GCash Lending Arm Adds Free Health Insurance to GLoan Borrowers

Fuse Financing Inc., the lending arm of GCash, has introduced free insurance coverage for GLoan borrowers through a new initiative called GLoan Protect.

Available for a limited time, the feature provides loan and health insurance for every GLoan disbursement of at least PHP 500, underwritten by Oona Insurance Corporation.

The programme aims to provide a safety net for borrowers against unexpected life events.

The free insurance includes a waiver of the pending loan balance in the event of the borrower’s death or accident-related permanent disability.

In such cases, the policy settles the remaining loan balance, and beneficiaries receive the remaining loan value.

Additionally, GLoan Protect offers a hospitalisation allowance. Eligible users who stay in a hospital for a minimum of three days can claim an allowance starting at PHP 500, or up to 10% of the total loan value.

Tony Isidro, President and CEO of Fuse Financing Inc., noted that many Filipinos often overlook insurance until emergencies strike.

The insurance coverage is automatically activated upon receipt of the loan proceeds and remains valid until the end of the loan term, even if the loan is paid off early.

The policy is viewable via the GInsure dashboard.

Abhishek Bhatia, Founder and CEO of Oona Insurance, highlighted the value of embedded protection.

GLoan Protect is available for new transactions from 16 January to 31 March.

It is open to fully verified Filipino GCash users aged 21 to 65 with a loan tenor of at least one month.

Featured image: Edited by Fintech News Philippines based on an image by GCash via Facebook.

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