Fuse Financing Inc., the lending arm of GCash, is providing free insurance coverage to GLoan borrowers through its new GLoan Protect feature.
Available for a limited time, the feature provides borrowers with free loan and health insurance for every GLoan disbursement of at least P500. Underwritten by Oona Insurance Corp., the coverage waives pending loan balances in the event of a customer’s death or accident-related permanent disability and provides resources for medical emergencies.
“Oftentimes, Filipinos don’t think of insurance until it’s too late,” said Tony Isidro, president and chief executive of Fuse Financing Inc. “With the free insurance, we’re making sure that every time someone gets a GLoan, they also get a safety net. It’s our way of helping users feel more secure and protected without them having to spend extra.”
By integrating protection into GLoan, GCash—through Fuse and its digital insurance platform GInsure—aims to offer borrowers a safety net against life’s uncertainties.
Under GLoan Protect, the free health insurance includes a hospitalization allowance. Eligible users can claim a minimum of P500 or up to 10 percent of the total loan value if they are confined in a hospital for at least three days.
The loan insurance benefit is automatically activated upon receipt of loan proceeds. Coverage remains valid until the end of the loan term, even if the customer pays off the balance early. In the event of a customer’s death or permanent disability due to an accident, beneficiaries receive the remaining loan value, and the balance is waived.
The policy appears automatically in the GInsure dashboard, where claims can be filed following standard GInsure procedures.
“We see this synergy between Fuse and GInsure as part of our mission to reimagine what finance can do for every Filipino,” said Winsley Bangit, group head of new businesses at Mynt, the parent company of GCash. “By combining credit and insurance on a single service, we’re pushing the boundaries of digital innovation.”
GCash partnered with Oona Insurance for the initiative. Oona, a wholly owned company of Oona Philippines Holdings Corp., is currently expanding into digital-first health solutions.
“Our mission at Oona is to make protection part of everyday life, not something out of reach,” said Abhishek Bhatia, founder and chief executive of Oona Insurance.
GLoan Protect is available for new GLoan transactions from Jan. 16 until March 31. To qualify, borrowers must be Filipino citizens, ages 21 to 65, and fully verified GCash users with a minimum disbursed loan of P500 and at least a one-month loan tenor.
