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Manulife brings out Term Product, Hospitalisation and Surgical Rider.

Manulife International's Taiwan Branch recently launched two new products, a non-par decreasing term insurance product and a hospitalisation and surgical rider.

"Costs of living in Taiwan are rising, making income protection even more critical for families. Studies from the Taiwan Insurance Institute show that the average person in Taiwan only has sufficient life cover for one year of expenses. Loss of an income-earner can quickly exhaust family finances and leave survivors destitute," the insurance company said in a press release.

Non-Par Decreasing Term Insurance Product (NTA) is an income protection-oriented non-par decreasing term product with a variety of coverage terms (15 years, 20 years and coverage term to age 55 and 60) and premium payable throughout the coverage term. Manulife said the product is recommended for people who have a limited budget or don't have enough protection from their current portfolio, to help in the event they die or are disabled, to maintain their survivor's lifestyle.

"Take for example a 35-year-old man whose monthly expense is estimated at NTD35,000 ($1207) and chooses to pay until age 55 for a sum assured of NTD420,000 ($14,492). If he were to die or become totally or permanently disabled when he is age 40, premium payments would cease at that time and his beneficiary would be eligible to receive an annual benefit of NTD420,000 until the insured would have reached age 55, subject to a minimum payout of three times the sum assured, which is NTD1.26 million ($43,492)," the insurer explained.

Hospitalisation and Surgical Rider (YHB), is a yearly renewable rider offering 11 medical protections and a no claim bonus of up to 100 per cent. Subject to the terms of the basic policy, this rider is guaranteed renewable to age 95.

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Publication:CPI Financial
Geographic Code:9TAIW
Date:Jun 21, 2011
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