FWD Life Insurance Plc (“FWD Insurance”) recently hit the headlines by winning the Global Business Outlook Innovation Award for offering the “Most Innovative Life Insurance Product” in the form of its ‘CI Fixed Pay’ plan, which is a game-changing lifelong coverage against critical illnesses.
Founded in 2013 as part of the FWD Group, FWD Thailand is a fast-growing insurance company offering broad life and health protection and services, plus a range of investment-linked and savings products.
Knowing in detail about ‘CI Fixed Pay’
With a customer-led approach, ‘CI Fixed Pay’ has set a pioneering standard in the Thai insurance industry, by introducing a first-in-the-market life insurance plan that offers a premium waiver while ensuring uninterrupted coverage until the age of 90. The plan also includes a lump sum pay-out of 25% of the sum assured for critical illnesses at an early stage.
The Thai customers availing the ‘CI Fixed Pay’, will get benefits in case of illness with four early-stage critical illnesses, and 15 late-stage critical illnesses. If diagnosed with one of the four early-stage critical illnesses, customers don’t need to pay a premium for the following year, while receiving policy coverage on a continuous basis, without adjusting the premium amount as per the increase in age.
‘CI Fixed Pay’ was first launched in 2019, covering only 7 critical illnesses. This year, it expanded its scope of coverage to 19 critical illnesses, including both early and late stages, without an increment of the premium rate where customers can select a premium payment period from 5 years, 10 years or 20 years. This benefit is now available to both existing and new customers.
The insured will receive an assured 25% ‘Survival Benefit’ if diagnosed as one of four early-stage critical illnesses. If he/she is diagnosed as one of 15 late-stage critical illnesses, he/she will get 100% of the sum assured or the total premium paid, deducted from the paid benefits of early-stage critical illnesses.
If the policyholder passes away, his/her family will receive 100% of the sum assured or total premium paid, deducted from the paid benefits of early-stage critical illnesses. Also, when the insured reaches the age of 90 or the maturity of the contract with no claim incurred, he/she will receive 100% of the sum assured or total premium paid, whichever is greater. The tax deduction will be up to 100,000 Thai Baht, applicable for all premium payment terms; either on the 5-, 10-, or 20-year plan.
A promising road ahead
FWD is committed to creating a unique and different insurance company with a vision of “changing the way people feel about insurance.”
Through its customer-led approach, the company is dedicated to encouraging everyone to live their lives their way, while offering a variety of innovative products and services that go far beyond simple risk protection to accommodate the various needs of consumers and resonate the brand promise of ‘Celebrate living’ in every stage of life.
Ms. Alisa Areepong, Chief Proposition Officer of FWD Insurance, told the Global Business Outlook, “We are truly honoured to be recognised by the Global Business Outlook for our continuous commitment to accelerating innovation and transformation in Thailand’s insurance industry. In today’s fast-paced world, it is easy for people to overlook their health, preparedness, and long-term insurance planning. As we continue to develop solutions that empower our customers to celebrate living, CI Fixed Pay with Lifelong Critical Illness Protection cuts through the varying pace of lifestyles and environments. Our dedicated focus is to provide customers with peace of mind, even when life throws them a surprise, by providing long-term protection for both life and critical illnesses up to 90 years of age, with fixed premiums throughout the policy term.”
About FWD Group
FWD Group is a Pan-Asian insurer operating in Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Japan, Vietnam and Malaysia with over 11 million customers across the 10 Asian markets, including some of the fastest-growing ones in the region and in the world. Empowered by digital technology, FWD, which reached its 10-year anniversary in 2023, is currently focused on making its insurance journey simpler, faster, and smoother for customers, with innovative propositions and easy-to-understand financial products.