20 Aug Insurance product options set to grow online
The Straits Times – 20 August 2017
Consumers looking for insurance products online will soon be spoilt for choice, thanks to recent changes to rules relating to the distribution of life insurance policies on the Internet.
Direct life insurers can now offer all types of life policies online with no advice provided. But a range of safeguards are built in, from providing online copies of the product summary and illustrations of the projected benefits, to a product highlights sheet and full policy wordings. These will help safeguard consumers’ interests by providing the key information required to make an informed decision and the avenues for lodging queries and claims.
Etiqa Insurance, which is part of the Maybank group, recently rolled out eEASY savepro, which offers 100 per cent capital guarantee upon maturity and a projected return (non-guaranteed) of up to 4.02 per cent a year – the highest for an online participating insurance savings plan that the firm offers.
The plan is part of the EASY save series, which is tailored to a customer’s risk appetite, savings horizon and aspirations. Customers can choose a participating or non-participating plan, premium size, premium term and policy term based on their preferences.