Digital bank announces Sun Life partnership for credit life and disability product

Digital bank announces Sun Life partnership for credit life and disability product | Insurance Business Asia

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It will cover up to 120% of the customer’s loan amount

Insurance News

By
Kenneth Araullo

Tonik, a digital bank in the Philippines, has announced a strategic alliance with Sun Life Grepa Financial with the primary objective of bolstering the financial wellbeing of their customers.

At the heart of this partnership is the launch of Payhinga, an inclusive bundled service aimed at providing customers with financial security amidst life’s uncertainties. Payhinga is a credit life and disability insurance product that will complement Tonik’s current loan offerings and will be readily accessible to customers applying for loans.

Payhinga will afford customers access to life and disability insurance, covering up to 120% of their loan amount. Additionally, it offers a two-month payment holiday, allowing customers to postpone their upcoming loan instalments in case of financial strain.

“The partnership with Sun Life Grepa will significantly expand our suite of products, and insurance is a highly sought-after addition our customers have been requesting,” Tonik Philippines country president Long Pineda said.

“The partnership with Tonik will enable us to reach a broader client base and fulfil our mission of delivering insurance protection to the underserved,” Sun Life Grepa president Richard S. Lim said.

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