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Jun 2021

Product Bites

Source: Asia Insurance Review | Jun 2021

Sun Life launches first product in Singapore
Sun Life Assurance Company of Canada Singapore Branch (Sun Life Singapore) has launched its first product since it was established in Singapore in May last year.
 
The product, Future – S, is a lifetime protection solution designed to help high-net-worth (HNW) and ultra-HNW families with their legacy planning. With wealth preservation as its primary focus, the plan will ensure a smooth transition of clients’ personal and business assets in this lifetime and future generations.
 
The main benefits of Future – S include:
  • Two options – S70 and S100 for guaranteed death benefit, starting at 100% of the sum assured.
  • Flexibility in premium payment terms – clients can choose to pay either through a single premium payment, or a multi-payment option over five years or 10 years.
  • High guaranteed cash value at up to 85% of premiums paid.
  • Cash value growth, delivered in the form of additions, which are determined by two types of non-guaranteed additions: annual additions and one-time final addition.
 
Bupa Hong Kong launches critical illness insurance scheme
Bupa Hong Kong has announced the launch of Bupa Safe, a new critical illness plan that covers up to 98% of all serious critical illnesses with monthly premiums starting at HK$108 ($13.90).
 
The plan features three layers of protection – major critical illness benefit, early-stage critical illness benefit and additional cancer benefit – for up to three lump sum benefits payable for separate conditions at different times in life, with an aggregate benefit of up to HK$3.3m.
 
It covers up to 85 conditions including the three major critical illnesses – cancer, heart attack and stroke, and five early-stage critical illnesses including carcinoma in situ and early-stage cancer.
The additional cancer benefit enables an extra lump-sum payout even after the major critical illness benefit has been paid, in the unfortunate event where the member is diagnosed with new or recurrent cancer, with a waiting period of one year.
 
An optional cancer treatment reimbursement benefit offers additional protection with affordable medical coverage for covered cancer on top of critical illness benefits. In addition to a lump sum payment, members will receive full cover of hospital and surgical benefits up to HK$1m per year for eligible diagnostic tests and cancer treatments including psychiatric treatment.
 
Apart from medical expenses for surgical and non-surgical cancer treatment, this benefit also covers outpatient care and monitoring, psychological counselling for both the patient and caregiver, physiotherapy, complimentary therapy, Chinese herbalist treatment and other treatments, with an experimental treatment cash allowance to take care of members’ treatment and recovery needs, and support both their physical and mental health.
 
Bupa’s health coaching services also offer Bupa Safe members a special cancer care programme, where qualified nurses and health management professionals provide personalised follow-up throughout the patient’s cancer recovery, as well as emotional support and a variety of health information such as cancer care and dietary tips, and information about traditional Chinese medicine therapies.
 
MSIG to underwrite pet insurance policies
Oyen, a digital pet healthcare insurance provider for pet dogs and cats in Malaysia has created a digital-first insurance platform – oyen.my – with MSIG Malaysia partnering to underwrite the pet insurance policy.
 
This new platform allows caring pet owners digitally to buy and manage medical insurance for their cats and dogs.
 
Some key features of Oyen’s pet insurance include:
  • High vet medical coverage in Malaysia - up to MYR8,000 ($1,938) in vet medical fees, claimable in the event of illness or accidental injury. 
  • Farewell burial/cremation cost up to MYR1,000, and third-party liability coverage up to MYR50,000.
  • Reimbursable visits to registered vet clinics in Malaysia.
 
Premiums for Oyen’s pet insurance cover start at MYR25 per month for cats and MYR42 per month for dogs. Customers can purchase cover in a few minutes and submit their claims online. 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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