Tonik digital bank enters the insurance market

The partnership with Sun Life Grepa will offer credit life and disability insurance.

Philippine-based digital bank, Tonik, announced its strategic partnership with Sun Life Grepa Financial. This collaboration introduces "Payhinga," an inclusive bundle service aimed at providing customers with financial security.

Payhinga is a credit life and disability insurance product that will complement Tonik's existing loan offerings and will be easily accessible to loan applicants.

The product offers customers life and disability insurance coverage of up to 120% of their loan amount, along with a two-month payment holiday to defer loan instalments in times of financial difficulty.

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During the signing of the memorandum of agreement, Tonik Country President Long Pineda highlighted the value of adding insurance to their product lineup in response to customer demand.

Richard S. Lim, President of Sun Life Grepa, shared the same sentiment, emphasising their mission to provide insurance protection to underserved populations through this partnership.