OONA Insular Insurance Corp. (Oona Insurance Philippines) has launched a new product covering critical illnesses, marking its entry into the retail health segment, it said on Wednesday.
The nonlife insurer’s critical illness insurance product provides coverage for three major health threats, namely cancer, heart attack and stroke, it said in a statement.
Oona Insurance Founder and Group Chief Executive Officer (CEO) Abhishek Bhatia said the product takes away “pain points” that Filipinos encounter when availing of insurance policies, such as affordability, accessibility, and lengthy processes.
“The idea is to simplify it. The customer should pay what they really need or what they want,” he said during a briefing. “You can choose to cover yourself only for cancer, only for heart attack, only for stroke, or all three, or any combination.”
The product can be purchased via Oona’s website (myoona.ph) or through its agents and partner banks.
Customers can select a coverage amount starting at P100,000 up to P500,000. It offers bundling coverage for all three illnesses starting at P145 annually, as well as a stand-alone package starting at P51 yearly.
Individuals aged 18 to 65 years old can apply for the insurance product, with an extension until they reach 70 years old.
The product pays out upon diagnosis of the covered illnesses and not through reimbursement, Oona said.
“With real-time policy issuance and 100% of the coverage amount paid in cash, customers can use the funds for hospital bills, daily expenses or any other needs. This financial support allows them to concentrate on what truly matters: their treatment and recovery,” Oona Insurance Philippines President and CEO Ramon L. Zandueta said at the briefing.
The insurer plans to introduce other new products in the Philippines, such as new age lines and health insurance, it said.
“Through digital innovation, our goal is to remove the complexities and high costs typically associated with traditional health insurance,” Mr. Bhatia said.
“Our goal is to insure as many Filipinos as possible,” he added. “We are confident that as Filipinos become more aware of the benefits of Oona’s unique products, the adoption rates will rise.”
Besides critical illness insurance, the company currently offers motor, property, health, and personal accident products.
Oona Insurance Philippines recorded a premium income of P674.37 million in 2023, with net premiums written at P776.66 million, data from the Insurance Commission showed. It posted a net loss of P224.26 million last year. — BMDC
