T Asuransi Jiwa Manulife Indonesia (Manulife Indonesia), part of Canadian financial services firm Manulife Financial Corporation, launched a new insurance product on Tuesday targeting middle-upper class clients.
The new product called “MiUltimate Critical Care” is a basic life-insurance product aimed at people between the ages of 25 and 40. It provides a lump sum payment upon diagnosis of 50 covered crucial illnesses including cancer, stroke and coma.
“This product will be distributed through agency distribution channels. We target people between 25-40 years of age because usually people in those ages are more productive, but at the same time they also have higher stress levels,” Manulife Indonesia director and chief marketing officer Novita Rumngangun said at the product launch on Tuesday.
Read also: Manulife enjoys double-digit rise in new premiumsMiUltimate Critical Care offers protection with a limited payment period of five years and no limit to the maximum critical illness benefit. If customers do not claim for the critical illness benefit, they are entitled to 160 percent return of premiums at the end of the protection period.
This is the first stand-alone critical illness plan that Manulife has launched in 2017, even though it already has a similar type of rider product, John Curtis, chief distribution officer of Manulife Indonesia, said.
“In terms of actual percentage […] across our insurance sales only, we have been looking for 5 to 10 percent of sales to come from this product,” Curtis said. (bbn)
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