Insular Life (InLife) has assured its policyholders that claims and benefits due will be adequately provided as the country continues to reel from the effects of the coronavirus pandemic.
In a statement, Raoul E. Littaua, InLife president and chief executive officer said Monday, August 16, that the local insurer released P3.9 billion in claims and benefits last year, bulk of which were for living benefits.
“We are very pleased that during this time of the crisis, we were able to adequately respond to the needs of our clients for financial security,” Littaua said.
The InLife official noted that 84.5 percent of all claims amounting to P3.2 billion, and $1.9 million for dollar policies were for living benefits.
These benefits were composed of anticipated endowments, cash allowances, annuities, and maturity benefits to the policyholders themselves, Littaua said.
“People might think that life insurance proceeds are for last expenses only, or for death claims. But the reality is that an overwhelming majority of benefits pay-out are for the insured themselves, so that they can use their funds at a time like this,” Littaua said.
“This only shows how powerful life insurance can be in terms of its ability to save money and grow it over time,” he added.
“That is why we make sure that all valid claims are honoured and paid as soon as possible because the families and beneficiaries need this comfort at a very difficult time,” Littaua said. “It is the ultimate test of our core purpose, why we exist as a company.”
According to the company, death, and disability claims in 2020 amounted to about P591.72 million.
Littaua said, the company will continue to provide products that are in tune with the demands of the time.
He said that since the pandemic last year up until the first half of 2021, InLife introduced product innovations that are focused on health and protection as it is the most pressing need.
“As the economy recovers, people would look to resuming their saving and investment activities,” Littaua said.
“We can help them navigate through the various funds depending on their risk appetite. Included in our portfolio are global funds which currently are bringing in double digit returns,” he added.