Called Life Advantage, it provides coverage equal to 200% of the sum insured and guaranteed annual income payouts of 5% of the sum insured, EastWest Ageas said in a statement.
It is customisable with protection boosters and add-ons to cover financial assistance for hospitalisation, critical illnesses, and accidental disablement or death benefits, among others.
“Planning your journey in life can be challenging, and we want to help more Filipinos take that step with a plan that gives back to them while they can still enjoy it. With Life Advantage, you get the best of a policy with guaranteed payouts and an insurance plan that covers you from life’s unexpected situations. These features can address a common worry of many Filipinos which is securing their financial stability,” EastWest Ageas President and Chief Executive Officer Sjoerd Smeets said.
Mr Smeets said Life Advantage’s features can help Filipinos ensure financial security while giving them coverage for unexpected situations.
EastWest Ageas cited its commissioned study showing that eight out of 10 Filipinos consider financial security to be a major concern. Filipinos also cited risks like unemployment, business closure, and loss of income, as well as unexpected health emergencies or the death of a loved one.
“EastWest Ageas’ Life Advantage plan addresses this concern with its lifetime guaranteed payout feature, which one can enjoy starting from the end of their sixth year of the policy until age 100,” the company said.
The life insurer booked a premium income of PHP5.21 billion in 2023 but posted a net loss of PHP304.96 million, reported BusinessWorld.