MANILA, Philippines — Manulife China Bank Life Assurance Corp. (MCBL) recently launched a new product which will provide clients with insurance protection and additional savings for future expenses.
MCBL is the bancassurance arm of Manufacturers Life Insurance Co. Inc. (Manulife) and China Banking Corp.
Named as the MCBL Assure Max, the new plan provides a life insurance benefit equal to 200 percent of a policyholder’s basic coverage.
MCBL said the coverage could last up to 20 years, or until the customer reaches the age of 65, depending on their needs.
Policyholders also have the option to settle their premiums within five or 10 years.
Assure Max also provides customers with living benefits, including guaranteed cash payouts, which will be released starting from either the seventh or 11th year of their coverage, depending on the payment period.
It also includes a lump-sum cash benefit equal to 100 percent of their basic coverage at the end of the insurance term.
MCBL said customers could also benefit from potential earnings through non-guaranteed dividends.
Policyholders have the option to include add-ons to protect themselves against the financial burdens of unexpected accidents, disability, or critical illnesses.
“Assure Max is a plan that empowers Filipinos to live life to the fullest. The double protection gives customers confidence that their family’s future is secure, even if unforeseen events happen,” said Sandeep Deobhakta, president and chief executive officer of MCBL.
“The living benefits provide funds that can be used to help people realize their big life goals: whether that’s planning for a child’s education, having a comfortable retirement, or leaving a legacy for loved ones,” she said.
Based on data from the Insurance Commission, MCBL emerged as the 10th largest life insurer in the country in 2018, with P8.56 billion in premium income.
This is 4.26 percent higher than the P8.21 billion premium income reported in 2017.