bolttech partners with Philippine firms for job-loss cover for motorcycle loans

bolttech will handle distribution and claims services across the lender’s retail network.

SB Finance has partnered with bolttech and MAAGAP Insurance Inc. to launch a bundled loss-of-employment protection feature for motorcycle loan customers.

The initiative enhances SB Finance’s MotorsikLOAN programme by embedding insurance cover designed to help borrowers maintain repayments in case of job loss, accidents or illness. 

MAAGAP said it is the only insurer in the Philippines authorised by the Insurance Commission to offer involuntary loss-of-employment insurance for just and lawful causes.

Under the partnership, SB Finance will include mandatory loss-of-employment protection with all motorcycle loans issued through its retail network, whilst bolttech will provide distribution and claims services for the programme.

The enhanced MotorsikLOAN package covers one month of loan instalment if a borrower becomes involuntarily unemployed, provided the customer has been employed for at least six months. 

It also includes accidental death and disablement cover for death or permanent disability due to accidents, and a daily hospital allowance of $8.63( P500) for hospitalisation caused by accident or sickness. 

Customers also receive access to teleconsultation services for medical advice following accidents.