In a world where uncertainties are inevitable, microinsurance has become a beacon of financial security for many individuals. Designed to provide affordable and accessible coverage, microinsurance offers a safety net against life's unexpected challenges. However, the process of claiming microinsurance can sometimes be unfamiliar and daunting. In this guide, we'll walk you through the steps of successfully claiming your microinsurance, ensuring that you can reap the benefits when you need them the most.
Understanding Microinsurance
Microinsurance is tailored to cater to the specific needs of individuals with modest incomes. It covers a range of risks, including health, life, property, and more. The premiums are typically low, making it an attractive option for those who may not have access to traditional insurance.
While I still have my traditional insurance from SunLife, I opted to get microinsurance from GInsure and SeaInsure to help cover unexpected costs that will occur in the future.
What is GInsure?
As per their website:
GCash Insurance is a comprehensive insurance product of Life, Personal Accident (PA) and Daily Hospital Income (DHI) insurance for GCash users. It is an innovative offering which provides valuable financial protection in the event of hospitalization, accident, and/or death. GCash Insurance is powered by EnsureMePh Insurance Broker, Inc. (InsuranceKo) and underwritten by AXA, both leading players in the industry.
Before GInsure was introduced in the GCash app, I was already a plan holder for the SMS insurance offers GCash with the INSUREME220 plan.
In this plan, I am paying PHP 220 per month, auto-deducted from my Gcash account with the following coverage:
PHP 100,000 Term Life Coverage
PHP 100,000 Personal Accident Coverage
Up to PHP 5,000 Hospital Cash Coverage that pays PHP 250 per day up to 20 days of confinement
GInsure Claiming Process
When I was discharged last October 15, 2023, I immediately requested my medical records, such as Diagnosis Summary, Clinical Abstract, and more from my hospital.
I emailed them at gcashinsure-support@insuranceko.ph, informing my intent to claim, and they responded to me within 24 hours with the following request for requirements:
- Government Issued valid ID
- Final Hospital's Statement of Account/Billing Statement
- Medical Certificate – providing details such as date of admission, date of discharge, summary of diagnosis and treatment given and signatories
- Police Report/Incident Report – if hospitalization is due to an accident
They also included the coverage of my hospital cash claim as:
To ensure you receive the full benefits of your hospitalization coverage, we recommend visiting a registered hospital. To make a claim for this benefit, you should have been admitted as an inpatient for a minimum of 72 hours or three (3) consecutive days in the hospital due to illness or injury. You'll receive PHP 250 for each day you spend in the hospital as an inpatient up to the maximum limit of your purchased plan. Please note that this plan does not cover hospital bills, medical check-ups, consultation, outpatient treatments, medications, lab test and other medical expenses.
After sending the requirements, they responded that their process of verifying and approval/rejection of the claim is 7-14 business days.
Here's my timeline:
October 16 - Initial email, intent to claim
October 17 - First response, sent a list of requirements
October 23 - Sent them scanned copy of the documents needed and other requirements
November 1- Received approval email and payout in my Gcash account
For the seven days of hospitalization, I received PHP 1,750 from INSUREME. Not bad.
GInsure, with its INSUREME program, is very helpful and fast in processing my hospitalization claim. After this experience, I will enroll my loved ones in their microinsurance offers.
What is SeaInsure?
As per their website:
Introducing SeaInsure PH. After months of preparations, we are officially open for business! SeaInsure is a newly minted digital insurance company in the Philippines. We strive to serve and protect our customers, transforming the insurance experience of people and businesses in the Philippines. Check out our current product offering here. Stay tuned for more from us!
With SeaInsure, I availed of two plans: SeaInsure Hospital Cash and SeaInsure Emergency Cover. In this post, I will focus on SeaInsure Emergency Cover.
The annual premium I paid is P1,899 for the following coverage:
Up to P50,000 one-time reimbursement on emergency treatment caused by accident or illness
P50,000 death benefit
P100,000 accidental death benefit
Reminder: You can only purchase SeaInsure within the Shopee App.
SeaInsure Claiming Process
I first registered my Emergency Cover on this website: https://eservice.seainsurelife.com.ph/login. Please be mindful of the provider of your SeaInsure, as my two plans (Hospital Cash and Emergency Cover) have different providers/portals.
Once registered, you can easily claim your insurance on their website via an online application process. I wasn't able to document the requirements that I submitted, but what I'm sure you will need are:
- Discharge Summary
- Clinical Abstract
- Final Bill
- Certificate of Confinement
- Incident Report/Police Report, if applicable
- Valid ID
After sending the requirements, they responded that their process of verifying and approval/rejection of the claim is ten business days.
Here's my timeline:
October 16 - Registered my insurance via their online portal
October 23 - Fileld out the claim form in the portal and uploaded documents needed and other requirements
October 26 - I received notice that my claim was rejected
This is their reasoning behind the rejection:
So, what made my claim ineligible is that I didn't go to the ER at the first onset of my symptoms but rather had myself checked out OPD and did some laboratory tests. It didn't qualify as an emergency.
A bit bummed out by the outcome, but their technical definition of "emergency" stands. Still, I'm sad I missed out on the P50,000 claim that would've relieved my P199,000 bill.
So there you have it, readers, my firsthand experiences with GInsure and SeaInsure. Hope this helps you all out!
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