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Product Bites

Source: Asia Insurance Review | Jun 2020

MSIG adds new digital product to personal lines portfolio
MSIG Insurance (MSIG) recently introduced an online product, CancerCare Plus, for Singaporeans seeking to enhance their existing health insurance with cancer-specific protection.
CancerCare Plus pays out an accelerated benefit of S$50,000 ($35,300) upon diagnosis of cancer at early stage and the remaining S$50,000 at advanced stage. For S$4.50 a month, a 29-year-old male can be covered for S$100,000 under this single plan.
Cover continues with automatic renewal even after payout of accelerated benefit for early stage cancer. This product can be purchased through MSIG’s website. Consumers need to answer three health-related questions as part of their medical declaration to be considered for coverage and no medical examination is required. 
Customers have the added flexibility of opting for monthly premium instalment and can enjoy a 20% discount off their premiums if they apply during the promotion period of 1 May to 14 June 2020.

Cigna Hong Kong launches new free COVID-19 income protection product
Cigna Hong Kong has launched Free Cigna COVID-19 Income Protection, a product to provide income protection to Hong Kong residents if they are hospitalised due to a COVID-19 diagnosis.
Until 30 June 2020, the first 100,000 Hong Kong identity card holders aged between 18 and 65 who are residing in Hong Kong and have successfully registered for the new product online can receive a monthly benefit of HK$10,000 ($1,290) if they are diagnosed with COVID-19 and admitted to hospital in Hong Kong for COVID-19 treatment.
The benefit is payable for three months and offers income protection to help cover their living expenses to alleviate their financial stress. This benefit is completely free of charge and no underwriting is required.
Once registered at Cigna Hong Kong’s website, residents will immediately get free coverage for 90 days.

Aviva Singapore partners Ohmyhome to provide complimentary home contents coverage
Aviva Singapore has partnered Ohmyhome, a one-stop property solution, to provide home contents insurance coverage for homeowners in Singapore. Any customer who engages Ohmyhome for mortgage loan consultation or renovation services from 1 April 2020 is entitled to a one-year complimentary home contents insurance coverage.
Underwritten by Aviva, the plan covers loss or damage to a policyholder’s household contents (including personal belongings) and renovations caused by hazards such as fire, lightning, flood and theft, for example. The plan also covers landlords and property owners who are renting out their properties.
While a basic fire-insurance plan covers the damage to the interior structure of the home due to fire, it does not provide coverage for household contents. This collaboration aims to provide homeowners peace of mind by safeguarding the contents of their home.

Gallagher introduces product to protect India’s front-line workforce
International insurance and risk management organisation Gallagher has announced the release of a pandemic group-insurance product, introducing a comprehensive COVID-19 indemnity cover solution to the Indian market.
The new product is designed to protect essential workers and front-line services including hospital and healthcare providers, food distribution and pharmaceutical manufacturers.
Providing hospitalisation cover including ICU, road ambulance and access to a secondary medical opinion, the product includes access to all hospital types including private, government and military, with sums insured from INR50,000 ($660) to INR3m.
Coverage is applicable only if the insured member is diagnosed with, and hospitalised solely for, COVID-19 following an initial 15 day waiting period. Travel and pre-existing health condition exclusions apply.

FWD partners SingSaver to offer dedicated COVID-19 coverage
FWD has collaborated with personal finance comparison site SingSaver to launch the FWD personal accident and infectious disease coverage insurance policy for Singaporeans. This dedicated insurance will cover policyholders for infectious diseases including COVID-19, dengue, Zika virus and more.
Bundled with a personal accident policy, the product can be purchased exclusively on SingSaver at S$98 ($69) per annum, and there are discounts available for couples and families.
The policy offers benefits that cover worldwide medical expenses (hospitals and clinics), hospital income and medical evacuation in the event that the policyholder contracts an infectious disease, without the need to purchase add-ons. A 
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