Home Banking & Finance AIA Philippines launches variable unit-linked life insurance product

AIA Philippines launches variable unit-linked life insurance product

AIA PHILIPPINES launched a new life insurance product meant to protect against accidents and some illnesses. — SCOTT GRAHAM /UNSPLASH

AIA PHILIPPINES unveiled a life insurance product, which also offers protection against accidents and some critical illnesses, responding to Filipinos’ increased need for financial security amid the pandemic.

The variable unit-linked life insurance plan called AIA All-In-One Plus will include protection against accidents, disability, and critical illnesses aside from death, the insurer said in a statement on Wednesday.

“The pandemic made everyone realize the need for protection, even among those who are non-believers of insurance,” said Tennyson Paras, AIA Philippines associate director for products.

The product also includes AIA Vitality, the wellness program of the insurer. It is likewise packaged with a Double Vitality Booster feature, giving active members additional coverage and a loyalty bonus.

The product was launched in line with findings from a 2021 study of AIA Group, the parent company of the insurer, which showed consumer spending allocation for insurance products increased 27% in 2021. This reflected the heightened interest for insurance products amid uncertainties brought by the pandemic, AIA Philippines said.

Results of the study also showed stronger interest for insurance products as 75% of Filipinos said it has become more important in case of unexpected incidents. Meanwhile, 27% said they are eyeing to increase the funds they set aside for insurance.

“We recognize that aside from their physical health, Filipinos these days are equally concerned about their financial well-being,” Mr. Paras said.

Policyholders of the AIA All-In-One Critical Plus can also grow their savings through diversified investment funds available to the product suited for their risk profile.

In 2020, AIA Philippines had the largest assets among life insurers with P291 billion, based on data from the Insurance Commission.

It ranked second in terms of net income worth P4.52 billion, and placed fourth in its net premiums amounting to P16.77 billion. — L.W.T. Noble