Palawan Pawnshop, one of the leading pawnshop chains in the country, and PNB General Insurers Company, Incorporated (PNBGen) partnered to offer microinsurance products through Palawan’s over 3,000 branches nationwide. The virtual signing ceremony for the partnership was held last April 13.
Palawan Pawnshop Chairman and CEO Bobby Castro said, “Many Filipinos, especially those working in the informal sector and their families, live and work in risky surroundings. They are exposed to many risks including illness, accidental death and disability, loss of property due to fraud, theft or fire, agricultural losses, and disasters of both the natural and man-made varieties.” He adds, “Many of our countrymen are not protected from these risks. Many of them are not able to cope quickly when a disaster or crises occurs. We are offering three variants of the Palawan ProtekTODO so our customers can have options and choose the package that best suits their needs.”
For just an annual premium of PhP300, ProtekTODO Premium Pamilya Max 300 offers comprehensive family personal accident insurance, while ProtekTODO Eskwela Max is a comprehensive student accident insurance plan available in annual premiums of PhP50 (Max 50) and PhP30 (Max 30). Both products offer worldwide coverage 24 hours a day for one year. All variants cover cases of death due to motorcycle accident, burial benefit, and cash assistance in case of residential fire.
“To help Filipinos better during these challenging times, PNBGen included coverage for death due to COVID-19 as well as accidental medical reimbursement,” said Perry Domingo, president of PNBGen. “It is a privilege to partner with a reliable institution like Palawan Pawnshop which has been a household name among many Filipino families for over three decades now, and which has been PNB’s partner for the past 19 years.”
PNB will be the settlement bank for this partnership. In his message, PNB President and CEO Wick Veloso cited that microinsurance is important because it ensures the creation of financially-inclusive programs to cover the unbanked and the underserved segment of the populace. He said, “Insurance may be expensive, but the moment you need it, you are going to be very happy to have it. What better collaboration can we have in the financial markets when we have PNB and Palawan working together to help the Filipino people.”