Bowtie debuts first term critical illness plan for children, pregnant women

Bowtie’s new plan is a term-based product with no savings component.

Hong Kong-based virtual insurer, Bowtie, launched the "Children’s Growth Term Critical Illness Insurance" plan, targeting a market gap in critical illness coverage for children and pregnant women. 

The insurer said this is a first-in-the-market product, as most existing products are whole life plans with savings components, requiring higher premiums.

Bowtie’s new plan is a term-based product with no savings component, offering coverage for up to 76 congenital, genetic, and childhood diseases. 

Children are covered for critical illness up to age 18, with benefits of up to $64,363.73 (HK$500,000). The policy also provides up to $12,872.75 (HK$100,000) in coverage for pregnancy complications from the 18th week of pregnancy.

The plan includes dual protection for both childhood illnesses, such as Kawasaki disease with heart complications, Huntington’s disease, and osteogenesis imperfecta, and adult-onset critical illnesses like cancer, stroke, and heart disease. 

Premiums decrease as the child ages and the risk of congenital illness declines, following a “cheaper over time” pricing model.

Bowtie’s head of Marketing and Branding, Mingo Tsang, said the company hopes to fill the gap in insurance coverage, particularly for genetic conditions, and aims to serve the needs of over 30,000 newborns each year in Hong Kong.