Sun Life Grepa launches MSME MyBiz

Sun Life Grepa Financial, Inc. has launched a comprehensive insurance package for micro, small, and medium enterprises to cater to the need for financial inclusion by the country's economic backbone, the MSMEs.

The life insurer recently launched MSME MyBiz, a suite of insurance products that aims to address the wellness, protection, and recovery needs of MSMEs with five to 200 employees.

The Sun Life Grepa Healthcare Division developed three simple, affordable, and comprehensive packages for MSMEs in whatever business life cycle they are in — from start-up or growing business to an established enterprise.

For start-ups, Sun Life Grepa offers Accident ProSafe, a comprehensive group accident protection that provides a guaranteed benefit in case of accidental death, dismemberment, or disablement; an accident medical reimbursement benefit that reimburses inpatient and outpatient medical expenses incurred to treat bodily injuries due to an accident; and a group hospital cash benefit that provides a fixed cash benefit for every full day of hospital confinement due to an accident.

For MSMEs in the growing stage, Sun Life Grepa has developed Smart Care Plus, a packaged group life and health insurance plan to help MSMEs insure their people for contingencies such as sickness, accidents, or disability. Its robust protection plan includes benefits such as a lump sum amount in the event of an employee's death due to any cause, including those arising from COVID-19; total and permanent disability income benefit and terminal illness benefit; and accidental death, dismemberment, and disablement benefit with medical reimbursement.

For established MSMEs, the insurer offers HIPSTER, a group medical package that helps enterprises secure their workforce against mild or serious medical conditions as well as beef up their employee health and medical benefits package to attract and retain employees.

"The concept of the entire Wellness, Protection, and Recovery ecosystem was designed to help thriving entrepreneurs keep their people protected and productive. We attribute the success of the concept so far to having the right blend of starter products that are truly useful at different stages of business operation," said Sun Life Grepa Head of Group Sales and Strategies Justine G. Daguman.

The company is riding high after bagging the "MSME Insurer Initiative of the Year – Philippines" award from the Insurance Asia Awards 2022 for its campaign that tapped into the MSME market, where the majority remains underinsured.