MANULIFE Philippines and the Social Security System (SSS) have expanded their Group Credit Life (GCL) insurance coverage to include pensioners participating in the SSS Pension Loan Program, providing additional financial protection to families of deceased borrowers.
The partnership would help secure the future of clients’ families or rebuild their lives after a calamity, SSS President and Chief Executive Officer (CEO) Robert Joseph M. De Claro said in a statement on Thursday. “Through this agreement, we help ensure that our borrowers are not left vulnerable in times of unexpected loss, illness or tragedy.”
The enhanced policy now covers 1.2 million more surviving spouse pensioners, expanding the reach beyond the two million retirement pensioners insured for 2025-2026. The move builds on the implementation of the SSS Pension Loan Program launched earlier this year.
The GCL Insurance automatically covers outstanding loan obligations in the event of a borrower’s death, relieving families of financial burdens.
It is embedded in the pension loan process, requiring no additional steps to protect borrowers’ dues, Manulife said.
The public-private partnership, which began in August 2022, combines Manulife Philippines’ insurance expertise with government initiatives to expand social protection programs.
“Expanding this partnership reflects our dedication to helping build a more inclusive financial landscape where Filipino families can access the protection they need,” Manulife Philippines President and CEO Rahul Hora said in the same statement.
“With this initiative, we reinforce our goal of enabling more Filipinos to achieve greater financial security, especially during times when support is needed most,” he added.
Manulife Philippines’ premium income reached P15.83 billion last year, with net income at P2.78 billion, according to the Insurance Commission. SSS reported a P1.13-trillion net loss in 2024, wider than the P444.13-billion deficit in 2023. However, before changes in policy reserves, its net income stood at P90.25 billion, up from P83.13 billion a year earlier. — Aaron Michael C. Sy
