FWD launches multiple benefits, waivers and claims measures in response to the Novel Coronavirus
12 February 2020 | Hong Kong
Plus special application offer on "Life Impact Reliever" critical illness insurance plan
In light of the continuing threat of the novel coronavirus, FWD Hong Kong (“FWD”) has introduced a suite of special measures to fortify insurance protection for the people of Hong Kong.
Special measures launched earlier include waiting period exemption, extra cash and death benefits, express claim service, and extended policy renewal grace period to 90 days after the premium due date (Table 1).
What’s more, from now until 30 April, 2020, special offers are available for applicants of Life Impact Reliever - a critical illness insurance plan that provides protection beyond a list of defined diseases.
“Life Impact Reliever” broke away from disease definition with simple and straightforward claims criteria
FWD launched Life Impact Reliever in 2018, which became Hong Kong’s first critical illness plan that supports the insured if hit by unexpected life impacting situations beyond a list of known and defined diseases. If the insured unfortunately meets the claim conditions including two of the four designated criteria listed in "Life Impact Benefit" (List 1) and is unable to work or to attend school for 8 weeks in a row, 100% of the sum insured will be paid (Note) to support the daily living of the insured.
Kelvin Yu, Chief Product Officer of FWD Hong Kong & Macau, said, "FWD is constantly optimising our health protection offerings. Drawing on the experience from new epidemics over the years, we understand that viruses mutate much faster than we can imagine. We need protection that can better cover us against unknown factors and risks like new diseases. That’s how we came up with "Life Impact Reliever", a foresighted protection plan with straightforward claim criteria, and is not bound by lists of defined diseases.”
Continuously launching special measures in response to protection needs
In view of the increasing impact of the novel coronavirus outbreak, in addition to the earlier launched special measures, from now till 30 April, 2020, FWD is providing the following special offers for Life Impact Reliever’s applicants in limited supply. The offer is applicable to applications for sum insured not more than HK$500,000 with annual premium payment mode:
- Simplified underwriting: Exempt from medical examination after passing through a few simple health related underwriting questions.
- Waive the 90-day waiting period for the insured who is diagnosed with novel coronavirus and meeting the claims requirement of Life Impact Benefit.
- Enjoy 5 months of premium discount in the first policy year. For instance, for a non-smoking male Hong Kong resident reaching age 30 (at his next birthday) who enrols in the plan with sum insured of HK$500,000 during the mentioned offer period, his first year’s premium will be reduced from around HK$3,800 to HK$2,220 (which translates to less than HK$190 per month).
List 1: “Life Impact Benefit" of “Life Impact Reliever”
If the insured unfortunately meets the claim conditions including any two of the below conditions and is unable to work or to attend school for 8 weeks in a row, 100% of sum insured under “Life Impact Reliever” will be paid (Note):
- Stay in a hospital for 10 or more days in a row (including anytime spent in an intensive care unit);
- Admitted and stayed in intensive care for 72 hours or more in a row;
- Doctor confirms lifelong medication is needed; or
- Underwent surgery under general, spinal or epidural anaesthetic
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Cash Benefit Eligible customers*:
Hospitalisation cash benefit:If the insured is diagnosed with Novel Coronavirus and requires hospitalisation within the Coverage Period, we will provide Hospital Cash Benefit ofHK$5,000 per week, up to 8 weeks^. Special Hospital Cash Advanced Payment:Once the insured is diagnosed, we will provide an advanced payment of 4 weeks of hospital cash, equals to a one-off payment ofHK$20,000. Mandatory quarantine cash benefit:
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Customer Support and Claims - Claims Emergency Hotline:24-hour Novel Coronavirus Claims Emergency Manned Hotline 3123 3618 with immediate claims assistance.- Fast Track Claims Service:Submit claims online for fast track approval as soon as within 3 hours, without requiring original receipt, regardless of claim amount, and without requiring Claim Form Part II completed by attending doctor (only medical certificate is needed). - No Limitation for Hospital and Room:If the insured is unfortunately diagnosed with novel coronavirus infection and requires hospitalisation in Mainland China, there is no limitation applied for selection of hospital and ward class. - Extension of Premium Payment Grace Period:Premium payment grace period will be extended to 90 days after premium due date (Policy terminated due to non-payment of premium). For policy reinstatement, the related health declaration or policy loan interest will be waived.
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Death Benefits
Eligible customers*:Customers who purchase new individual medical insurance policies within the Coverage Period.Death Benefit:In the unfortunate event that the insured passes away due to the Novel Coronavirus, we will pay the Beneficiary(s) a death benefit ofHK$300,000.
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Waiver of Waiting Period
Eligible customers*:Customers who purchase new individual medical insurance policies within the Coverage Period.Waiver of Waiting Period:If the insured is unfortunately diagnosed and requires hospitalisation, the cover will take effect immediately and thewaiting period will be waived(if applicable).
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| * Refer to the insured of designated life insurance policies issued by FWD Life Insurance Company (Bermuda) Limited. The respective policies must be in force when the insured is diagnosed or quarantined. ^ A partial week will be counted as a full week. Remark: Please refer to Terms and Conditions for details of related coverage. For enquiries about details of Special Benefits, Waivers and Claims Measures, please contact your FWD agent. FWD reserves the right of final decision related to the above Free Special Benefits. |
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For the latest information, please visit https://www.fwd.com.hk/~/media/Files/FWDHK/pdf/urgent-announcement/FWD_NovelCoronavirusMeasure_EN.PDF?la=en.
Note: The above product information is for reference only and is indicative of the key features of “Life Impact Reliever”. For a complete explanation of the terms and conditions, exclusion and key risk disclosure of “Life Impact Reliever”, please refer to its Product Brochure and Policy Provisions. The above offers are subject to the respective terms and conditions.
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About FWD Hong Kong & Macau
FWD Hong Kong offers life and medical insurance, general insurance, employee benefits, and financial planning. Its life insurance and general insurance operating entities have been assigned strong financial strength ratings by international rating agencies — FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability) is rated “A3” by Moody’s and “A” by Fitch; and FWD General Insurance Company Limited is rated “A” by Fitch. FWD Macau provides a suite of life and medical insurance.
FWD Hong Kong & Macau is a part of the FWD Group, the insurance business of investment group, Pacific Century Group. FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia.
By creating fresh customer experiences with easy-to-understand products supported by digital technology, FWD aims to become a leading pan-Asian insurer that changes the way people feel about insurance.
For more information about FWD Hong Kong & Macau please visit WWW.FWD.COM.HK and WWW.FWD.COM.MO.
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(Incorporated in Bermuda with limited liability). All rights reserved.