Microfinance is more than credit. It is an array of financial services that empowers the poor towards financial security and stability. With this in mind, Barugan Foundation, in partnership with Globe Powerpay+, is now offering free insurance for its clients. It covers both natural and accidental death, as well as risk of fire and theft. This project is called “Barugan Secure and Insure Everyone”.
Clients are encouraged to build-up savings. Establishing a savings habit among microfinance clients is a rudimentary path towards economic amelioration of the grassroots. As a reward to successful savings build-up, free insurance is given. This redounds as a double advantage to the clients in the sense that they were able to build for themselves savings for their future while gaining for themselves security in the event of unforeseen mishaps.
Distance and geographical location is now not an issue. Saving is made easy through mobile platform. Clients can now make savings at the convenience of their home by simply sending their deposit through Globe G-Cash services. Globe Telecom is one of the largest telecommunication companies in the Philippines.
Insurance and Savings bundle is one among many projects to be launched by Barugan Foundation as part of its 5 years plan to helping improve financial inclusion of the grassroots.
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