Oct 2020

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Product Bites

Source: Asia Insurance Review | Oct 2020

Generali launches new flagship product in Hong Kong
Generali has launched a new flagship product, Generali LionTycoon – a long-term participating savings and life plan that offers clients and their families wealth protection and growth opportunities, along with legacy planning.
The policy offers regular and flexible lock-in options for terminal dividend, and locked-in terminal dividends can be accumulated in a benefit accumulation account to secure market upside and earn non-guaranteed interest. A partial surrender amount can also be allocated to this account for interest accumulation. Savings in the benefit accumulation account can be withdrawn at any time to accommodate financial needs.
Customers can also choose to pass on wealth and protection to next generations. Once the policy is transferred, the coverage period will be adjusted to the age of 138 for the new insured and the policy values will continue to grow over time.
The policy offers a high projected return with a total internal rate of return of up to 7.14% per annum, allowing the total cash value to appreciate up to 10,000 times of total premiums paid at the end of year 138.
Generali LionTycoon offers premium payment terms of three, five, eight and 10 years, with a pre-payment option under three years. Minimum notional amount is $10,000 per policy.

Great Eastern to offer general insurance products with telco-centric benefits
Great Eastern has partnered with Singtel to launch a range of general insurance products spanning home, motor and travel, jointly developed by both companies. The offerings, underwritten by Great Eastern, seek to address customer needs arising from their increasingly digital lifestyles.
To start, Singtel and Great Eastern will be introducing Singtel Home Protect that provides coverage for both telco bills and home contents which will be offered to Singtel broadband customers at launch and will be made available to all Singtel customers later.
Premiums for the Singtel Home Protect start at S$6.50 ($4.80) a month and customers can sign up for the plan on the Singtel website or through the company’s My Singtel app. 
The plan covers reimbursement of Singtel bills of S$280 per month for up to three months, and up to S$80,000 for home contents and renovation in the event of disruption to services due to a fire or other types of damage to the home.
In the coming weeks, Great Eastern will be offering motor insurance, as well as travel insurance that includes benefits such as the reimbursement of Singtel mobile bills during hospitalisation due to an accident, and reimbursement of additional Singtel mobile data expenses incurred due to delays in travel. The travel policy will also cover the repair or replacement of mobile ‘phones in case of damage or loss.

Digital insurer introduces new mobile app
Digital insurer Tune Protect has launched a new mobile app in Malaysia aimed at improving customer experience.
The app will allow its customers to purchase its on-demand online products that include travel, motor, dental and personal accident insurance, and allow them to manage their existing policies as well as submit and track their claims on-the-go. Through the app, customers will also be able to view their odometer reading and opt-in to a pay-as-you-drive benefit when purchasing motor insurance that rewards them with up to 20% refunds on premiums for driving less.

Chubb launches enhanced business package insurance for SMEs
Chubb has announced the launch of Enterprise Guard Plus with enhanced benefits to its existing business package insurance policy in Hong Kong SAR. The enhanced product offers greater coverage for the evolving needs of businesses, in particular for new exposures due to COVID-19.
Coverage of Enterprise Guard Plus includes accidental physical loss of or damage to content and stock contained in the business premises; additional expenditure incurred within 12 months after an insured loss in order to restore normal conduct of business.
It will also cover legal liability for bodily injury and/or property damage arising out of the insured business within the policy territory, direct pecuniary loss due to fraud or dishonest act committed by any employees and bodily injury or death of an insured person resulting solely from robbery or attempted theft. A 
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