MANILA, Philippines, Oct. 17, 2023 /PRNewswire/ -- Tonik, the trailblazing digital bank in the Philippines, is thrilled to announce its newest strategic partnership with prominent life insurance company Sun Life Grepa Financial, Inc. (Sun Life Grepa). This transformative collaboration aims to enhance the financial well-being of the companies' valued customers.
The focal point of this groundbreaking partnership is the introduction of Payhinga, an inclusive bundle service designed to offer customers financial security in the face of life's uncertainties.
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 her enthusiasm, stating, "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 installments in case of financial strain.
Richard S. Lim, President of Sun Life Grepa, echoed this sentiment, saying, "The partnership with Tonik will enable us to reach a broader client base and fulfill 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.
SOURCE Tonik Digital Bank, Inc.
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