Insider Spotlight
The insurer said the product allows policyholders to claim benefits for up to three different critical illnesses throughout the duration of the policy, addressing gaps in traditional critical illness insurance plans.
“When health is challenged, financial resilience really matters. At AIA, we see health and finance as inseparable.You cannot protect one without preparing for the other … So what is our role as a trusted health partner? Our role as an insurer goes beyond paying claims. It's about helping people prepare before a crisis happens,” Gary Ogilvie, chief financial officer of AIA Philippines, said during the media launch.
Why it matters
Critical illness cases linked to heart disease, stroke, and other lifestyle-related conditions are becoming more common, increasing demand for broader health protection products.
“There is a correlation across critical illnesses, which means that the likelihood that some of us may suffer from multiple illnesses is actually there, it actually exists,” Melissa Henson, chief marketing officer of AIA Philippines, said during the media launch.
“Critical illness is not a one time thing, it's not a one and done. But many critical illness packages, health plans, insurance plans, only actually cover one critical illness,” she added.
Henson said most traditional plans stop coverage after the first claim.
“And once you make that claim, the policy is consumed, and you have no more critical illness coverage. Triple claim means you can claim for three different critical illnesses during the duration of your policy,” she said.
What’s new
AIA Philippines said the product also provides partial lump sum benefits for early-stage critical illness diagnoses.
“On top of that, we also offer early stage critical illness coverage,” Henson said.
“So most critical illness plans will cover a severe or advanced stage of critical illness. In this plan, we will also provide a partial lump sum one-time benefit if you are diagnosed at an early stage, which means higher likelihood of survival and recovery and catching the illness before it becomes burdensome to your family and to yourself,” she added.
The plan also includes a compassionate death benefit even after a critical illness claim has been used.
“Even if you have fallen ill and use the critical illness cover, we will provide a partial compassionate benefit in the end when the time that the policy holder passes,” Henson said.
Zoom in
Critical Protect Plus offers lifetime coverage up to age 100 and includes access to AIA Vitality, the company’s wellness and prevention program.
“A lot of the diseases that are becoming more common today, especially heart disease, stroke, all of these are considered lifestyle diseases,” Henson said.
“And vitality is designed to help with that. We track activity. We reward changes in habits, good habits, that lead to better health,” she added. —Vanessa Hidalgo | Ed: Corrie S. Narisma
