Oona Insurance, the leading digital general insurer, proudly announces the launch of its pioneering Critical Illness insurance in the Philippines. This launch is a significant step for Oona as it marks its entry into the local retail health segment, further cementing its commitment to safeguarding the financial well-being of Filipinos.

(From L-R) Ramon Zandueta, President and CEO of Oona Insurance Philippines and Abhishek Bhatia, Founder and Group CEO of Oona Insurance Group, formally launch Oona’s groundbreaking Critical Illness insurance product in the Philippines.

The Critical Illness Insurance is designed to provide affordable coverage for three major health threats: cancer, heart attack and stroke, which have been significant causes of illness and death in the country. Oona’s Critical Illness insurance products can be easily purchased online or through Oona’s agents and partner banks.

Abhishek Bhatia, Founder and Group CEO of Oona Insurance Group, welcomes guests to the launch, setting the stage for the introduction of the innovative Critical Illness insurance product.

“Oona’s entry into the retail health segment marks our commitment to closing the protection gap in the Philippines, where only 1.75% of the population have insurance, leaving many at risk of financial hardship during critical illnesses. By making insurance affordable, easy to understand and simple to purchase, we are transforming how Filipinos view insurance—from an optional expense to a necessity. Critical Illness insurance is the first of many health insurance products Oona is introducing to the Filipino market. Through digital innovation, our goal is to remove the complexities and high costs typically associated with traditional health insurance,” stated Abhishek Bhatia, Founder and Group Chief Executive Officer, Oona Insurance.

Rising Critical Illness Cases in the Philippines

The prevalence of non-communicable diseases (NCDs), including cancer, cardiovascular diseases and stroke, is alarmingly high. According to the Department of Health (DOH), one out of three Filipinos passed away from NCDs as of 2023. Cancer remains a leading cause of death, with lung, breast and colon cancers being the most common. Heart disease and stroke are also among the top causes of death, significantly impacting the quality of life and financial stability of many families.

Recent data shows an increase in the incidence of these diseases among younger populations. The DOH has observed a troubling trend where cases of critical illnesses are no longer confined to older adults but are increasingly diagnosed in younger individuals.

On top of this, the financial burden of these illnesses is substantial. For instance, the cost of treating lung cancer can reach up to PHP 2.78 million, while a stroke can cost around PHP 1.8 million. Studies show that many Filipinos are not financially prepared for sudden medical expenses, often resulting in significant financial hardship and the need to borrow money or sell assets to cover medical costs.

Simplifying Health Insurance and Making It More Accessible 

With a digital-first approach, customers can easily access myoona.ph to purchase insurance. They only need to select the critical illness protection they want and answer 4 simple questions about themselves, adjust the preferred coverage amount ranging from PHP 100,000 to PHP 500,000 and check the price.

Oona’s Critical Illness insurance products pay out upon diagnosis of covered critical illnesses (as opposed to reimbursement), allowing policyholders to use the funds for treatment, daily expenses or any other needs. The Critical Illness insurance offers bundling coverage for all three critical illnesses starting from as little as PHP 145 per year, as well as a stand-alone package for each illness starting from PHP 51 yearly only. Customers as young as 18 years until a maximum of 65 years old can apply for the insurance, with an extension until they reach 70 years old.

“At Oona, we believe quality insurance should be a right for all. We are excited to introduce Oona Critical Illness insurance to Filipinos. With real-time policy issuance and 100% of the coverage amount paid in cash, customers can use the funds for hospital bills, daily expenses or any other needs. This financial support allows them to concentrate on what truly matters: their treatment and recovery”, said Ramon L. Zandueta, President and CEO, Oona Insurance, Philippines.

To learn more about Critical Illness insurance, visit https://myoona.ph/ or get in touch with their agents here.