Economy

PayMaya to offer ‘sachet-sized’ insurance products

PayMaya Philippines, Inc. partnered with international firm bolttech group to offer “sachet-sized” insurance products and services tailored for the country’s young and underserved market.

The products are under “PayMaya Protect,” which is powered by the insurance exchange platform of bolttech. It may be accessed through the PayMaya app.

“Our initial offers for health insurance and device protection are very relevant now, especially among our younger customers seeking better ways to protect what matters most to them,” PayMaya Philippines President Shailesh Baidwan said.

The Personal Protect is offered in partnership with underwriter Pioneer Insurance & Surety Corp., covering expenses for dengue, coronavirus disease 2019 (COVID-19), as well as permanent total disability. Health coverage products may be availed in bundles for a minimum coverage of three months.

Meanwhile, PayMaya and bolttech will also offer Mobile Protect which will cover mobile device services for cracked screens, water damage, and such incidents for devices. Consumers may avail of the package monthly.

“We share PayMaya’s vision of empowering more Filipinos with convenient insurance products suited to their lifestyle needs,” bolttech Philippines General Manager Moritz Gastl said.

PayMaya is a unit of Voyager Innovations, Inc., which is the digital arm of PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Keren Concepcion G. Valmonte

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