Manulife would cover the outstanding balance of an enrolled Standard Chartered credit card member, in case of death or total disability
The local unit of Canada-based insurer, Manulife Financial would offer insurance to the credit card customers of Standard Chartered Bank in Philippines, reported Business World.
As per the agreement, Manulife would cover the outstanding balance of an enrolled Standard Chartered credit card member, in case of death or total disability. A cardholder’s outstanding balance will also be covered, if he suffers from any one of several pre-identified forms of critical illnesses.
Carl Gustini, President and CEO, Manufacturers Life Insurance (Philippines), said: “Manulife has entered into a joint venture with the Manila branch of Standard Chartered for the provision of life insurance to the bank’s cardholders. Insuring the credit card balance could have a huge impact to the family or loved ones that will be left behind. The product is simple because there is no agent involved.”
Supratim Pandey, General Manager for lending and transaction banking, Standard Chartered, said: “The partnership has already been finalised.”
Manulife Financial is a Canada-based life insurance and financial services provider.