The Social Security System (SSS) and Manulife Philippines have expanded their partnership to offer broader group credit life insurance for pensioners who take out loans under the SSS Pension Loan Program.
Previously available only to about 2 million retirement pensioners, the coverage now includes an additional 1.2 million surviving spouse pensioners. The move ensures that outstanding loan balances will be covered if a borrower passes away, sparing families from added financial strain.
SSS president and CEO Robert Joseph de Claro said the expanded partnership strengthens protection for Filipinos who rely on financial assistance, especially during times of crisis. Manulife Philippines president and CEO Rahul Hora added that the initiative supports a more inclusive financial system and helps more families achieve financial security.
The insurance benefit is automatically included in the loan process, requiring no extra steps from members. Manulife has been providing this group credit life insurance since 2022, supporting government efforts to boost financial resilience nationwide.
