What Is a Non-Life Insurance and Why Do We Need It?

To understand it easier, Non-Life Insurance is a type of insurance policy that covers those that are not included

in the life insurance. 

Examples of these are:

• Health Insurance
• Disaster Insurance
• Vehicle Insurance
• Property Insurance
• Credit insurance
• Accident Insurance
• Crop Insurance

In the US, non-life insurance is known as property or casualty insurance.

There are existing risks that will have an effect on us and our properties. 

Non-life insurance companies in the Philippines aim to give us protection from this risk quantum.

It’s time for us to protect our hard-earned money in investing in these kinds of properties or travel experiences.

It is always best to seek consult to licensed financial advisors.

These people are experts in the insurance industry and can draft a proposal based on the need

you asked them to design for you. 

Look for leading non-life insurance Philippine companies like the Malayan Insurance Co., Inc.

The products they offer are as follows:

Malayan’s Moto Max Motorcycle Insurance

This type is your partner insurance protection for motorcycle. This is required by the Land Transportation Office (LTO).

Benefits:

• It will cover Php 100,000.00 against the liability for death and injury of third parties due to reckless or negligence of the Assured while driving the insured motorcycle. 
• This product will also cover Php 400,000.00 Accidental Damage (Total Loss). 
• It also protects covers Php 20,000.00 Auto Personal Accident in case that the Assured experienced accidents resulting in death, dismemberment or disability.
• Provides Php 2,000.00 Medical Reimbursements.
• Php 5000.00 worth of Burial Benefit Assistance.

Malayan’s Family Relief

This will cover burial and funeral expenses in cases of accidental death.

This will only require a premium of Php 500.00 per year.

Benefits:

• Lump sum of Php 1,050,000.00 in cases of death caused by accident to the life of insured. 
• Basic benefits covered: Burial Expense, Funeral Service Expense, Funeral Services, Casket or Urn Expense. 

Optional Benefits Offered:

• Floral Arrangement
• Deceased Funeral Clothes
• Publication Expenses
• Expenses in Catering
• Transportation Expenses
• Hotel Accommodation and Travel expenses for relatives abroad and out of town of the deceased.
• Miscellaneous Expenses like- Brgy. Police Assistance, Balloons, Fireworks display, doves, shirts, candles, honoraria.

Malayan’s Travelite Budget Travel Insurance

This insurance is designed for budget travellers and Non-Schengen Visa holders.

This will cover the insured by any means of transportation used during travel.

It has a 200k and a 500k plan that has the same benefits but differs only in the limit.

Benefits:

• Benefit for accidental death, disablement and dismemberment.
• Accidental Injury Reimbursement
• This will aid reasonable irrecoverable travel costs 
• Travel inconvenience benefits like in cases of delay in flights, delay and loss of baggage, travel documents that are lost.
• Covers emergency medical repatriation and evacuation.

Malayan’s Travel Master

This plan is comprehensive to address the needs of the Insured. This table will help you understand the benefits it offers.

Malayan’s Auto Master

This plan is a complete car insurance policy against accidents, calamities, theft and damage of automobile.

Passengers are also covered with protection. 

Benefits:

• Loss and damage of automobile

Coverage of Php 500,000.00 for Excess Bodily Injury or Property Damage as cover for Third Party Liability

Php 50,000.00 Accident Protection and Php 5,000.00 Medical Reimbursement.

This includes the Driver and its passengers.

5 persons are covered for private vehicles and 8 persons for commercial vehicles. 

• Security for damages caused by natural calamities

• Coverage during intentional and, unintentional strikes, riots or any lawless elements.

• Protection for your car’s accessories like mags, aircon and audio components.

• Protection of valuable accessories like spoilers, customized mag wheels, bulbar, etc. 

• Php 500.00-peso coverage for a minimum of 15 days as reimbursable transportation allowance

when your vehicle is undergoing repair

• Ease in finding accredited repair shop all over the county.

Total One Protection 

Availing this product will only require Php 650.00 (1-year coverage) for your family’s future.

Eligibility:

Principal Assured must be between 18 to 65 years old

If married, the spouse must not be above 65 years old

Maximum of four (4) children are covered if they are not above 65 years old from the time of application.

If single, parents are covered if they are not above 65 years old from the time of application.

Maximum of 4 siblings not above 65 years old from the time of application.

Benefits:

• Php 100,000.00 coverage in cases of accidental death and dismemberment.

• Php 10,000.00 medical reimbursement per accident

• Php 10,000.00 for death as a result of an accident

• Php 10,000.00 as Third Party Liability if one of the family members had been held liable for damage of property and or injury to another person.

By merely looking at the benefits, we can easily decide as to why we need to avail non-life insurances.

It is affordable, yet offers better coverages for our security and protection.