Manulife Hong Kong launches new critical illness plan
The maximum payout could reach a potential HK$1m.
Manulife Hong Kong has launched two new critical illness insurance covers that can protect customers from over 121 critical illnesses up to the age of 100.
ManuPrimo Care and ManuPrimo Care (BestStart) is designed to give customers well-rounded protection with flexible cancer payout options in case of a critical illness diagnosis.
There are several key features of this plan. The plan offers up to a 1,000% payout base on the notional amount. For example, if you are a non-smoking male aged 30 and you purchase ManuPrimo Care, which has a 25-year premium payment period of around $406.38 (HK$3.19k) or a notional amount of around $12.5k (HK$100k) the maximum payout could reach around $130k (HK$1m).
The premium is guaranteed and will not increase throughout the payment period. After Manulife has paid a major critical illness benefit or a tier 2 ICU benefit, it will waive all future premiums for the basic plan whilst still providing protection for the insured. The continuous care benefits include five extra rounds of coverage for cancer, an extra two occurrences for heart attack or stroke, and one extra protection for dementia or Parkinson’s disease, each at 100% of the notional amount, up to age 85 of the insured.
The unique aspect of the product is its three payout options for cancer protection which the insured can choose from to suit their needs. The insured can choose to get help with treatments, receive a monthly income if the insured needs to receive active treatment of end-of-life care, or receive an instant lump sum amount when diagnosed with stage 3 or 4 cancer.
Meanwhile, ManuPrimo Care (BestStart) is a product tailored for expectant mothers which can pay up to 105% of the total premiums in case of an unfortunate event related to the pregnancy. After birth, the newborn child will also benefit from well-rounded critical illness protection, even on diseases arising from congenital conditions not yet detected when the policy was issued.
These products come at the back of Manulife's survey in April where 46% of Hong Kong adults ages 25 to 54 have said they want plans that offer continuous financial support and the option to have different payout choices.