The Financial Supervisory Commission (FSC) yesterday approved the nation’s first micro-insurance policy to provide accidental injury protection to financially disadvantaged people.
Cathay Life Insurance Co’s (國泰人壽) new policy has no age limitations for policyholders as long as they meet the qualifications, Joanne Tzeng (曾玉瓊), deputy director-general of the Insurance Bureau, told a media briefing.
Micro-insurance policyholders will have to pay a premium of NT$6.58 per policy for benefit coverage of NT$10,000 or NT$197 for a policy with a maximum benefit of NT$300,000, she said.
Tzeng said an estimated 1 million people could benefit from the new policy.
Micro-insurance refers to insurance policies characterized by low premiums or low coverage limits and designed to service low-income people and businesses not served by typical social or commercial insurance schemes.
In keeping with the commission’s regulations, single individuals who earn less than NT$250,000 a year or double-income families with annual earnings of less than NT$500,000 will be eligible to purchase life and accident insurance policies under the new program.
Aborigines, local or foreign fishermen with local IDs, or people helped by social welfare groups will also be included in the scheme, the commission said.
The commission is reviewing applications submitted by two other firms, Nan Shan Life Insurance Co (南山人壽) and Fubon Life Assurance Co (富邦人壽), and two non-life insurers who want to launch similar micro-insurance policies with death and casualty benefits, Tzeng said.
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