Hong Kong – Chubb Life in Hong Kong, the local branch of the life insurance division of Chubb, today announced the launch of Critical Illness Combo 370 (the 'Plan'). It is a comprehensive life insurance plan with critical illness coverage, life protection and savings features. With different limited premium payment term options, the Plan provides coverage against 134 illnesses, including 69 Early Stage, Juvenile and Special Illnesses and 65 Major Illnesses, offering comprehensive protection for customers.
According to the statistics released by the Centre for Health Protection, Department of Health of the Government of the HKSAR, the number of Hong Kong people killed by diseases rose by 25% from 37,415 in 2006 to 46,662 last year. Cancer, diseases of the heart and cerebrovascular strokes are common types of critical illnesses, accounting for nearly 50% of all deaths in Hong Kong in 2016.
To address the potential threat of the major killer diseases in Hong Kong, Chubb Life's 'Criticial Illness Combo 370' Plan offers financial protection coverage starting from early stage with an Early Stage, Juvenile and Special Illness Benefit up to 50% of the Sum Assured of the Plan, and a Major Illness Benefit equivalent to 100% of the Sum Assured of the Plan. If the insured is subsequently diagnosed with cancer, heart attack or stroke after the Major Illness Benefit has been made, a maximum of two additional claim payments can be made.
In addition, in the first 10 policy years, an Extra Coverage Benefit upon valid claim for Major Illness Benefit or death benefit, is available. The Plan also helps customer accumulate wealth with a long-term savings element made up of guaranteed cash value and non-guaranteed Terminal Dividend.
Ben Ng, Chief Marketing Officer of Chubb Life in Hong Kong, said, "According to the 2015 statistic released by The Hong Kong Federation of Insurers, the average claim cost for in-patient treatment increased by about 6% to 13% comparing to 2014. With rising medical cost and improving chances of recovery from critical illness, we are launching the new Critical Illness Combo 370 featuring extensive coverage against 134 critical illnesses, additional coverage starting from early stage, protection against multiple occurrences of major illnesses and life protection up to age 100."
Customers can also enjoy Family Protection and Travel for Treatment offered by third party service provider through the Plan, providing post-hospitalization and health management support so that customers can focus on their own medical treatment and recovery. The assistance services range from assistance for follow-up treatement, hospital discharge assistance and psychological therapy, physiotherapy & occupational therapy referral services, meal delivery assistance, advisory service for care-takers, as well as arrangement for treatment abroad.
"We believe the Plan is an all-in-one solution to protect customers and their families from unexpected critical illness, offering them a better financial planning solution that can bring peace of mind." said Ben.
Note: This press release is for general reference only and is not part of the policy. It provides an overview of the key features of the product and should be read along with other materials which cover additional information about the product. Such materials include, but not limited to, product brochure that contains key product risks, policy provisions that contain exact terms and conditions, benefit illustrations (if any) and other policy documents and other relevant marketing materials, which are all available upon request. You might also consider seeking independent professional advice if needed.
This news release is intended to be published in Hong Kong and shall not be constructed as an offer to sell or solicitation to buy or provision of any products outside Hong Kong.
About Chubb Life in Hong Kong
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide.
Chubb Life, the life insurance division of Chubb, operates in 30 countries around the world. In Asia, Chubb Life operates in Hong Kong, Indonesia, Korea, Taiwan, Thailand and Vietnam, and participates in a joint-venture in China. Chubb Life has been in Hong Kong since 1976, and launched its Global Wealth Management business from Hong Kong in 2015. To meet the financial protection and wealth management needs of its broad range of customers, Chubb Life in Hong Kong (Chubb Life Insurance Company Ltd.) offers a range of life protection, savings, accident and health insurance solutions through agents, brokers and banks.
Additional information can be found at: http://life.chubb.com/hk
Associate Director, Corporate Communications & Marketing
Chubb Life Insurance Company Ltd.
+852 2837 7095
Head of Communications
+852 2185 0207