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Oct 2022

Product Bites

Source: Asia Insurance Review | May 2021

Generali introduces critical illness plans with unlimited claims
Generali Hong Kong has launched two new critical illness (CI) plans – LionGuardian and LionGuardian PlusOne.
Both plans allow for unlimited claims for cancer, stroke and heart attacks until the age of 100 and protection for 138 illnesses including major critical illnesses. Every major critical illness claim will pay out 100% of the sum assured, unaffected by previous claims on other critical illnesses covered.
Future premiums will be waived once the customer has paid 100% of the sum assured.
LionGuardian Beyond includes benefits for unborn babies. From as early as the 22nd week of pregnancy, mothers can opt for LionGuardian Beyond to provide their child with coverage for 100 years.
An additional 40% of sum assured will be paid out for first diagnosed cancer before the age of 22, and an additional 60% of sum assured payable for the first diagnosed major critical illness or death before the 10th policy anniversary. Together with the 100% of sum assured for major critical illness benefit, the total benefit payout is up to 200% of sum assured.
It also includes the option for customers to accumulate benefit payouts in a benefit accumulation account to earn 4% non-guaranteed interest.
LionGuardian PlusOne meanwhile is offers customers a more affordable option with lower premiums.
AXA launches new motor insurance plan
AXA Affin General Insurance (AXA) has launched Guaranteed Asset Protection – Return to Insured Value (GAP-RTIV), a plan that protects the full value of a vehicle during any unforeseen total loss incident.
With GAP-RTIV, vehicle owners will be provided with financial relief and protection against any financial shortfall or possible outstanding hire purchase loan in the event of a total loss due to accidental damage, fire or theft.
The plan covers the difference between the claim payout from comprehensive motor insurance policy and the insured value of vehicle at the time of purchase of GAP-RTIV policy, allowing car owners to purchase a new replacement vehicle again.
Vehicle owners can sign up for the plan with a one-time upfront payment that provides full coverage up to five years.
Zurich launches financial planning solution for Malaysians
Zurich Malaysia (Zurich) and Singapore-based FinTech BetterTradeOff have launched ‘Up MyZurichLife’, a financial planning solution exclusively for MyZurichLife’s users to help them plan for their future.
Up MyZurichLife is a cloud-based solution utilising advanced analytics with an easy-to-use interface. This helps to simplify the task of building of a sound and comprehensive financial plan and makes it easier for anyone, regardless of their financial literacy, to plan and make better financial decisions.
The solution allows users to explore different financial scenarios and how individual elements impact their overall plan. This includes purchasing a new home, planning for retirement, and planning for child education. Users can project the impact of life events such as becoming unemployed, or the sudden loss of the family’s main breadwinner on their financial situation.
This enables them to estimate the course of action to take to mitigate financial stress better. Using a drag-and-drop approach, ‘goals’ or ‘dreams’ can be included into their plan, such as a new property, a child’s education, or a potential investment for a visualisation of the impact on their long-term cash flow, savings, or net wealth.
The solution incorporates Zurich’s products and proposes what may best suit customers to realise their ideal plan. It also has an interface for customers to connect with a Zurich wealth planner for advice on tailoring a plan that meets their individual needs directly from the solution.
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