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Jul 2020

Product Bites

Source: Asia Insurance Review | Jul 2019

Great Eastern helps Singapore’s sandwich generation with three-generation coverage plan
Great Eastern has launched GREAT Family Care, a critical illness term plan that protects three generations of a family within a single policy. The plan – a market-first in Singapore – aims to cater for the needs of a rapidly ageing population and the corresponding financial burden on the sandwich generation.
The policy includes complimentary coverage for all current and future children of the life assured up to the age of 18, with each child enjoying comprehensive coverage of up to S$100,000 ($73,250) against 53 critical illnesses and 25 juvenile conditions such as severe asthma and epilepsy without any medical underwriting required.
It can be coupled with the Parent Protect rider that provides coverage against major cancers, Alzheimer’s disease or severe dementia and Parkinson’s disease for the parents of the life assured without any medical underwriting. Each parent can be covered up to S$100,000 to the age of 100 with no questions asked.
Existing Great Eastern policyholders, including those who only hold Dependents Protection Scheme or ElderShield plans, will be able to purchase GREAT Family Care without any medical underwriting.

Bupa launches MyFlexi VHIS plan
Bupa Hong Kong has launched its first certified Flexi Plan under the government’s VHIS scheme after the launch of its Bupa MyBasic VHIS Plan last month. The plan offers comprehensive protection for those who wish to have higher levels of health insurance coverage. 
Core benefits of the plan include guaranteed renewal, no lifetime benefit limit, and tax deduction eligibility, among many others. To cater to different demands for health and wellbeing protection, the plan offers three benefit levels: Standard, advance and deluxe, and each level can further upgrade to a ‘Plus’ plan with ‘Push the Limit Benefit’. 
The Push the Limit Benefit offers full cover benefit and supplementary major medical benefit top-ups, giving customers more protection against unexpected medical costs.
Under full cover benefit, all eligible expenses incurred at Bupa’s appointed hospitals, specialist clinics and service providers will be fully reimbursed up to the benefit limit of HK$1m ($127,505) per policy year.
After exceeding the item limits in basic benefits and full cover benefit, 80% of the excess would still be covered by the supplementary major medical benefit, subject to a 20% coinsurance, with higher coverage up to HK$600,000.

NTUC Income widens access to life insurance
NTUC income (Income) recently launched its life insurance portal, Online Life, and digital adviser for life insurance, askSage. Online Life integrates with askSage to help consumers make informed decisions and empowers self-service of financial planning at their convenience.
While being integrated, Online Life and askSage also cater to consumers of diverse financial savviness by allowing consumers to access the respective platforms separately. To offer consumers choice, Income has made 18 savings and protection plans available on Online Life, of which six are riders, for direct purchase. 
To complement product diversity, the life insurance portal supports consumers with simple and effective product comparisons to differentiate key product features and benefits to help consumers discover what best suits their financial needs at different life stages.
Algorithm-powered digital adviser askSage enhances Online Life’s compelling offering to directly purchase diverse life insurance products by giving consumers seamless access to digital financial advisory on the portal.

Yell to offer bullying insurance
Yell, a Tokyo-based insurer, has launched a product targeting the issue of bullying in schools. 
The product, which costs ¥2,640 ($24) a month, will allow parents to consult with Yell’s partner lawyers at no cost in the event that their child is a victim of bullying and they want to seek legal recourse.
The product will also offer partial coverage for more involved legal services and representations which may incur lawyers’ fees. It will also cover medical fees that result from injuries that might be sustained from bullying or the child trying to fight back. A 
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