China Bank’s thrift bank arm has rolled out a salary loan product bundled with free insurance from the Manulife group, a first-of-its-kind offering in the Philippine banking arena.
China Bank Savings (CBS) teamed up with Manulife China Bank Life Assurance Corp. (MCBL), a the bancassurance venture between insurer Manulife Philippines and parent bank China Bank, to launch the “Easi-Funds Salary Loan Protection Bundle.” This product provides free group credit life insurance with total and permanent disability coverage to clients availing of the thrift bank’s “Easi-Funds” salary Loan.
Group life insurance is a type of life insurance in which a single contract covers an entire group of people, usually the type of insurance that an employer gets for the staff.
In this case, the product allows employees of CBS-accredited companies to apply for personal loans with a minimum amount of P10,000, which is payable up to 36 months through salary deduction. The loan comes with free life insurance and total and permanent disability coverage of up to three times the outstanding loan balance, with a maximum of up to P1 million.
“We designed Easi-Funds Salary Loan to give Filipino employees, especially those in small and medium enterprises (SMEs), quick and easy access to cash for immediate and emergency financial needs,” said CBS president Alberto Emilio Ramos.
“This is a first in Philippine banking and we are proud to have MCBL as a partner to launch this in the market. The insurance coverage provided by MCBL will allow Filipino employees the added benefit of peace of mind and sense of security whenever they avail Easi-Funds Salary Loan,” Ramos added.
“We are always looking for ways to help our customers prepare for the future. The added insurance benefit that now comes with the Easi-Funds Salary loan protects borrowers from unforeseen events, such as death or total and permanent disability. If these unfortunate events happen, the insurance proceeds can cover their outstanding loan balance, and any excess proceeds will be given to their respective beneficiaries,” said Rob Wyld, president and chief executive officer of MCBL.
Easi-Funds Salary Loan has flexible installment payment terms of 12, 18, 24, 30, and 36 months for non-seafarers, and up to 4 to 11 months for seafarers.
Established in 2008, the 157-branch CBS offers a platform for retail banking, auto, housing, personal and enterprise finance.
For its part, MCBL is 40-percent owned by CBS’ parent bank China Bank.
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