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  • What is Bancassurance?

    30 September 2018


    Retire with Peace of Mind

    According to a number of global studies, Filipinos are among the least financially literate in the world. Standard & Poor’s Ratings Services Global Financial Literacy Survey shows that the Philippines ranks among the bottom 30 countries for financial literacy, with only 25%, or only 1 out of 4 Filipino adults considered financially literate. This means that about 75 million Filipinos are not familiar with such concepts as inflation, risk diversification, insurance, compound interest and even bank savings.

    In a World Bank report entitled "Enhancing Financial Capability and Inclusion in the Philippines - A Demand-side Assessment," the average Filipino adult is only able to answer 3.2 out of 7 questions related to financial literacy, with a fifth of respondents not even able to answer one question correctly. Moreover, only 2% of those surveyed were able to answer all the questions correctly.

    In recent months, the Bangko Sentral ng Pilipinas (BSP) and the Department of Education (DepEd) have stepped up their efforts to include financial literacy in the K-12 program. BSP Governor Nestor Espenilla Jr. and Education Secretary Leonor-Magtolis Briones entered into a Memorandum of Agreement (MOA) to bring "financial education to more than 47,000 public schools nationwide to help 700,000 teachers and non-teaching personnel as well as 24 million students make better financial decisions."

    Banks as one-stop shops

    Banks are seen to play a crucial role in promoting financial literacy and financial inclusion. That is why banks are fast becoming one-stop shops for financial products. More than just savings, investments, and loans, banks now also offer insurance products, both the life and non-life types. This is called bancassurance.

    In bancassurance, banks work together with life insurance companies to provide a wider range of financial products including protection coverage, health coverage, retirement planning, and estate planning as well as savings and investments bundled with insurance coverage.

    Here are some of the reasons why bancassurance is a good channel for financial services:

    Security: Bancassurance companies are secure as they are regulated by two government bodies, the BSP and the Insurance Commission (IC). This means they have to follow the stringent rules and policies of both regulators in terms of capitalization, reserves, selling methods, and investments.

    Accessibility: Bancassurance is accessible because one can transact or get customer service wherever the bank has a branch such as any of the 800 BPI branches across the country). This means you don't have to rely on just your home branch or branch of account.

    Convenience: Bancassurance is convenient as you will not have to rely on the availability or schedule of just one agent. You get the advantage of transacting or doing business with any bank branch at your convenience.

    Connectivity: With bancassurance, you gain a network of professionals, from your financial advisor to bank managers and officers, who can help, assist, and guide you in understanding insurance and investments.

    The strength of bancassurance

    At the core of what makes bancassurance a strong proposition is the strategic partnership between the bank and the life insurance company.

    Bank of the Philippine Islands (BPI), one of the country's largest banks, and AIA Philippines, one of the largest life insurance companies in the country, have partnered together to bring financial protection and security to more Filipinos through BPI AIA. Considered the number one bancassurance company in the Philippines, BPI AIA is committed to help Filipinos achieve financial security and wellness.

    BPI AIA was recently hailed the Philippine's Best Life Insurance Company for 2017 by international finance magazine, World Finance.

    BPI AIA's professional and expertly trained Bancassurance Sales Executives (BSEs) are assigned in BPI and BPI Family Savings Bank branches nationwide to render financial advisory services that address customer’s financial and protection needs.

    To know more about how BPI AIA can help you improve your financial literacy while securing your financial future, leave us a message or visit the BPI branch nearest you.

    Did you know?

    You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!

    RECOMMENDED PRODUCTS

    Life Ready Plus

    Protection

    Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.

    The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.

    Philam Life Vitality

    Critical Care Max

    Health

    Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.

     

    In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.

    Philam Life Vitality

    Build Estate Plus

    Life Protection

    Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.

    It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.

    Philam Life Vitality

    CRITICAL CARE PLUS

    Health

    Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.

     

    It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy. 

     

     

    Philam Life Vitality
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    CONTACT BPI AIA

    (02) 8 528 5501

    FACEBOOK MESSENGER

    15th Floor BPI-Philam Life Makati (formerly Ayala-FGU Bldg) 6811 Ayala Avenue Makati City 1226

    CONTACT BPI AIA

    (02) 8 528 5501

    FACEBOOK MESSENGER

    15th Floor BPI-Philam Life Makati (formerly Ayala-FGU Bldg) 6811 Ayala Avenue Makati City 1226

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