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May 2021

Product Bites

Source: Asia Insurance Review | Apr 2021

AXA launches enhanced business protection plan
AXA Affin General Insurance (AXA) has launched a new business protection plan to help SMEs in Malaysia and support the continuity of their business operations during difficult times.
The plan, Business Advantage Plus (Enhanced) (BAPE), comes with an inconvenience allowance with two payout benefits on top of fire or insured perils damage claims to support prompt business recovery.
 
The plan comes in four variations and provides exclusive benefits for food and beverage, budget hotel and learning centres.
 
In addition, AXA has introduced a special sanitisation benefit of up to MYR2,000 ($486) in conjunction with the launch of BAPE should any of the business’ employees be diagnosed with COVID-19. This complimentary benefit is subject to the availability of the MYR100,000 pledged fund or the end of the campaign period, whichever is earlier.
 
Aegon Life introduces flexible term insurance plan in India
Aegon Life Insurance (Aegon Life), a digital life insurance provider in India, has launched its latest life insurance product – Aegon Life Saral Jeevan Bima, a term insurance plan that allows flexibility for customers to adapt the policy basis their needs.
 
The plan is a simple insurance policy that will pay the nominee a fixed amount after the policyholder’s death. It can be bought by any individual aged between 18 to 65 years with a sum assured of INR5,00,000 ($6,893) to INR2.5m with a cover period ranging between five to 40 years.
 
The plan also includes the flexibility for customers to select a premium payment term in accordance with their financial needs.
 
Zurich Malaysia begins offering free COVID-19 post-vaccination cover
Zurich Malaysia (Zurich) is providing COVID-19 post-vaccination cover to stakeholders in support of the National COVID-19 Immunisation Programme to curb the spread of the pandemic.
 
Underwritten by Zurich General Insurance and Zurich General Takaful, the complimentary COVID-19 post-vaccination plan covers accidental death and permanent disablement and post-vaccination death benefits of MYR2,000 ($486). 
 
On top of that, a post vaccination inconvenience benefit of MYR500 will be paid if the customer is diagnosed with an adverse condition requiring hospitalisation following complications arising from COVID-19 vaccination during the coverage period.
 
This complimentary cover will be made available for Zurich employees, intermediaries, strategic partners and selected Zurich products for a period of 30 days from the date of their first vaccination. Interested applicants must register with Zurich prior to their vaccination to be eligible for this free coverage. As availability is limited, cover will be provided on first come first served basis.
 
Upon registration, customers can opt to upgrade the plan for an extended coverage of 60 days in total. The upgraded coverage increases the payout amount for accidental death and permanent disablement and post-vaccination death to MYR10,000 and inconvenience benefit to MYR2,000.
 
Edelweiss General Insurance introduces free cancellation travel insurance
Edelweiss General Insurance (EGI) has launched Edelweiss Group Domestic Travel Insurance in partnership with InterMiles, a travel and lifestyle rewards programme. The product is a free cancellation air travel policy that takes care of all cancellation concerns customers may have.
 
Customers booking tickets on InterMiles, for travel anywhere in India, can purchase the policy at the time of booking. The policy covers most reasons that lead to ticket cancellation and will allow customers to cancel their flights up to 24 hours before departure in case they are unable to fly due to unavoidable circumstances.
 
Claims are all settled digitally and will allow InterMiles members to get a full refund on airline cancellation penalty. Members can add the free cancellation policy to their booking regardless of them using cash or miles to purchase the ticket. The policy is valid for Indian nationals up to 70 years old.
 
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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