Here are the list of banks and company that offers Free Travel Insurance in Philippines:

PSBank - Lost / Delayed Baggage, Flight Delay / Cancellation , Accidental Death / Disablement
Repatriation Benefit
Banco de Oro enjoy up to P5million free travel insurance (Travel Accident and Inconvenience Insurance Coverage)
Smart Gold-Smart Telecom Smart Gold rewards loyal subscribers like you with Free Travel Insurance. Now, you don’t only stay connected with loved ones when you travel abroad, but also feel assured because your travel needs are covered

smart gold free travel insurance.

Citibank Philippines Free Life Insurance
Last October 2006, Citibank Philippines has introduced Citibank Savings Guard, a savings account that comes with free life insurance.
Citibank Savings Guard Account gives depositors free life insurance coverage equivalent up to double the customer’s average daily account balance. The higher your deposit, the more insurance cover you enjoy.
Citibank Savings Guard Account is available for both peso and dollar deposits. Clients who open a Peso Savings Guard Account can enjoy the free insurance starting with a balance of P100,000. to P2 million. And for those clients who will open a Dollar Savings Guard Account, they will be entitled to free insurance with a minimum balance of US$ 2,000 and up to US$ 50,000.

Another is Ayala Life Insurance
By opening a BPI Direct Save-Up account, you automatically get FREE Ayala Life insurance coverage, no medical check-ups or premium payments required!, enjoying a low monthly maintaining balance of only Php 1,000. The higher the deposit balance in your BPI Direct Save-Up account, the higher your insurance coverage.