The product development trend of life insurance companies is still around the products of interest to the market, particularly health insurance and critical illness insurance products. Along with this product line, the insurance product line with investment factor is also considered as a market trend.
Regarding the development of health insurance products, not only selling these products along with the main contracts, or designing hospital payment benefits included in the main contracts, the life insurance market has started to receive numerous short-term independent health insurance products launched by life insurance companies. This segment is forecasted to promise good growth prospects.
According to information, after introducing the personal accident insurance product an independent product line to the market in late 2017, FWD has recently launched a new cancer insurance product. This is the first time in Vietnam that a breakthrough life insurance product can pay the full amount of cancer insurance once the disease is found.
FWD’s representative said that with this product, right after being diagnosed with cancer, regardless of the stages, the insurer will pay the entire amount of insurance, helping patients timely have financial resource for treatment and rehabilitation.
This product is also part of the independent health insurance product line with premium paid annually. Simple, easy-to-understand products and the convenient selling method will continue to be the direction of this new insurer.
It is known that after receiving the health insurance business license, Chubb Life Vietnam has officially launched C Care product (supporting treatment of cancer), the first independent life insurance product developed and introduced to the market by Chubb Life Vietnam.
With a five-year protection period, C Care product is designed for customers aged from one month to 60 years.
The insurance company from Italy generali has recently been approved by the Ministry of Finance to extend the coverage of the Critical illness with multiple payments insurance product and free extended Critical illness insurance attached to the VITA Living Confidently insurance product in the last quarter of 2017.
The Critical illness with multiple payments product is the first product on the market that extends the production portfolio to 111 critical illnesses, raising the total insurance benefits to a maximum of six payments, equivalent to 300 percent of the premium.
Meanwhile, in order to provide financial support to customers from the first stage if they are unfortunately suffering critical illness, in early 2018, Manulife Vietnam introduced Manulife Beautiful life product and complementary products for accident insurance with short-time premium payment but protecting customers until 99 years old. The insurance covers up to 134 serious illnesses.
Human health and critical illness insurance can be considered as the hottest segment of the market, because not only insurance companies promote the segment, non-life insurance companies also see it as an important segment which brings high premium revenue in retail segment. Thus, the accident and critical illness insurance products will continue to be developed and increase in quantity.
Meanwhile, with the investment product line, this segment has been restarted again since late 2017 with the pioneer product being the insurance solution which optimises long-term protection and flexible investment in a short term of FWD. This is also the first product on the market to offer customers 24.7 online withdrawal solution.
At the same time, Manulife launched “Diem tua dau tu” which supports customers to make investment, increase assets while still feeling secure with their financial plans along with 10 other supplementary insurance benefits, etc.
According to finding of Dau tu Chung khoan newspaper, if nothing changes, an investment insurance product will be launched to the market with many attractive benefits. Life insurance companies also said that the financial market will start to warm up and they will introduce more investment insurance products to look for opportunities.
