New Protect Life 10/5 product offers protection for top 6 Critical Illnesses
BKK Oct 9, 2013 – FWD Thailand introduced its real time policy issuance offering at TMB branches via its new life insurance product, Protect Life 10/5, which encompasses life protection with additional protection for the top 6 critical illnesses (CI). These initiatives reflect FWD Thailand’s vision to be a progressive company providing modern solutions to today’s insurance needs.
FWD’s Protect Life 10/5, which is sold through bank branches of our partner TMB, provides customers with a fast, easy and convenient buying experience. Once customers walk-in to a TMB branch, and are interested to buy this product, then using our sophisticated operational platform which provides real time underwriting decision, we can approve and issue policies in real time so that customers can walk-out with the policy documents. All this will usually happen in the amount of time that it takes to drink a cup of coffee or tea at a café!
“We are very excited to introduce our new real time policy issuance, in partnership with TMB. It is a pioneering concept in the life insurance market and puts FWD at the forefront of product and service innovation,” said Mr. Aman Kapoor, Chief Marketing Officer of FWD Thailand Life Insurance. “It’s a refreshingly new experience for our customers and re-defines the traditional standards long accepted in the life insurance industry.”
Protect Life 10/5 is an innovative product that provides customers protection benefit of 100% of SA in case of death as well as additional 100% of SA if diagnosed with any of the top 6 critical illnesses. This product has a 5 year level premium payment with protection coverage for 10 years. The 6 critical illnesses covered are Cancer, Heart Attack, Stroke, Coronary Artery Disease, Chronic renal failure, and Total permanent disability (TPD). If a customer is diagnosed with any one of the 6 critical illnesses, not only will the customer get early benefit payout of 100% of SA but future premium payments from that point on will also be waived. The death benefit coverage of 100% of SA will still remain until the end of policy term. If no claims have been made, customers will receive refund of 2 years annual premium.
This product will not only help our customers financially safeguard their families against unexpected future events, but also provide early benefit payout in case of diagnosis of a critical illness which will help to support medical treatment costs and relieve financial burden on their families.
“This reflects FWD’s customer-centric approach, as well as a mindset of proactively responding to meet our customers’ needs and preferences,” said Mr. Kapoor said. “Looking ahead, we will continue to leverage on technological and digital platforms to provide innovative insurance solutions for our customers.”