Closing the savings and protection gaps in Asia
At Sun Life, our sustainability ambition is to maximize our positive impact and ensure the resiliency of our organization in support of our Purpose to help Clients achieve lifetime financial security and live healthier lives.
In delivering on this Purpose, Sun Life continues to find new and innovative ways to help reduce the significant savings and protection gaps in Asia. As of December 31, 2023, we have covered 2.4 million lives through affordable insurance policies.1 In the Philippines and Malaysia, our efforts focused on life and disability insurance solutions designed to increase awareness around financial security. Below are some examples of the solutions offered to our Clients in Asia, enabling them to take the first step towards financial independence.
Borrower Protection Plan
In the Philippines, the Borrower Protection Plan is a partnership between Sun Life Grepa and Home Credit. It is a life and hospitalization insurance package for Home Credit borrowers, targeted at the mass market and unbanked individuals who do not have savings deposited in banks or credit cards. It provides comprehensive coverage and financial assistance to the borrower and their family, including payment of the loan amortization in case of the borrower’s hospitalization and full repayment of the loan in case of the borrower’s death. The rest of the coverage, up to 120% of the financed amount, will be paid out to the beneficiaries.
Life Armor and Personal Accident Armor
Life Armor is a life insurance plan that covers deaths from accidents and illness for an emerging market of young individuals in the early stages of their careers in the Philippines. Personal Accident Armor is a personal accident coverage solution for the same market. Both solutions provide one year of coverage at an affordable rate, with easy online registration and no medical examination requirement – removing multiple barriers to access. The solution is offered to registered members of Lazada Philippines, GCash and Moneygment.
GoLife and GoTakaful
GoLife and GoTakaful are affordable term life insurance products designed specifically for low-income individuals in Malaysia. These plans provide lump sum payments to beneficiaries in the event of death or total permanent disability. GoLife removes barriers to access with no fixed term commitments, a simple registration process and a variety of low-cost monthly payment options. It also provides double indemnity benefit in the event of death or total permanent disability due to specified infectious diseases. GoTakaful is a unique family term insurance plan that offers an additional payment to family members if the policyholder’s death is accidental or if disability occurs at the Mosque or Surau. GoTakaful also features flexible monthly payment options and a simple online registration process. These solutions are available online for GoPayz and U Mobile subscribers, making it easy for people living in remote areas to secure coverage.
Learn more about how Sun Life is increasing the lifetime financial security of Clients.
1 Affordable insurance products help people in the mass market (including lower-income segments) meet risk protection needs at an accessible price point. The criteria for a product to be considered affordable insurance varies by country and is based on factors such as: insurance premium amount relative to average income, coverage period, underwriting requirements and/or government regulation.
