Ph fintech GCash gives Filipinos free access to insurance through "Buy Load" service

, /PRNewswire/ -- In line with the Philippines' efforts to further boost the local insurance industry, GCash, the Philippines' leading finance super app, introduces a new feature to unlock access to insurance for millions of Filipinos. The e-wallet is providing free health insurance, underwritten by FPG Insurance, when eligible users buy prepaid credits for themselves using the app's Buy Load service, empowering users to prepare for unexpected medical or hospitalization expenses.

"This initiative, powered by our insurance platform, GInsure, in partnership with FPG Insurance, reflects our commitment to making financial protection accessible to every Filipino, ensuring that even the simplest transactions, like buying load, come with the added security of health coverage at no extra cost," said Winsley Bangit, VP and Group Head of New Businesses at GCash.

The country's insurance penetration has grown in recent years, but it remains below 2%. With millions of Buy Load users on the app, GCash sees an opportunity to protect more Filipinos, offering an incentive beyond telecommunication services.

"This benefit ensures users have funds for medical costs or can compensate for lost income during recovery, helping prevent families from falling into debt and alleviating financial struggles," Ren-Ren Reyes, president and CEO of GCash mobile wallet operator G-Xchange, Inc.

The free health and accident insurance gives eligible users up to PHP 30,000 coverage and additional benefits. Users can also get income assistance when hospitalized due to illnesses and accidents, allowing them to receive PHP 500 per day salary assistance for a maximum of 5 days. They can also get up to PHP 10,000 disablement benefit, providing the user or their beneficiaries a safety net.