Product Trends

LIFE

Quashed Offers Life Insurance Products Online With AIA. Scoop.co.nz, July 11, 2022.

Quashed, an all-in-one insurance platform, is extending life insurance to more Kiwis through an enhanced online experience with AIA New Zealand. Consumers can explore Quashed and purchase AIA's new 'Starter’ plans in a matter of minutes, and can also upload all their policies onto a secure single view dashboard.

Democrance Partners with Dai-ichi Life Cambodia to Help Launch their First Digital Life Insurance. Press release, August 8, 2022.

Democrance, has entered a partnership with Dai-ichi Life Cambodia to launch their first digital life insurance product.
“Brightlife” is a simple term life product with premiums as low as US$20.60/year. It is available for purchase directly from the digital platform and can be issued digitally immediately.

AXA Hong Kong and HSBC Collaborate to Launch HelperShield Insurance. PRAsia, September 15, 2022.

"HelperShield Insurance" offers comprehensive protection to both employers and their domestic helpers. The plan covers exceptional clinical expenses coverage up to HKD300 per visit, per day for foreign domestic helpers.

BOCHK and BOC Life Launch Hong Kong's First Green Insurance Plan Certified by an Independent Third Party. ENP Newswire, August 11, 2022.

The BOC Life iGreen Savings Insurance Plan is the first-ever green insurance plan certified by an independent third-party professional institution. The one-off premium payment is as low as RMB3,000, or USD 375. The Plan offers a guaranteed rate of return of up to 3% at policy maturation for a 3-year plan.

New AXA Max Wealth Insurance Plan. Press release, August 1, 2022.

AXA Hong Kong and Macau (AXA) announce the launch of its Max Wealth Insurance Plan. The Plan offers a market-leading guaranteed breakeven period as short as 5 years, and guaranteed cash value on the commencement day of the policy up to 81% of lump sum payment. The Plan offers a flexi designation option for customers to transfer part of the policy value to another insured.

Hong Kong Life Enhances Its Wealth Accelerator III to Offer Customers Extra Flexibility in Legacy Planning and Achieve Long Term Wealth. Yahoo Finance, July 5, 2022.

The launch of "Wealth Accelerator III", with enhanced benefits. One of the benefits is Flexible Change of Life Insured up to Two New Life Insureds, the life insurance plan allows customers to plan for long-term financial arrangements to spread the wealth across generations. The plan also offers flexible withdrawal of policy value and a Wealth Succession bonus.

Bajaj Allianz Life Offers Exclusive Life Insurance Solutions & Services for Defence Forces. Yahoo, September 14, 2022.

The company will offer Bajaj Allianz Life Assured Wealth Goal – Wealth Creation through VEER for the Defence and CAPF. This is a non-linked, non-participating, individual, life insurance savings plan. This channel offers flexibility to pay a monthly premium and provides cover for war and war-like situations.

HDFC Life Insurance Launches Term Insurance Plan Click2Protect Super. Product brochure, September 13, 2022.

Click@ Protect super is a non-Linked, non-participating, Individual, pure risk premium / savings life insurance plan. Click2Protect Super enables customization as per your protection needs and you only pay for the benefits / plan options that you have chosen. The plan includes return of premium option and an acceleration of death benefit.

Canara HSBC Life Insurance Launches iSelect Guaranteed Future Plan. Product brochure, September 12, 2022.

iSelect Guaranteed Future is an individual, non-linked, non-participating, savings plan. It has the following options iAChieve, and Flexi iAchieve, iAssure and Flexi iAssure and Easy iAchieve.

PNB MetLife Launches New Unit Linked Insurance Plan 'Goal Ensuring Multiplier'. DNA India Online, September 7, 2022.

PNB MetLife Goal Ensuring Multiplier (GEM) is a new ULIP plan. Customers can select the 13 PNB MetLife funds that suit best to their risk tolerance as well as goal-based fund management strategies.

Ageas Federal Life Insurance launches new Assured Income Plan for Individuals. Financial Express, August 25, 2022.

Assured Income Plan is a non-linked, non- participating, savings plan for individuals. The plan also offers the flexibility to choose from three plan options – Short Term Income, Long Term Income and Lifelong Income.

Canara HSBC Life Insurance Introduces Guaranteed One Pay Advantage Plan. Financial Express Online, July 11, 2022.

The Guaranteed One Pay Advantage plan is a non-linked non-participating individual savings plan. The plan requires a one premium payment and provides a fixed amount on maturity.

PerlindunganKu Allianz4All Goes to Market. Press release, September 8, 2022.

PerlindunganKu Allianz4All offers two protection plans – Plan 1 (RM50) offers death or permanent disablement due to accident coverage of up to RM20,000 and a daily hospital income of RM50, per day, up to 30 days per year, while Plan 2 (RM75) offers death or permanent disablement due to accident coverage of up to RM25,000 and a daily hospital income of RM100 per day, up to 30 days per year.

Prudential Malaysia Launches Insurance & Takaful Plans for EPF Members. Press release, July 12, 2022.

The four plans introduced by Prudential Malaysia are PRUGuard Life and PruBSN Lindung (Term Protection) and PRUCare Life and PruBSN Cegah (Critical Illness Protection). EPF members can sign up for the protection plan(s) instantly by completing a few simple health-related questions and make premium/contribution payments directly from their EPF online portal - i-Akaun, with just a one-time payment for an entire year coverage up to RM100,000.

Manulife Malaysia Introduces New Plans, Elite Income 88, and Elite Max 88 under Elite 88 series. Press release, July 6, 2022.

Manulife Malaysia has introduced two new plans, Elite Income 88, and Elite Max 88 under the Elite 88 series. The Elite 88 series offer a guaranteed minimum of 2.0% per annum for the first five policy years. They also provide flexibility for policyholders to switch plan options to suit their changing financial needs and circumstances.

InLife Offers Customizable Life Insurance Plan. Press release, July 22, 2022.

Wealth Assure Plus is a customizable life insurance product with investment component. The plan can be set up as a plain variable unit-linked plan or further personalized with attachment of riders such as renewable term insurance, critical illness coverage, accidental death benefit, and waiver of premium benefit.

Getlife Markets Online Life Insurance for Mountain Athletes. Grupo Aseguranza, July 15, 2022.

Getlife presents a 100% online Life insurance for mountain sports that protects the insured's family in the event of death or permanent disability caused by an accident anywhere in the world. (Text in Spanish)

Yonder Gets Into Travel Insurance. Coverager, July 5, 2022.

Yonder, a UK-based credit card startup, is entering the travel insurance space. Yonder, together, with AXA is to offer comprehensive travel insurance including trip cancellation and medical expenses as part of its credit card membership fee, which goes for £15/month.

New York Life Launches Wealth Plus. Press release, September 28, 2022.

New York Life today announced the launch of Wealth Plus; two new, innovative life insurance solutions. Secure Wealth Plus, A is a 10-year premium paying whole life policy designed for clients aged 0-60 with a $10,000 minimum annual premium. Market Wealth Plus is a variable universal life policy designed for clients aged 0-60 with a $10,000 minimum annual premium.

Life Insurtech Afficiency Teams with Bubble to Bring Income Protection Insurance to California Mortgage Borrowers. Accesswire, September 27, 2022.

The collaboration allows Bubble to embed IncomeSense, an income protection life insurance product developed by Afficiency and Western & Southern, alongside or after the home and mortgage purchase process. IncomeSense on Bubble is available to California borrowers with plans to expand to additional states soon. IncomeSense is 100% digital on Bubble’s platform with policy decisions provided in minutes.

Industry’s First Indexed Whole Life Insurance Product Combines Guaranteed Protection with Significant Growth Potential. Press release, September 6, 2022.

The Indexed whole life product provides a lifelong death benefit and cash accumulation guarantee, along with fixed premiums regardless of changes in health. The cash value can be accessed during the insured’s lifetime, generally on a tax-preferred basis.

OneAmerica Launches Variable Universal Life Insurance. PR Newswire, September 20, 2022.

The OneAmerica VUL life insurance policy includes a guaranteed death benefit provision and fully guaranteed policy charges. The product offers a low-cost, transparent fund line-up of well-known industry asset managers, and it includes two defined outcome funds. The investment line-up offers customers more than 50 diverse investment options, customizable to their portfolios and goals.

Aflac Expands Consumer-directed Portfolio in U.S. with Addition of Final Expense Whole Life and Medicare Supplement Insurance. PR Newswire, August 4, 2022.

Aflac announced the introduction of two new consumer-directed products: Aflac Final Expense Whole Life Insurance and Aflac Medicare Supplement Insurance. Aflac's Final Expense Whole Life Insurance can help protect loved ones from inherited expenses. Aflac's Final Expense Whole Life Insurance is available in two options: the Level Plan and the Modified Plan. Both plans include a guaranteed level premium — meaning premiums will never increase.

Assurity Introduces New Income Protection Product to Protect More Paychecks. PR Newswire, July 21, 2022.

Assurity Life Insurance Company released Income Protection Individual Disability Insurance, a short-term disability product designed to make coverage simple and accessible for more people. It also features instant decisions with no medical exams and native support on Assurity's online QuickStart sales platform to make it easier for agents to sell.

Pacific Life Updates Underwriting Guidelines to Expand Life Insurance Options to Individuals Living With HIV. PR Newswire, July 12, 2022.

Pacific Life Insurance Co. expanded its offering of life insurance coverage to eligible individuals living with human immunodeficiency virus, or HIV.

JetBlue Extends Embedded Insurance Partnership with Allianz. Coverager, June 29, 2022.

JetBlue Travel Products, a subsidiary of JetBlue Airways, announced a multi-year partnership extension with Allianz Partners USA. The partnership provides JetBlue customers the ability to protect both their flights and vacation packages with travel insurance.

Generali Vietnam Launches Education-focused Insurance Solution. Vietnam Economic News, August 18, 2022.

Generali Vietnam Life Insurance LLC (“Generali Vietnam”) officially launched “VITA – Cho Con” (VITA – For Our Children), the very first education-focused unit-linked insurance solution in the market. VITA – Cho Con provides customers and their families with comprehensive protection against the risks of death, total and permanent disabilities (“TPD”), critical illnesses, etc.

Old Mutual Zimbabwe Launches Fully Fledged Funeral Service. The Chronicle July 25, 2022.

Old Mutual Zimbabwe has launched a fully-fledged funeral services unit as it expands its business footprint in response to market demand. Old Mutual offers premium standard of funeral services that includes services like water bowser, nationwide bus service and family courtesy vehicle.