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may also choose to join, but they must then also enrol their entire households. Each society
acts like a group policyholder and so this product is most similar to a group PMI scheme.
Premiums for this scheme are expected to be at a flat rate, therefore independent of the
enrolee’s age or sex. This flat rate premium structure is adopted as it is often easier for staff
and clients to understand (Wipf, Liber and Churchill, 2006). The health plan’s cover is annually
renewable and the premiums will be collected during the harvest time directly from the
farmer’s revenue through the KNCU.
Tanzania currently has no regulation in place for microinsurance schemes.
2.3 The Philippines Hospital Cash Plan
This product will be compulsory for borrowers who have completed two or more loan cycles
with a specified microfinance institution (MFI) in the Philippines when it is launched in late
2011. The product will be underwritten by Hollard Insurance while MicroEnsure will
administer the scheme. The features of the cash plan described below were taken from the
Microinsurance Manual for Hospital Cash Insurance (2011).
The cash plan provides a fixed cash payment for every day the insured or his covered family
members spends in a hospital. Payment is only triggered after 24 hours of in-hospital
treatment. The benefits and premiums are denominated in Philippines Pesos (PHP). There is
an annual limit on the payments. The product also offers a transportation allowance for each
occurrence of hospitalisation and a daily companion allowance to allow one of the patient’s
family members to be able to stay near the hospital.
There are four levels of cover offered: Low, Medium, High and Maxi each with varying levels
of benefit are shown in Table 1. The annual limit under the High plan is PHP 50,000; this is
equivalent to £714.00 2 .
Table 1. Philippines Cash Plan Schedule of Benefits
PHP Low Medium High Maxi
Annual Limit Sum Insured 10,000 25,000 50,000 150,000
Cash Benefit – Day 1 500 1,000 2,000 3,000
Cash Benefit – Day 2 onwards 500 1,000 1,000 2,000
Transport Allowance 250 250 250 500
Companion Allowance 200 735
Source: MicroEnsure Philippines (2011)
2 The exchange rate used is £1 = PHP 70.03 as at 24 August 2011
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