Getting a motorcycle loan just became a little less stressful for Filipino riders.
SB Finance, an affiliate of Security Bank Corporation, has teamed up with global insurtech company bolttech and MAAGAP Insurance Inc. to launch what they call the country’s first bundled loss-of-employment protection feature for motorcycle loan customers.
The new offering is built into SB Finance’s MotorsikLOAN program and is designed to give borrowers extra peace of mind when life takes an unexpected turn. Whether it’s job loss, an accident, or illness, the added protection aims to help riders stay on track with their payments.
MAAGAP Insurance is currently the only insurer authorized by the Insurance Commission to offer coverage for involuntary loss of employment due to just and lawful causes. Through this partnership, SB Finance will automatically bundle the protection with motorcycle loans released through its retail network, while bolttech will support distribution and claims services.
The enhanced MotorsikLOAN package includes three key benefits: coverage equivalent to one month’s installment in case of involuntary job loss (for qualified employed borrowers), accidental death and disablement protection, and a daily hospital allowance of P500 for confinement due to accident or sickness.
Customers will also have access to teleconsultation services, giving them convenient medical advice in the event of an accident.
