The Second Wave: Three Microinsurance Products Launched by PAL Network

Published in

PAL Network

4 min readJan 21, 2019

Following our first debut of three microinsurance products, namely RidePAL, Flight Delay and Flight Cancellation, PAL Network is introducing three more microinsurance products to its community of 30,000 members.

Welcome ScreenPAL, CancerPAL and EarthquakeProtect to the microinsurance lineup!

ScreenPAL

Since the day Steve Jobs dropped the Apple iPhone in 2007, the smartphone industry has undergone a whirlwind of evolution: integrated with Artificial Intelligence, state-of-the-art processors — you name it.

The future of smartphones is full of wonders and anticipation promised with better compatibility and bigger screens. The inevitability of it all is smartphones still incur damages. If you are a smartphone user, ScreenPAL is for you.

For just an annual US$20 premium, you will receive up to US$150 payout for your smartphone screen damages.

It is important to note that the smartphone has to be in working conditions, and policyholders are accountable for 30% excess repair costs.

CancerPAL

PAL Network wants to provide users with the peace of mind of early cancer detection and diagnosis. CancerPAL is a health microinsurance to provide early protection for users to get early coverage for cancer diagnosis.

For just US$12 premium, you will receive a one-time coverage of US$5,000 payout when you are positively diagnosed with any form of cancer.

Getting diagnosed for cancer can be daunting, PAL Network hopes to provide some emotional relief and help policyholders manage financially upon diagnosis.

EarthquakeProtect

Earthquakes are increasingly more prevalent as observed in recent news, hence PAL Network’s EarthquakeProtect is a microinsurance to provide immediate relief for policyholders residing or travelling in earthquake-prone cities.

For just US$0.25 premium, you will receive coverage of up to US$500 payout when an earthquake of more than 6.0 magnitude occurs within 250 kilometres from the city centre.

The payout serves as an additional allowance for immediate relief. Be it paying for a private taxi to relocate to somewhere safer, or finding decent accommodation for temporary relocation — the payout will support one as an allowance.

Download PAL Wallet Now

There are two methods of payment PAL Network currently accepts:

Fiat currency (USD)
PAL native tokens (PAL)

Users get to enjoy 50% off the premium when you pay by PAL tokens. Download PAL Wallet today and be one of the first to get access to exclusive insurance perks and rewards! The PAL Wallet is also required to store your PAL tokens.

Wondering how to get started with your PAL wallet? Read this article as we guide you through step by step to download your PAL wallet on your mobile and desktop.

Android users can download PAL Wallet here.

Apple users can download PAL Wallet here.

About PAL Network

PAL Network is one of the fastest growing blockchain startup based in Singapore. The company built a dual-layered protocol for financial assets with the vision to build an ecosystem where individuals and partners can design and customise new financial products.

PAL Network designs insurance and finance solutions onto smart contracts within minutes. Through its APIs, PAL Network empowers its partners to cross-sell relevant insurance products at the point-of-demand, thereby bridging the gap between financial products and customer.

PAL Network is a member of Singapore Fintech Association and ACCESS. PAL Network’s affiliated entity, PolicyPal Singapore, has an active user base of 50,000 for its app, which helps users to manage, buy and optimise their insurance policies.

Currently, PAL Network has partnerships with insurance companies, FWD and Ergo, to explore potential use cases of our decentralised protocol together. Furthermore, we have also established collaborations with blockchain projects NEM, QTUM, Sentinel Protocol, MediBloc, Digix and traceto.io to offer CryptoProtect and mainstream insurance products for the projects themselves, along with their respective communities.