AIA PHILIPPINES Life and General Insurance Co., Inc. (AIA Philippines) and its bancassurance arm BPI AIA Life Assurance Corp. (BPI AIA) have launched participating whole-life insurance plans that offer lifetime protection and guaranteed income benefits.
The two plans, AIA Platinum Secure and BPI AIA ADDvantage, offer lifetime protection with guaranteed cash payouts, milestone bonuses, and potential dividends.
The companies said these products give customers flexibility in their retirement plans.
This comes as the Philippines is nearing the aging society status, while birth rates are declining and healthcare costs are rising.
AIA Platinum Secure and BPI AIA ADDvantage also seek to prepare individuals for unexpected expenses and help them establish long-term financial security.
Both insurance products can be availed of through five payment options. Policyholders can also get 25% of the policy’s face amount as a milestone bonus once they reach ages 80 and 90, with another guaranteed maturity benefit once they hit 100.
The guaranteed cash payouts, which are equivalent to 10% of the policy’s face amount, will be provided every other year from the end of the fifth policy year for single-pay and two-pay plans, and starting at the end of eighth policy year for five-pay, 10-pay, and 20-pay plans.
Meanwhile, policyholders can include additional insurance riders in their plan for hospitalization, critical illness, accidents, disability, and other health-related risks.
They can also receive dividends under their plan based on the companies’ performance. — Katherine K. Chan
