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Oct 2020

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Product Bites

Source: Asia Insurance Review | Sep 2020

Manulife Hong Kong launches new flagship critical illness plans
Manulife Hong Kong has launched two new critical illness plans, ManuBright Care 2 (MBC 2) and ManuBright Care 2 Plus (MBC 2 Plus). The plans are designed to provide well-rounded and continuous protection for customers up to the age of 100, covering up to 112 critical illnesses and diseases including cancer, heart attack and stroke.
 
After the first claim for any major critical illness, customers can still receive continuous care benefits that give two extra rounds of coverage for cancer and an extra two occurrences for heart attack or stroke, each at 100% of the notional amount, up to age 85 of the life insured.
 
In addition, MBC 2 Plus provides customers with more timely financial relief every year for cancer treatments. Interim booster payments of 30% of notional amount will be available in the second and third year respectively after major claims for cancer treatments, with total protection up to 480% of notional amount.
 
Notional amounts for both plans start at HK$100,000 ($12,500) and premiums can be made annually, semi-annually, quarterly or monthly.
 
The policies guarantee no premium increase throughout the premium payment period selected and there are four premium payment periods to choose from: 10, 20 and 25 years or up to age 65 of the life insured.
 
Additionally, the policies also offer life protection and long-term savings. If the life insured passes away, a death benefit, equal to 100% of the notional amount, will be paid.
 
Alongside that, the plans give a guaranteed cash value and maturity benefit. The plans offer a one-off non-guaranteed terminal bonus payable upon the payment of the first major critical illness claim, when the policy is cashed in, when the policy matures or if the life insured passes away, whichever is earlier.

AXA offers road protection at the touch of a button
AXA Affin General Insurance has announced the launch of SmartDrive Safe, a motor insurance plan aimed at promoting safe driving behaviour in Malaysia.
 
It offers comprehensive motor coverage with flood relief allowance up to MYR1,500 ($360), key care protection up to MYR1,500, and free 24/7 emergency towing up to 200km.
 
The product will reward drivers for driving safe, based on speed, braking, cornering and how frequently they use their phone while driving. Points earned for safe driving can be used to redeem e-vouchers via SmartDrive Safe app.
 
Through the app, customers can submit an accident claim for faster processing, locate their vehicle’s last paired location, view their driving score, driving tips and check and redeem their safe driving points.
 
The plan comes with a complimentary wire-free and self-powered MicroTag device that can be easily attached to anywhere within reach inside the vehicle. It automatically connects with the app via Bluetooth for automatic driver recognition.
 
In the event of a road accident drivers will only need to press the MicroTag for immediate support from professionals:
  • eCall - automatic accident alert and emergency assistance response 

When a vehicle gets into a severe accident and triggers the alert, the driver will receive a call immediately for prompt assistance e.g. ambulance dispatch.

  • bCall
In the event of a car breakdown or emergency, the driver will only need to press the SOS button in MicroTag and receive immediate assistance from the 24/7 call centre.

Sun Life Hong Kong launches plan for long-term wealth growth
Sun Life Hong Kong has launched a new insurance plan, Victory, that offers potentially long-term wealth growth. The plan has a minimum notional amount of HK$58,500 ($7,500) and monthly premiums starting at HK$488.
 
Victory offers potentially long-term wealth growth through guaranteed cash value and non-guaranteed reversionary bonus and terminal bonus. 
 
The reversionary bonus (if any) will be declared at least once a year starting from the third policy anniversary. Once it is declared, the face value and cash value become guaranteed and will accumulate with a client’s policy.
 
The one-time terminal bonus will be declared at least once a year starting from the eighth policy anniversary and come into effect when a policy comes to an end via policy maturity, surrender, or death of the designated insured. A 
 
Do you have a new product or programme, or are you using the power of technology innovatively? 
Share your product news with us: editor@asiainsurancereview.com
 
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