Promoting the advocacy on microinsurance among non-protected populace, Department of Finance (DOF) Undersecretary Gil Beltran is discouraging politicians from using the insurance products as their political tool especially during next’s year local elections.
“We want the program to be sustainable and not to sustain political groups. We want to disseminate information that the products are now available to markets and what are their benefits and services if they avail of the insurance”, he said during recent press conference here.
For his part, DOF regional director Joselito Almario said premium will not be distributed for free.
“If we will be giving it for free, recipient does not know how to value it and they does not care anymore. We want our people value the important of the insurance for their own protection but not because somebody subsidized them”, he stressed.
Almario added politicians who have higher campaign propaganda to maintain and fund their political patronage will mostly steal public funds to replace their losses.
Microinsurance products are for life. It offers basic life and credit line insurances, disability benefits, medical expenses reimbursement benefits, micro-invest products and even policies covering dengue afflictions.
For non-life, they have also provided bundled- policy covering three contingencies like Life, House Property and Livelihood.