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Sep 2021

Product Bites

Source: Asia Insurance Review | Aug 2021

Euler Hermes and NORD/LB introduce ESG-centric product
Euler Hermes and NORD/LB, a state-owned German commercial bank based in Hanover, have announced the launch of the Green2Green Single Risk credit insurance policy, a product designed to help tackle climate change by insuring green transactions and investing the premium in certified green bonds.
Launched in November 2020 by Euler Hermes Transactional Cover Unit, the Green2Green Single Risk solution focuses on providing insurance to green transactions, which will be eligible based on a bespoke environmental evaluation. The initial sectors in scope are renewable energy, energy efficiency, recycling, water treatment and mass public transportation.
The policy implements a ‘green cycle’ with 100% of the generated investable premium invested back into the green economy. This investment comes in the form of certified green bonds, supporting new green projects and completing a green economic cycle. This approach is fully transparent, with Euler Hermes asset management issuing a certificate of investment ensuring the full traceability of the invested premium throughout the tenor of the transaction.
AXA introduces critical illness protection series
AXA Hong Kong and Macau (AXA) has launched LoveAssure Plus and LoveAssure critical illness plans, a comprehensive critical illness protection covering illnesses ranging from the most common to emerging ones.
The series includes features such as:
  • Dementia multi-care benefits – if the insured is diagnosed with severe dementia, a lump sum pay-out up to 100% of the sum insured and a dementia caregiver annuity benefit of up to 12% of the sum insured will be payable every year to support the costs of long-term care continuously until the insured reaches age 100.
  • Up to 100 months of continuous cancer pay-out benefit – if the insured is diagnosed with cancer, a lump sum pay-out up to 100% of the sum insured will be payable first. In addition, a monthly pay-out of 5% of the sum insured will be provided if the insured is still suffering from cancer after a one year waiting period and undergoing cancer treatment. This will provide long-term financial support as income replacement and help ease the burden brought by daily living expenses for up to 100 months. Under LoveAssure Plus, the insured who is diagnosed with late-stage cancer can receive pay-outs immediately with no waiting period.
  • Dual-tier intensive care unit (ICU) coverage – Up to 20% of the sum insured will be payable if the insured is admitted to the ICU for 72 consecutive hours or more; up to 100% of the sum insured will be payable if the insured stays in the ICU for 120 consecutive hours and undergoes a complex surgery.
From now until 30 September 2021, customers can enjoy two months’ premium refund if they successfully apply for the plans.

Manulife launches critical illness plan for Malaysians
Manulife Insurance has launched a new critical illness plan called Advance Beyond Critical Cover (ABCC) which provides holistic coverage from early stage of diagnosis to post treatment events. The ABCC is an extension of its Beyond Critical Cover series, that also covers illness or accidental events that require hospitalisation.
The plan also provides multi-stage critical illness and admission events benefit, cancer treatment booster benefit, disability care benefit and special benefit.
Under the multi-stage critical illness benefit, customers are covered from early to advanced stage critical illness. In addition, they are also covered in the event of any illnesses or accidental events that require hospitalisation under admission events. They will receive benefit payment up to 125% of face amount under the multi-stage critical illness benefit and the admission events benefit.
In addition, if a prolonged treatment for advanced stage cancer is more than two years, the cancer treatment booster benefit will provide an additional 50% of face amount to support treatment of the recurrence of cancer. The disability care benefit will provide customers an additional 50% of face amount should a major critical illness hinder their independence after recovery. In the event of diagnosis with diabetic and joint related conditions, the special benefit will provide customers a benefit pay-out up to 40% of face amount. A 
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