CAGAYAN DE ORO CITY (PIA) — The Philippine Crop Insurance Corporation (PCIC)-10 has unveiled a new low-cost insurance plan for farmers and fisherfolk, offering substantial coverage for an annual premium of just P50.
This initiative is part of a broader effort to support the agriculture sector with affordable insurance options. The insurance products introduced under this plan are the Agricultural Protection Plan (APP), the Loan Payment Protection Plan (LPP), and the Accident and Dismemberment Security Scheme (ADSS).
Irene L. Oco, PCIC-10 regional manager, emphasized that these products evolved from the original personal accident insurance launched in the late 1990s.
“Ang (the insurance worth) P50,000 is [paid at] P375, pero (but) it covers all kinds of causes of death, whether natural or accidental,” said Regional Manager Irene L. Oco, citing details on the APP insurance program.
She added that this is renewable each year as long as the individual is between 15 and 80 years old. The application process is straightforward, requiring only the completion of a form without the need for prior registration with the Registry System for Basic Sectors in Agriculture (RSBSA), except for the free products, which do require registration.
“Aside sa makadawat siya’g P50,000, naa pud mi gitawag nga medical reimbursement, 20 percent sa amount of cover sa P50,000,” said Acting Insurance Underwriter Ermie D. Habaga.
(Apart from receiving P50,000, we also have what we call medical reimbursement, which is 20 percent of the P50,000 covered.)
Additionally, the policy offers a death benefit, providing an additional P2,000 for burial costs, bringing the total possible payout to P52,000 in case of accidental death.
Habaga said the common incidents covered include vehicular accidents, falls, injuries, and even electrocution, all of which highlight the necessity for such protective measures.
He pointed out that the program has already successfully paid out numerous claims, demonstrating its efficiency and importance. It stressed the critical need for farmers and fisherfolk to take time to apply for these benefits, emphasizing that the minimal cost involved is a worthwhile investment for substantial coverage.
“Naa pud ta’y limit nga pwede ra ka maka-avail to P100,000 nga some insured. So, ang atoa only up to P100,000 per individual, P100 maximum pud imong ibayad sa premium,” said Oco.
(We also have a limit where you can avail up to P100,000 in coverage. So, our policy is only up to P100,000 pesos per individual, with a maximum premium payment of P100.)
She added that by making these insurance products accessible and affordable, PCIC offers this program to enhance support to the agricultural sector and promote inclusivity, encouraging more farmers and fishermen to participate and benefit from insurance coverage. (MGLY/PIA-10)
