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Jul 2020

Product Bites

Source: Asia Insurance Review | May 2019

MSIG offers new policy for diabetics
MSIG Insurance Malaysia has launched dedicated insurance for the growing number of Malaysians diagnosed with pre-diabetes and Type 2 diabetes, called Gluco SafeGuard.
The policy provides comprehensive coverage for the wide variety of illnesses and treatments that normal health insurance plans do, but with additional protection and assurance for diabetic patients. It is packaged with complimentary premium access to a dedicated diabetes management app – Health2Sync – that can help policyholders monitor and manage their diabetes effectively.
Policyholders who consistently perform their tests and record the results in the app itself can enjoy a premium reduction of up to 40% upon their next policy renewal, subject to eligibility and underwriting criteria.

Etiqa launches SAVE3
Etiqa Insurance has launched SAVE3, a non-participating insurance savings plan that offers a guaranteed payout of 3% per annum for the first six years. The product is aimed at individuals who are seeking wealth accumulation with low risks.
SAVE3 promises guaranteed capital from the end of policy year four, and accommodates free partial withdrawal without penalty. It also offers a non-guaranteed loyalty bonus, equivalent to 0.6% of the account value, which will be paid at the end of the sixth policy year, and at every subsequent six policy year interval if no partial withdrawal is made.
The product has a free partial withdrawal benefit, which can be exercised once during the first six years of the policy, if specified conditions are met. 

Income launches policy to protect against airfare fluctuations
NTUC Income announced the launch a new product called Pinfare that seeks to safeguard travellers against airfare fluctuations. Powered by Skyscanner, Pinfare provides real-time flight itineraries and prices every time a traveller searches the platform to pin flights.
Once pinned, the flight itineraries are insured by Pinfare for seven days and the traveller is protected should the price of any of the pinned itineraries increases at the point of purchase within the insured period. When this happens, an insurance claim can be made.
To be eligible for Pinfare, the traveller must purchase the policy at least three weeks from the flight departure date to mitigate against the probability that airfares increase nearer to the departure date. 
Pinfare’s premiums start at S$5 ($3.69) and will vary according to certain flight detail. Travellers, who purchase Pinfare closer to their intended departure date, or have chosen peak holiday season to travel, are likely to pay a higher premium.
Pinfare currently insures economy flights to six countries including Malaysia, Indonesia, Thailand, Vietnam, Philippines and Hong Kong, and will extend coverage to more countries by the end of 2019.

Great Eastern offers modular insurance on Samsung Pay
Great Eastern, in partnership with Samsung, is now offering modular insurance products to Samsung Pay users from S$1 ($0.74) a day.
One of these products is GREAT Smart Cover, a personal accident plan that offers up to S$50,000 coverage for death and permanent total disablement resulting from an accidental injury.
Another product is GREAT Smart Home, a home insurance plan that protects home contents and personal effects against incidents such as fire, burst water pipes or burglary.
To access these products, Samsung Pay users need only to launch the application on their mobile phones and click on the Great Eastern icon within the discover tab.
Samsung Pay users will have the flexibility to select the coverage period for each plan – three, five, seven or 14 days – depending on their needs. A 
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