InLife pays P1.2 B in death, disability benefits

Insular Life’s (InLife) payments of death and disability benefits hit over P1 billion last year.

In a statement, InLife said on Tuesday, Feb. 22, that the insurer paid for 4,238 individual policy claims from January to December 2021, equivalent to P1.276 billion.

According to InLife, paid individual policy claims in 2021 excludes the claims made by its group clients.

Diane Tagra, InLife first vice president and insurance operations head said benefit payments were driving by their Claims Portal that allowed policyholders to file policy claims and receive policy benefits more easily.

“Claiming benefits means preparing numerous documents that you have to submit over-the-counter,” Tagra said.

With InLife’s Claims portal, policyholders may file a claim via its website in three easy steps: notify InLife about the claim; submit all requirements; and get a reference number. Tagra said all these can be accomplished without the need to physically visit its office.

InLife policyholders, beneficiaries, or authorized persons may file claims of the following kind: death, disability, hospitalization, and dread disease or critical illness, InLife said.

Once filed, an InLife claims representative will email and validate the submitted documents. Succeeding updates will be sent via email or SMS. The claim status may also be tracked via the Claims Portal.

Claims proceeds will be released either via bank fund transfer or check three to seven days upon complete submission of all requirements.

“The Claims Portal speeds up the claims process significantly because once requirements are submitted, they are received directly by our claims processors. Security is also improved because the proceeds can be credited to the policyholder’s bank account,” Tagra said.

The Claims Portal is also accessible via InLife’s mobile app, TRIBOS.