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Mar 2021

Product Bites

Source: Asia Insurance Review | Nov 2020

HSBC Life introduces global plan for high-net-worth clients
HSBC Life has announced the launch of HSBC Paramount Global Insurance Plan (HSBC PGIP), a whole life insurance plan that combines high protection with long-term capital growth potential. 
Targeting high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients, HSBC PGIP offers features that provide additional flexibility on legacy planning and meet their sophisticated wealth accumulation needs. The plan will only be made available through a selection of leading HNW insurance brokers.
Designed specifically for the HNW and UHNW segments, the minimum sum insured of HSBC PGIP is set at $2m. In the event of accidental death of the life insured, the embedded accidental death benefit rider will pay out an additional 30% of total premium paid.
HSBC PGIP offers long-term capital growth potential in the form of guaranteed cash value and special bonuses. As such, the savings could accumulate continuously until the policy matures when the life insured reaches the age of 99.
If the life insured passes away during the term of the policy, a guaranteed death benefit will be paid. In the circumstances that death occurs before the 10th anniversary or before the life insured reaches 70, whichever is later, the guaranteed death benefit will be as high as 390% of total premium paid. The total death benefit can reach 556% of total premium paid.
The plan will also allow policyholders to change the life insured of the policy three times after the third policy year or when all premiums are paid up, whichever is later.

FWD Takaful launches micro-takaful plan to support lower-income Malaysians
FWD Takaful recently launched FWD Kasih, an online micro-takaful plan dedicated to supporting Malaysia’s lower-income group, with a monthly contribution from MYR2.03 ($0.50) a month for women and MYR2.54 for men.
FWD Kasih provides cover from the age of 19 until 54 years for those with a monthly household income of up to MYR5,000 per month, paying the full sum covered upon death due to natural causes and total and permanent disability, and 200% of the sum covered on death due to accidental causes.
FWD Kasih offers four plan options to choose from with a sum covered of MYR10,000, MYR20,000, MYR30,000 or MYR40,000. 

AXA Hong Kong launches insurance plan specifically for women
AXA Hong Kong (AXA) has launched the Pink Medical Insurance Plan, an holistic solution that brings women’s needs into focus, providing multidimensional protection from young adulthood to menopause.
The plan provides protection and valued-added services to take care of women, including:
  • Regular women’s check-ups – Customers can have a regular check-up every two policy years, which includes bedside pelvic ultrasound and pap smear, helping women to identify hidden health problems.
  • Gynaecology outpatient consultations – The plan provides full coverage for eligible gynaecology outpatient consultation and follow up 
  • tele-consultation for gynaecological concerns with AXA’s network gynaecologists, such as abnormal menstruation, lower abdominal cramps or menopausal discomfort. In addition, it covers 70% of eligible expense, subject to a maximum coverage of HK$50,000 ($6,450) per visit.
  • Women cancer benefit – In case a customer is diagnosed with a covered carcinoma in situ/cancer, the plan will provide HKD100,000 cash benefit to help relieve the financial burden.
Customers will also have direct access to high-quality medical services through network service providers including the HKSH Medical Group and CUHK Medical Clinic.
They will also have access to a suite of services available on AXA BetterMe, the company’s holistic wellness platform. For example, they can learn about common health problems through Symptoms Checker, a 24/7 health encyclopaedia, better manage health with the chronic disease management programme, as well as uplift their mood and relax through Mind Charger, a mindfulness meditation guide.
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