AIA Hong Kong has announced that it will soon launch "AIA Assemble", a first-in-market, customisable critical illness plan that sets a new industry standard by enabling customers to tailor their critical illness protection and sum assured and thus enjoy higher levels of flexibility and freedom.
In addition to compulsory Life Cover and Cancer Cover, AIA Assemble offers customers the freedom to select critical illness covers for multiple cancer, cardiovascular, neurological and other illnesses.
Moreover, Multiple Cancer Cover offers up to five additional cancer claims.
Customers may tailor their sum assured for each critical illness cover based on individual needs and budget, up to a maximum of three times the Initial Sum Assured of the Life Cover.
The innovative new product has been designed as a response to the findings of a survey recently carried out by AIA Hong Kong on customers' critical illness protection needs and pain points.
Assuming the inclusion of all optional critical illness covers, the combined sum assured of the covers can be up to 25 times the Initial Sum Assured of the Life Cover.
Critical illness covers are also independent of each other, meaning claims for any specific critical illness cover will not affect the protection of other critical illness covers.
During the promotional period, up to a four-month premium refund and one dose of the HPV vaccine will be offered upon successful application.
AIA Hong Kong recently conducted a customer survey that aimed to identify trends in critical illness protection needs and customers' pain points. Below are some of the key findings that informed the design of the new product:
- Nearly half of respondents between the ages of 18 and 29 said they do not feel an urgent need to purchase critical illness insurance, the highest percentage among all customer segments. The younger the respondents were, the less they felt they needed insurance.
- Close to 60% of respondents aged between 18 and 29 indicated that they are most concerned about the premium when purchasing critical illness protection products. This percentage was the highest among all customer segments.
- Nearly 30% of respondents who already had a critical illness protection plan still felt that their protection was not sufficient. The average perceived gap was around HK$1.84 million.