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Tonik & Sun Life Grepa team to offer insurance solutions

By Gloria Mathias

October 17, 2023

  • APAC news
  • Bangko Sentral Ng Pilipinas
  • Banking
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Tonik, Digital Bank, Philippines, Neobank, FC Home Centre, Shop Installment Loan, Insurance, PhilippinesTonik, a Philippines-based digital banking platform, has announced its partnership with life insurance company Sun Life Grepa. This collaboration aims to enhance the financial well-being of the companies’ valued customers.

The focal point of this partnership is the introduction of Payhinga, an inclusive bundle service designed to offer customers financial security in times of uncertainty.

Payhinga, a credit life and disability insurance product, will complement Tonik’s existing loan offerings and will be readily available to customers applying for loans.

During the ceremonial signing of the memorandum of agreement between the two companies, Tonik, Country President, Long Pineda expressed, “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.”

Payhinga will give customers access to life and disability insurance with coverage up to 120% of their loan amount, along with a two-month payment holiday where customers can push back their upcoming loan instalments in case of financial strain.

Richard S. Lim, President of Sun Life Grepa, 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.”

In today’s ever-changing landscape, access to reliable and affordable banking, financial services, and insurance is essential. Financial institutions are tirelessly innovating to provide customers with enhanced services.

The introduction of products like Payhinga represents a significant step forward, offering customers a two-in-one solution that combines loan access with comprehensive coverage in a convenient and cost-effective package.

Tonik is a digital-only neo-bank in the Philippines, providing loan, deposit, and payment products to consumers on a highly secure digital banking platform.  The neobank operates based on the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP). The firm operates out of hubs in Singapore (HQ), Manila, and Chennai.

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