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Oct 2021

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Source: Asia Insurance Review | Jul 2021

ZA Insure launches new VHIS plan
Digital-only insurer ZA Insure has launched the ZA VHIS, a standard plan under the Voluntary Health Insurance Scheme (VHIS), in Hong Kong. The new plan offers comprehensive protection to users with affordable pricing.
 
Regardless of an insured person’s age, ZA VHIS comes with low annual standard premiums. For example, an 18-year-old non-smoking male may enjoy up to HK$420,000 ($54,000) medical coverage for a full year with an annual premium of HK$1,115, equivalent to a daily premium of HK$33. The plan is not subject to a lifetime limit and policy renewal is guaranteed up to the age of 100.
 
The plan offers extensive coverage of medical expenses across different phases of illness and recovery. Congenital conditions, unknown pre-existing conditions and diabetes may also be covered. The plan provides worldwide coverage with 24/7 digital claims processing, allowing the insured persons to make claims regardless of time and location even when they arrange medical treatments abroad.
 
ZA VHIS is eligible for tax deduction. Based on the highest tax rate of 17%, users who purchase a ZA VHIS policy for themselves or family members can get up to 17% of premium discount. Each insured person may claim tax deductions of up to HK$8,000 per year for the premiums paid.
 
Blue Cross Insurance launches COVID-19 travel protection
Blue Cross (Asia Pacific) Insurance (Blue Cross) has announced the extension of COVID-19 protection to travel insurance products by offering free vaccine cash allowance up to HK$10,000 ($1,288) for vaccinated travellers.
 
During the coverage period, if an insured is diagnosed and confined in hospital after immunisation due to any of the following two reasons:
  1. Confirmed diagnosis of COVID-19; or
  2. the insured suffers from serious sickness within 30 days after immunisation, a daily hospital cash allowance up to HK$500 will be payable, subject to a maximum of 20 days in respect of different travel insurance plans.
 
In addition, the insured can still enjoy medical expense and personal accident benefits, overseas hospital cash allowance, travel delay benefit, 24-hour worldwide emergency aid, as well as coverage for trip cancellation or trip curtailment due to unfit to travel as a result of the confirmed diagnosis of COVID-19.
 
Until 30 September 2021, customers who successfully enrol in Blue Cross’s Travel Smart single-trip travel insurance, Annual Infinity travel insurance pass, Overseas StudySafe insurance, Working HolidaySafe or SmartGo GBA travel insurance will be eligible for this free extra protection.
 
Tokio Marine launches self-help tool in Thailand
Tokio Marine Life Insurance Thailand and Tokio Marine Asia have jointly created a digital solution, Self Fact-Find Tool. Via the tool, the consumers will be guided through a simple financial review online to facilitate an analysis of their financial needs before being offered relevant products with four main objectives:
  • Reducing the financial burden of medical expenses that may arise from illnesses 
  • Providing income protection when one is unable to work due to unfavourable life events 
  • Funding for child’s future education 
  • Securing lifetime income for retirement
 
With the tool, users will be able to determine their planning requirements in approximately four minutes, by answering questions on income, current saving patterns and future retirement funding needs.
 
Through the guided questions, consumers will also be provided with supplementary information to get a clearer picture of relevant costs. This includes information on average hospitalisation cost to plan for medical expenses, average annual tuition fees for each level of education to plan for education funding for children and the amount of funds to be reserved for future daily expenses to plan for retirement.
 
The Self Fact-Find Tool is available to customers and interested parties in Thailand through the company’s digital platforms. 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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