable integrated insurance into its bills payment services to simplify the process for its users.
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What is GInsure Bill Protect?
The insurance covers an enrolled GCash user's accidental death or permanent disablement which renders the insured unable to earn or settle his payment obligations.
"The Group Policy pays out a lump sum benefit which covers up to thirty-six months (three years) of the GCash bill payment amount at time of enrollment," GCash said.
If something should ever happen to you, the insurance will cover the bills you can't pay either due to death or permanent disablement.
Who will be insured upon payment of bills?
The person to be insured is the owner of the GCash account, regardless of whose and what bills are paid. If you're paying your mother's phone bills using your GCash account, you are insured, not your mother.
What is the benefit of GInsure Bill Protect?
"It covers the insured for 36 times of his bill amount paid if the insured is unable to earn and settle their payment obligations due to accidental death and permanent disablement," GCash said.
Who can enroll for GInsure Bill Protect cover?
The following are eligible for the service:
- must have a GCash account
- 18 to 75 years old
- Filipino or legal Philippine resident
- are to pay a biller in Pay Bills via GCash app
To whom is the benefit payable?
If an accident occurs, the benefit is payable to the insured or GCash user who successfully transacts. In the case of the insured's death, to the beneficiary designated by the insured, or in the absence of beneficiary designation, the benefit will go to the following people in the following order of preference:
- Legal spouse
- Children
- Parents
- Siblings
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When is GInsure Bill Protect applied?
Users can enroll a bill to GInsure Bill Protect as an add-on every time they make a Pay Bills transaction via the GCash app. Just tap the box before confirming payment.
Does this work for multiple bills?
All bills payments are covered, provided that the user opts in every time they transact. Users can also opt out.
"The more bills paid and enrolled with GInsure Bill Protect, the bigger the lump sum benefit amount will be under the covered period," GCash said on their website.
How much is GInsure Bill Protect?
The premium is computed as Bill Payment Amount multiplied by 0.920%.
Let's say you're paying your Meralco bill priced at P2,000. Multiply that by 0.920%, and you get P18.40 premium. Total payment will be 2,018.40.
Are all bills covered?
Yes, all biller categories are eligible for GInsure Bill Protect.
Is there a transaction limit?
Verified users have a transaction limit of P100,000 per month.
GCash has a maximum total transaction amount per fully verified user which is Php 100,000 per month. Cap for the insurable amount will follow the same limits.
How long is the coverage of GInsure Bill Protect?
Thirty (30) calendar days, effective on the day of successful GCash Pay Bills transaction with enrollment to GInsure Bill Protect, after which coverage will end.
If you pay on Sept. 1, 2019, you're covered from Sept. 1 to 30, 2019.
Coverage will reset for another calendar month when another premium payment is made during bills payment.
Lump sum benefit cap will then be: Php 100,000 x 36 months = Php 3.6M
Who are not covered by for GInsure Bill Protect?
Accidental death and permanent disablement arising from the following are not covered:
- Self-inflicted injury
- Suicide
- Criminal or illegal act
- Being under the influence of alcohol or unprescribed drugs
- HIV/AIDS related
- Conditions arising from abortion, pregnancy, childbirth or miscarriage
How are claims filed?
Visit the Chubb Claims Centre at www.chubbclaims.com.ph and submit a claim online. The site also reflects the real-time status of claims.
Customer service and claims business hours are from Mondays to Fridays, 8:30 a.m. to 5:30 p.m.
What are the requirements for filing a claim?
- Valid ID of the insured (GCash User) or of the Beneficiary of the GCash User
- Birth & Death Certificates of the insured
- Proof of relationship to beneficiary
- Attending physician's report
- Original copy of police report
- Notarized affidavit of witness
- Autopsy report or medico-legal statement
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Can insurance coverage be cancelled?
Coverage can be cancelled during the free-look period, or 7 days from the time of successful bills payment with enrollment to GInsure Bill Protect.
Cancellations within this period are free and premiums paid will be refunded to the GCash wallet of the insured in full. No refunds will be made if cancellations are done after the 7-day period.
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