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Product Bytes

Source: Asia Insurance Review | Feb 2018

Asia Singapore

Singapore: AIA introduces policy covering child developmental conditions 
AIA Singapore has launched an all-in-one investment-linked plan (ILP), alongside three distinctive riders, with market-first features to satisfy the unmet needs of young families in Singapore where it comes to risks of pregnancy complications and birth defects, as well as the long-term impact of a child’s developmental and learning disorders.
   The AIA Pro Lifetime Protector allows the following riders for additional coverage
  • AIA Child Critical Cover, which covers Autism, Dyslexia and Attention Deficit Hyperactivity Disorder (ADHD)
   This rider provides coverage for a child’s treatment across an extensive list of 25 child medical conditions until the age of 21. It can also be converted into a lifelong plan, providing the child guaranteed coverage through adulthood. 
  • AIA Double Critical Cover – Providing early critical illness coverage of S$350,000, and the first rider to provide multi-stage coverage of up to 200% which policyholders can claim against multiple times 
   The rider‘s standout “Power Reset” feature fully restores the critical illness coverage amount to 100% after 12 months have passed from the previous claim, allowing multiple claims for 104 critical illnesses and five special conditions, at the early, intermediate and critical stages of up to 200% of the coverage amount. 
  • AIA Baby Protector – Covering for ICI (intracervical insemination). IUI (intrauterine insemination) and ICSI (intracytoplasmic sperm injection). 
   This rider is available exclusively through AIA Mum2Baby, a two-in-one plan comprising AIA Lifetime Protector and AIA Baby Protector. The plans’ coverage can be subsequently transferred from mother to child within 60 days of birth, ensuring guaranteed coverage from birth through to adulthood – regardless of the baby’s health, and concurrently providing an investment solution that can help grow the child’s future education fund. 

Singapore: AIG launches new data-backed online travel insurance
AIG Asia Pacific has introduced a new online travel insurance product, Travel Guard Direct, that leverages data to provide Singapore customers with valuable insights on their destination countries. 
   The product allows access to real-time claims information for top destination countries across Asia Pacific, the United States and United Kingdom, so that customers can better understand travel risks, and make informed choices about the level of coverage they need. 
   The product is priced according to destination, duration and age. Customers need only select a plan by travel destination, instead of figuring out which zone their destination belongs to.
Designed for different travelling styles, Travel Guard Direct provides four plan types: Basic, Standard, Enhanced and Supreme. Customers will also be able to submit and receive claims, as well as view price comparisons for individual trips and annual policies on AIG Singapore’s website. 

Singapore: AXA launches wealth accumulation product for young professionals
AXA Insurance has introduced the new AXA Wealth Treasure, a whole life ILP to help young working professionals build their wealth quickly while providing protection for them and their loved ones. 
   The policy is designed to maximise wealth accumulation, featuring a generous start-up bonus at 100% of first year premium and one dollar to match every dollar that the policyholder invests. It also rewards with a special loyalty bonus of 1% per annum of the account value from the sixth policy year onward. 
   Policyholders have the flexibility to pay their premiums over any period, from five to 30 years, in either S$ or US$ and can withdraw part of their investment at any time. 
   The plan consists of close to 100 unique diversified ranges of investment-linked funds and includes coverage against unexpected death, with two Death Benefit Options and terminal illness. A free Life Replacement Option allows the customer to replace the life assured with their spouse or child, as a way to leave their legacy.

Singapore: Chubb enhances Work Injury Compensation Insurance
Chubb has enhanced its Work Injury Compensation Insurance for Singapore businesses. The enhanced wording for the Chubb Work Guard product will apply to all risks bound from 1 January 2018, unless separately agreed. 
   At the core of the enhanced policy is the broader suite of insurance coverages that encompasses Increased Common Law Limit and Increased Medical Expenses provision. 
   Chubb Work Guard also offers benefits such as coverage for Hospitalisation Leave and Non-Occupational Accidental Death and Total Permanent Disability, both of which are beyond the statutory requirements. The following twelve new benefits have been added:
  • Traditional Chinese Medicine expenses
  • Replacement Staff/Recruitment Costs
  • Funeral Expenses
  • Continuous Worldwide Bed Confinement
  • Accidental HIV Infection
  • Terrorism Benefit -- Injury (Lump Sum)
  • Terrorism Benefit -- Witness (Lump Sum)
  • Terrorism Benefit -- Incapacity (Lump Sum)
  • Workplace Trauma Benefit
  • 24-hour Cover on Worldwide Business Travel
  • Travelling to and from Work (excluding travelling on two-wheelers)
  • Contingent Liability to Independent Contractors A 
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