Manulife Singapore Launches Direct Purchase Insurance Products
In line with initiatives proposed under the Monetary Authority of Singapore‟s Financial Advisory Industry Review (FAIR), Manulife Singapore has launched two direct purchase life insurance products:DIRECT- ManuAssure Life and DIRECT- ManuAssure Term.
DIRECT- ManuAssure Life is a whole life plan that provides lifetime financial protection for death, Total and Permanent Disability (up to age 65), or Terminal Illness up to S$200,000. The plan includes a cash-in value that builds up over time after the policy has been in force for three years.
DIRECT- ManuAssure Term also protects against death, Total and Permanent Disability, or Terminal Illness but for a specified policy term and up to S$400,000. Premium cost is lower than whole life insurance as there is no cash-in value. Both plans come with the option to add on a rider to cover 30 critical illnesses.
To provide consumers with product information that is easy to understand, especially for self-directed clients, the company has successfully applied for the Crystal Mark for the contracts and brochures of both plans to ensure their clarity and simplicity. Crystal Mark is an internationally-recognised standard for the clarity of a document. It is now used by over 1,600 organisations worldwide to provide the clearest possible information to consumers.
“Manulife Singapore is fully supportive of the FAIR initiatives, which are intended to promote consumers‟ interests and help them better meet their financial and life goals. With the launch of the new direct purchase channel, we want to support consumers in their financial decisions by providing them with information that is clear, relevant and easy to understand,” said Naveed Irshad, President and CEO of Manulife Singapore.
“This Crystal Mark initiative exemplifies Manulife‟s commitment to put our clients at the heart of everything we do,” added Mr. Irshad. “We will continue to go the extra mile to take care of our clients‟ interests and give them the best possible experience with us.”
Starting from 7 April 2015, consumers can apply for DIRECT- ManuAssure Life and DIRECT- ManuAssure Term at Manulife Singapore‟s Client Service Centre. Consumers can also access information about the products via the Manulife website at manulife.com.sg.