The Chief Executive Officer of CARD Mutual Benefit Association (CARD MBA), May Dawat, assured on January 22 during the Microinsurance Forum 2019 in Century Park, Manila that families can be insured for as low as P20 per week.
“At CARD MBA, we are committed to providing microinsurance products that are affordable and tailored fit to the needs of our members,” said Dawat.
Since CARD MBA was formalized in 1999, it has been providing microinsurance to the microfinance clients of the four major institutions of CARD Mutually Reinforcing Institutions (CARD MRI) namely CARD, Inc., CARD Bank, CARD SME Bank, and CARD MRI Rizal Bank.
CARD MBA first launched three main products covering loan insurance, which is known as Loan Redemption Fund (LRF), retirement fund, and life insurance that insures not only the clients but also their spouses and dependents who are 21 years old and below. All of these are covered by the P20 weekly premium.
To date, CARD MBA insures more than 18.58 million individuals nationwide. It is also worthy to note that the Association is managed and owned by its members.
“This is what makes the Association unique and grounded to its members because the members of the Board of Trustees itself are also members of the Association,” said Dawat.
Violeta Aquino, CARD MBA President, also expressed her commitment in making sure that microinsurance will be fully understood by everyone. “As a client of CARD for more than eight years I have seen how microinsurance have supported every family in times of uncertainties and this is what I want to share with my co-clients,” added Aquino.
Dawat further emphasized that CARD MBA has already insured 18% of the Philippine population. “This is already a milestone at CARD MBA. But as an institution that is in the business of poverty eradication through microinsurance, we want to do and reach more because there are more families especially in the rural areas who are not insured and protected in times of disaster and other uncertainties,” she added.
CARD MBA hopes to insure 40 million individuals in 2020 in support to the 5-8-40 strategic direction of CARD MRI. The strategy is a five year goal of CARD MRI since 2016 where it aims to reach eight million clients nationwide to be able to insure 40 million individuals.
In celebration of Microinsurance Month, the CARD MBA is thankful to all staff, coordinators, partners, volunteers, and members for the unending support and for working hand in hand with the Association.
CARD MRI is a group of 21 development-oriented institutions including CARD MBA and the four major institutions that aims to eradicate poverty in the Philippines.