BPI rolls out cash benefit plan for critical illnesses
The Bank of the Philippine Islands (BPI) and its insurance arm have launched a critical illness plan offering a lump-sum cash benefit. This is aimed at reducing treatment delays due to patients’ financial hardship.
Called “BPI Kaya Care critical illness insurance,” the plan offers a cash payout upon diagnosis. Early-stage cases could receive 50 percent of the benefit and late-stage or major diagnoses receive the full amount.
Premiums start at P859 per year, depending on age and coverage.
According to BPI, the plan was designed to offer immediate cash support that policyholders can use for medical procedures, medication or daily expenses following a diagnosis. The benefit may be claimed as long as the insured survives for at least seven days after diagnosis.
BPI MS president and CEO Noriyuki Kobayashi said this offering is a “vital and affordable protection to the core and middle markets.”
“The silent crisis of underinsurance, coupled with surging medical costs, creates an urgent need for simple, accessible insurance solutions,” Kobayashi said.
The rollout comes as Filipino households continue to shoulder a significant portion of their own medical costs, even as the government has been spending more on health than ever in the past decade.
Five years after the enactment of the universal health care law, out-of-pocket spending by households still rose by 11.8 percent in 2024, reaching P615.16 billion.
A survey from the WTW Global Medical Trends also showed that medical insurance costs in the country are expected to increase by 18.4 percent this year, making it the second-highest growth among markets in the Asia Pacific.
Filipinos are most prone to critical illnesses, according to the Department of Health. The Philippine Statistics Authority reported that heart diseases, neoplasms and cerebrovascular diseases are still the leading causes of death in the Philippines in 2024.
“For too long, critical illness insurance has felt complex and out of reach. We wanted to change that. BPI Kaya Care is more than a policy—it’s a partner that helps families focus on recovery without financial strain, support that truly matters when it matters most,” said Maria Cristina Go, consumer banking head of BPI.
