Etiqa Philippines launches Takaful Personal Accident for family protection

In a groundbreaking move for the Philippine insurance landscape, Etiqa Philippines, a leading insurer and member of the esteemed Maybank Group, officially launched its Takaful Personal Accident product on July 10, 2025, at the Grand Hyatt Manila in Bonifacio Global City. This innovative, Sharia-compliant insurance offering marks a significant step toward inclusive and ethical financial protection, designed to safeguard Filipino families against unforeseen accidents at an affordable cost. With its recent regulatory approval, this flagship product underscores Etiqa’s commitment to financial inclusivity and community well-being, aligning with Islamic principles of mutual support and ethical investing. For Filipinos seeking reliable, value-driven insurance, this launch opens new avenues for protection that resonate with both faith-based and practical needs. This comprehensive article explores the product’s features, its significance, and how it empowers Filipinos, providing actionable insights for readers navigating the insurance market.

What is Takaful? Understanding the Ethical Alternative

Takaful, derived from the Arabic word for “mutual guarantee,” is an Islamic insurance model rooted in shared responsibility and ethical principles. Unlike conventional insurance, Takaful operates on a cooperative framework where participants contribute to a pooled fund to support members in times of need. Surplus funds are redistributed equitably among participants, and investments are restricted to Sharia-compliant sectors, excluding industries like gambling, alcohol, or tobacco, while prioritizing environmental, social, and governance (ESG) principles.

In the Philippines, where diverse cultural and religious needs shape financial preferences, Takaful offers a compelling alternative. It appeals not only to the Muslim community but also to those seeking ethical, transparent insurance solutions. Etiqa’s Takaful Personal Accident product is a pioneering effort, making this model accessible to Filipinos aged 18 to 65, ensuring broad inclusivity.

For readers, understanding Takaful’s principles is key to appreciating its value. It’s not just about coverage—it’s about fostering community resilience and aligning financial decisions with ethical values, making it a powerful tool for family protection.

Key Features of Etiqa’s Takaful Personal Accident Product

Etiqa’s Takaful Personal Accident plan is designed to provide comprehensive yet affordable protection against accidents, addressing critical financial risks for families. Here’s a detailed look at its core offerings:

• Accidental Death Benefit: Provides a lump-sum payout to beneficiaries in the event of the policyholder’s death due to an accident, ensuring financial security for loved ones.

• Permanent Disability Coverage: Offers compensation for permanent disabilities caused by accidents, helping policyholders maintain financial stability despite life-altering events.

• Medical Expense Reimbursement: Covers medical costs incurred due to accident-related injuries, easing the burden of unexpected healthcare expenses.

• Daily Hospital Cash Allowance: Provides a daily cash benefit for hospitalization due to accidents, supporting income loss during recovery periods.

Priced competitively, the plan is tailored to be accessible, with premiums starting at levels affordable for middle- and low-income households. For example, similar Takaful products in the region, like Cebuana Lhuillier’s Takaful Group Personal Accident plan, start at just P150 per certificate, suggesting Etiqa’s offering is similarly cost-effective. The plan’s annual coverage ensures continuous protection, making it a practical choice for families prioritizing affordability without compromising quality.

For readers, this product is particularly valuable for gig workers, small business owners, or families with limited access to traditional insurance. Checking Etiqa’s official website (shop.etiqa.com.ph) or contacting authorized agents can provide precise premium details and enrollment steps.

The Grand Launch: A Milestone for Ethical Insurance

The launch event on July 10, 2025, was a historic moment, attended by prominent figures including Fauziah Hisham, Chairperson of Etiqa International Holdings; Mohd Din Merican, Chairman of Etiqa Philippines Board; His Excellency Dato’ Abdul Malik Anthony, Ambassador of Malaysia to the Philippines; Kamaludin Ahmad, Group CEO of Etiqa Insurance & Takaful; Anthony Lou Bernabe, President and CEO of Etiqa Philippines; and Atty. Jayson P. Lopez, Deputy Commissioner of the Insurance Commission. This high-profile gathering underscored the product’s significance in transforming the Philippine insurance sector.

Anthony Lou Bernabe, President and CEO of Etiqa Philippines, emphasized the launch’s broader impact: “Today marks a meaningful milestone, not just for Etiqa, but for the Philippine insurance industry. With Takaful, we are bringing a more inclusive, ethical, and affordable way of protecting Filipinos.” This vision aligns with Etiqa’s mission to enhance insurance penetration, particularly among underserved communities seeking Sharia-compliant solutions.

For readers, this event signals Etiqa’s credibility and commitment, backed by its parent company, the Maybank Group, one of Southeast Asia’s largest financial institutions. It also highlights the regulatory rigor behind the product, as its approval by the Insurance Commission ensures compliance with both Sharia and Philippine financial standards.

Why Takaful Matters in the Philippines

The introduction of Takaful Personal Accident is timely, given the Philippines’ diverse demographic and economic challenges. With a population of over 110 million, including a significant Muslim community in Mindanao and urban areas, there’s a growing demand for faith-based financial products. However, Takaful’s appeal extends beyond religious boundaries, attracting anyone prioritizing ethical and community-driven solutions.

Accidents remain a leading cause of financial strain in the Philippines, where healthcare costs can be prohibitive. The Philippine Statistics Authority reports that unintentional injuries account for a significant portion of morbidity, particularly among working-age adults. Etiqa’s product addresses this by offering coverage that mitigates the financial impact of accidents, from medical bills to income loss during recovery.

For families, this means peace of mind knowing that unexpected events won’t derail their financial stability. For example, a daily hospital cash allowance can cover essentials like rent or school fees during recovery, while the accidental death benefit ensures long-term support for dependents. This makes the product especially relevant for breadwinners and those in high-risk occupations, such as construction workers or delivery riders.

Readers can benefit by evaluating their family’s risk exposure and exploring Takaful as a cost-effective alternative to traditional insurance. Consulting with Etiqa’s distribution partners or visiting their website can provide tailored advice on coverage options.

Etiqa’s Broader Vision: Pioneering Takaful in the Philippines

Etiqa Philippines, with over two decades of Takaful expertise from its operations in Malaysia and Singapore, brings a trusted track record to the Philippines. As part of the Maybank Group, Etiqa has a strong regional presence in Malaysia, Singapore, Indonesia, and Cambodia, with a reputation for innovative and reliable insurance solutions.

The Takaful Personal Accident product is just the beginning. Etiqa plans to expand its Takaful portfolio through 2026, with additional life and non-life products in development. These include potential offerings like Takaful health plans, property insurance, and microinsurance tailored for low-income households. This roadmap positions Etiqa as a pioneer in the Philippines, where Takaful is still in its early stages compared to markets like Malaysia, where Islamic finance accounts for over 30% of banking assets.

For readers, this expansion signals a growing range of Sharia-compliant options, making it an opportune time to explore Etiqa’s offerings. Businesses, particularly those serving Muslim communities or prioritizing ESG principles, can partner with Etiqa as distributors to tap into this emerging market, enhancing their revenue streams while promoting financial inclusion.

Challenges and Opportunities in the Takaful Market

While Etiqa’s launch is a significant step forward, the Takaful market in the Philippines faces challenges. Awareness of Sharia-compliant insurance remains limited, particularly in non-Muslim-majority areas, requiring robust educational campaigns. Additionally, the regulatory framework for Takaful is still evolving, with the Insurance Commission working to standardize guidelines to ensure consumer trust.

However, these challenges present opportunities. Etiqa’s partnership with Cebuana Lhuillier Insurance Brokers, which introduced the country’s first Takaful product, demonstrates the potential for collaboration to expand market reach. The low insurance penetration rate in the Philippines—less than 2% of GDP—highlights a vast untapped market for innovative products like Takaful.

For readers, this means staying informed about Takaful’s benefits through trusted sources like Etiqa’s newsroom (etiqa.com.ph) or industry publications. Engaging with financial advisors certified in Islamic finance can also help navigate product options and ensure alignment with personal values.

Practical Steps for Filipinos: How to Get Started

To leverage Etiqa’s Takaful Personal Accident product, consider these actionable steps:

• Explore Coverage Options: Visit shop.etiqa.com.ph to review the product’s details, including premiums and eligibility (ages 18–65). Compare it with similar offerings, like Cebuana Lhuillier’s Takaful plan, to find the best fit.

• Consult Experts: Contact Etiqa’s authorized agents or visit their Makati headquarters for personalized advice. Ensure the product aligns with your financial goals and risk profile.

• Understand Sharia Compliance: Verify the product’s adherence to Islamic principles through Etiqa’s Sharia board certifications, ensuring peace of mind for faith-based consumers.

• Stay Updated: Follow Etiqa’s newsroom or subscribe to industry updates from sources like Business Inquirer or SunStar for announcements on new Takaful products.

For businesses, partnering with Etiqa as a distribution partner can unlock opportunities to serve underserved markets, particularly in Mindanao, where demand for Sharia-compliant products is high.

The Bigger Picture: Financial Inclusion and Ethical Protection

Etiqa’s launch aligns with broader trends in the Philippines, where financial inclusion remains a priority. The Bangko Sentral ng Pilipinas aims to increase insurance penetration to 5% of GDP by 2030, and Takaful’s affordability and ethical framework make it a key driver. By catering to diverse needs, Etiqa is helping bridge the gap for Filipinos who lack access to traditional insurance, particularly in rural and low-income communities.

Globally, the Islamic finance market is projected to grow at a 7% compound annual growth rate, reaching $4.9 trillion by 2026. The Philippines, with its nascent Takaful market, stands to benefit from this trend, especially as regional leaders like Malaysia share expertise through partnerships like the Maybank Group.

For readers, this launch is a call to action to explore ethical insurance options that protect families while contributing to community well-being. Whether you’re a Muslim seeking Sharia-compliant solutions or a consumer prioritizing ESG-aligned products, Etiqa’s Takaful Personal Accident plan offers a meaningful way to secure your future.

A New Era of Protection for Filipinos

Etiqa Philippines’ launch of the Takaful Personal Accident product on July 10, 2025, marks a pivotal moment for the country’s insurance industry. By offering affordable, Sharia-compliant coverage for accidental death, disability, medical expenses, and hospitalization, Etiqa is empowering Filipinos to protect their families with confidence. Backed by regulatory approval, a trusted regional legacy, and a commitment to ethical finance, this product sets the stage for a more inclusive insurance landscape.

For readers, this is an opportunity to engage with a product that blends affordability, ethics, and practicality. By exploring Etiqa’s offerings, consulting with experts, and staying informed, you can make informed decisions to safeguard your family’s financial future. As Etiqa expands its Takaful portfolio, the Philippines is poised to embrace a new era of ethical protection, one policy at a time.