Zurich Life launches first critical illness plan

The plan offers protection for major critical illnesses such as cancer and heart diseases.

Zurich Life Insurance (Hong Kong) Limited has launched its first critical illness plan that would provide coverage for major critical illnesses such as cancer, heart disease and stroke, as well as early stage critical illnesses including carcinoma-in-situ.

Called the Swiss Care Critical Illness Insurance Plan, Zurich Life said this is the first in the market to answer customer needs and enhance claims experience.

The Swiss Care Critical Illness Insurance Plan covers up to 82 critical illnesses, including 71 major critical illnesses and 11 early stage critical illnesses. If the life insured is diagnosed with one of the covered major critical illnesses, such as cancer, heart disease and stroke, a maximum of 100% of the sum insured in a lump sum payment will be provided to the policyholder. Should the life insured be diagnosed with one of the covered early stage critical illnesses, 10%-50% of the sum insured in a lump sum advance payment will be offered. If the life insured has stayed in the Intensive Care Unit (ICU) of a hospital for three consecutive days or more regardless of known or unknown diseases or injuries, 25% of the sum insured in a lump sum advance payment will be granted. In the unfortunate event of death of the life insured, the beneficiary will be given a maximum of 120% of the sum insured in a lump sum payment - protecting their loved ones during the last chapter in life.

According to Zurich Life, cancer and cardiovascular diseases including heart disease and stroke have long been the leading causes of death in Hong Kong, with cancer being the leading killer. 

The latest statistics from the Hong Kong Cancer Registry showed a record high of 35,082 new local cancer cases identified in a year’s time, with a surge of 35% in the past ten years. 

“The rising number of cancer cases contributed by our ageing population, together with heart disease and stroke becoming more common among young adults, indicate a greater than ever need for critical illness protection among Hong Kong residents. Our new critical illness insurance plan serves as a safety net for customers should misfortune happen, allowing them to focus on recovery,” Geoffrey Au, CEO of Life Insurance, Zurich Insurance (Hong Kong) said.