Alyssa Lane
GCash is a mobile wallet app that offers various insurance products to its users. These include GInsure Bill Protect, which covers users in case of accidental death and permanent disablement, and Send Money Protect, which safeguards against online scams and fraudulent transactions. Other insurance products include AXA Philippines' SMS Insure, which provides financial protection for hospitalization, accidents, or death. With affordable premiums and convenient claims processes, GCash insurance offers peace of mind for potential risks. However, some users express concerns about the thoroughness of the underwriting portion and potential challenges during the claims process. This raises questions about the overall value and reliability of GCash insurance products, prompting users to consider alternative insurance options.
| Characteristics | Values |
|---|---|
| Cost | For less than 1% of your current bill amount paid via GCash |
| Coverage | Covers up to 36 months (3 years) of the GCash bill payment amount at the time of enrollment |
| Payout | Lump-sum benefit payable to the GCash account owner |
| Cancellation | Can be cancelled within 7 days of enrollment for a full refund |
| Protection | Protects against accidental death and permanent disablement |
| Scams | Protects against scams and social engineering |
| Fraud | Covers online shopping fraud and account takeover fraud |
| Claims | Claims can be made even if the fraud was realized belatedly |
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What You'll Learn
GInsure Bill Protect covers accidental death and permanent disablement
GInsure Bill Protect is an insurance policy offered by GCash that covers users in the event of accidental death or permanent disablement. This means that if the insured individual suffers an accident that results in their death or permanent disability and they are unable to earn an income, GInsure Bill Protect will provide a financial safety net.
The policy pays out a lump sum benefit of up to 36 times the GCash bill amount paid, covering up to 36 months (3 years) of the insured's payment obligations. This benefit is payable to the GCash account owner who successfully paid the bill and the GInsure Bill Protect premium via GCash. It is important to note that the beneficiary of the benefit can be designated by the insured, and in the absence of such designation, there is a specified order of preference for the payout.
Enrolling in GInsure Bill Protect is simple and can be done directly through the GCash app. Users can enroll multiple bills, and the more bills paid and enrolled, the larger the lump sum benefit amount will be. The premium for GInsure Bill Protect is calculated as 0.920% of the bill payment amount, making it an affordable option for users. Coverage begins on the day of the successful GCash Pay Bills transaction and lasts for 30 calendar days, after which users can pay their bill and premium again to renew their coverage.
It is worth mentioning that GInsure Bill Protect has a free-look period of 7 days after enrolment, during which users can request a cancellation and receive a full refund of the premium to their GCash wallet. This provides flexibility for users who may change their minds about the insurance. Overall, GInsure Bill Protect offers peace of mind and financial protection to GCash users, ensuring that their payment obligations are covered in the event of unforeseen accidents.
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Send Money Protect (SMP) safeguards against online fraud
The rise in digital financial transactions has also led to an increase in scammers, fraudsters, and cybercriminals. To address this, GCash, the Philippines' leading finance superapp, introduced Send Money Protect (SMP) in October 2023.
Send Money Protect (SMP) is an optional and voluntary insurance product that allows users to insure money transfers to other GCash accounts. For a nominal fee of P30, it provides users with extended security for all their Express Send transactions over a 30-day period, offering coverage of up to P15,000 in the event of a scam.
SMP safeguards users from prevalent scams, such as those perpetrated by counterfeit online sellers or individuals posing as familiar contacts to deceive users into transferring funds through Express Send. It also protects against social engineering or scams, where a consumer is tricked into sending money to a perpetrator via GCash Express Pay. This includes phishing, malware phishing, spear phishing, smishing, vishing, and pharming.
Additionally, SMP covers account takeover fraud, where a third party gains unauthorized access to a GCash account and makes transactions. This can occur through various methods such as phishing, spyware, malware scams, or other similar scams.
GCash also works closely with law enforcement agencies to combat cybercrime and observe potential suspicious activities on its platform.
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Chubb's GInsure offers a free-look period for cancellations
GCash is an e-wallet service provider in the Philippines that offers various insurance products to its users, such as GInsure Bill Protect and Send Money Protect (SMP). GInsure Bill Protect is an insurance plan that covers users in the event of accidental death or permanent disablement, ensuring that they can still settle their payment obligations. Meanwhile, SMP protects users against potential scams and fraudulent activities, providing coverage for P15,000 worth of transactions for a 30-day period at a cost of P30.
Chubbs GInsure, offered in partnership with global insurer Chubb, provides users with protection against online scams and fraudulent activities. It is worth noting that Chubbs GInsure offers a free-look period for cancellations. This means that users can request to cancel their coverage within 7 days from the time of their successful Pay Bills transaction with enrollment in GInsure Bill Protect. During this free-look period, users will receive a full refund of the premium, which will be credited back to their GCash wallet. To initiate the cancellation process, users can tap "Chat with Gigi" within the GCash app or contact the Chubb hotline at +63277565410 during business hours.
The eligibility criteria for Chubbs GInsure's coverage vary depending on the specific product. For GInsure Online Shopping Protect, the eligibility period is 30 days from the date of enrolment, with a minimum purchase value of PHP250. Eligible items do not include jewellery over PHP5,000, watches over PHP5,000, precious metals/gemstones, firearms, art, antiques, or collectible items. Electronic items above PHP10,000, such as personal stereos, computers, and mobile phones, are also excluded. It is important to carefully review the eligibility criteria and terms and conditions before enrolling in any of the Chubbs GInsure products.
While Chubbs GInsure offers protection against online scams, it is important to note that there may be limitations and exclusions. For example, private transactions between individuals may not be covered, as mentioned by some users who experienced scams on Facebook Marketplace and Carousell. It is essential to carefully read the policy details and understand the scope of coverage before relying solely on Chubbs GInsure for protection against online scams.
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AXA's SMS Insure provides affordable family insurance
Gcash has been offering insurance products to its users, with varying degrees of success. One of its offerings, GInsure Bill Protect, provides a lump-sum benefit in the event of accidental death and permanent disablement. However, reviews suggest that some users have had issues with claims, as the company may scrutinize medical histories and potentially deny claims.
AXA Philippines has partnered with Gcash to offer an affordable family insurance product called SMS Insure. This product provides financial protection in the event of hospitalization, accidents, or death. For as little as PHP 117 per month, SMS Insure covers the policyholder and two other family members under its Bronze Family Plan.
The ease of the claims process is highlighted by a policyholder, Ruby Gastardo, who shared her experience of being able to quickly claim benefits after her mother's unexpected hospitalization. This accessibility and affordability align with AXA Philippines' Chief Marketing Officer Nandy Villar's vision of bringing comprehensive protection to Filipinos, especially the underserved population.
SMS Insure is accessible through the GCash App. Users can navigate to the Marketplace, scroll down, and choose from the available SMS Insure plans. This partnership between AXA and GCash demonstrates a commitment to making insurance more inclusive and convenient for Filipino families.
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GInsure Bill Protect covers multiple bills
GInsure Bill Protect is an insurance service offered by GCash, in partnership with Chubb, that covers multiple bills. It is an affordable insurance service that covers enrolled GCash users in case of accidental death or permanent disablement, which renders the insured unable to earn or settle payment obligations. The group policy pays out a lump sum benefit that covers up to 36 months (3 years) of the GCash bill payment amount at the time of enrollment. The benefit is payable to the GCash account owner who successfully paid a bill and the GInsure Bill Protect premium via GCash.
The premium for GInsure Bill Protect is computed as the Bill Payment Amount multiplied by 0.920%. For example, if you are paying a P2,000 Meralco bill, the premium would be P18.40, making the total payment P2,018.40. The more bills paid and enrolled under GInsure Bill Protect, the larger the lump sum benefit amount will be under the covered period. All biller categories are eligible for GInsure Bill Protect.
You can enroll a bill to GInsure Bill Protect as an add-on every time you make a bill payment via the GCash app. You will receive a Confirmation of Cover from Chubb within 24-48 hours after successful enrollment. You can also visit the MyGInsure page in the GCash app to check your policies. Coverage can be cancelled during the free-look period, which is within 7 days from the time of successful bill payment with enrollment. Cancellations within this period are free, and the premium will be refunded to your GCash wallet in full. If you have questions about your policy, filing claims, or the status of claims filed, you can call the Chubb hotline at +63277565410, Monday to Friday, 9:00 am - 5:00 pm, excluding public holidays.
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Frequently asked questions
GInsure Bill Protect is an insurance policy that covers you when you are unable to earn and settle your payment obligations in case of accidental death and permanent disablement.
You can enrol in Bill Protect in-app for less than 1% of your current bill amount being paid via GCash.
The Group Policy pays out a lump sum benefit which covers up to 36 months (3 years) of the GCash bill payment amount at the time of enrollment.
You can enrol a bill to GInsure Bill Protect as an add-on every time you make a Pay Bills transaction via the GCash app.
