(Updated Nov. 11, 3:37 p.m.) Did you know that health insurance can be sustainable?
A major life insurer said that eco-conscious Pinoys can avail of such a benefit.
Allianz PNB Life announced that it had expanded its portfolio of insurance solutions to take into consideration those who wanted to help the environment.
It cited a 2019 report by data analytics firm Nielsen which said that almost three-fourths of consumers worldwide wanted to change how they shop “to reduce their impact on the environment.”
The life insurer also conducted a survey which found that about 42% of consumers are more likely to shop sustainably.
Allianz said that 51% of respondents recognized the challenges of environmental issues like climate change and how it can negatively affect them and future generations regarding health, wealth and relationships, among others.
Respondents consider responsible shopping, education, and environmental justice among the three most important ways to achieve sustainability globally.
Additionally, 34% said they are willing to spend more (P5,000 and up) for sustainable products, while 44% would stick to a brand that promotes sustainability.
In terms of which specific products they bought, 70% of consumers said they always went for sustainable food and beverage. This was followed by services (65%), fashion or apparel (46%), and gadgets (29%).
“What we are seeing now is ‘the rise of the conscious consumer.’ People are now more likely to favor products marketed as eco-friendly and/or having a significant impact on the communities around them,” said Allianz CEO and president Alexander Grenz said.
This was reiterated by Allianz chief marketing officer Gino Riola, who said that “Filipinos clearly want to be as sustainable as possible with the different products they buy daily.”
“For example, a good number of people would be willing to patronize services like insurance if it were sustainable,” he added.
Among those surveyed, 44% agreed that health insurance can be green and sustainable, while 43% said they were likely to purchase this kind of insurance.
The life insurer said the survey, conducted from April to May this year, involved 500 respondents.
Meanwhile, to address growing demand, the insurer introduced Allianz Protect which provides full-spectrum of guaranteed protection to Pinoys while allowing them to make their mark on the environment.
This plan offers a “Sustainability Protection Rider” benefit in which the insurer would give P500 as a yearly contribution to the World Wildlife Fund Food Shed Farming Enterprise.
It is a compact, protective, regenerative and diversified food production system that adopts natural and green farming technologies to produce healthy and quality food products for the family and the community.
The initiative also helps build resilience among the urban poor, who have no direct access to food sources like farmland, forests, or municipal fishing grounds.
Allianz said that transferring this knowledge and technology can protect low-income communities against hunger due to the reduced ability to purchase food or sudden supply disruptions.
“On top of your Allianz Protect coverage, you will also get additional coverage that is equal to 25% of your policy amount,” it said about the feature.
Apart from this, the insurance plan also offers death benefits and accidental death, dismemberment and disability benefits.
The plan may also be renewed until one reaches 75 years old.
Allianz said that coverage starts at P1 million.
Individuals may check out their website to learn more about the insurance plan.