AXA introduces "SmartProtect Plus," a market-first accident insurance policy that covers three generations in a single policy.
AXA Hong Kong and Macau (AXA) announced today the launch of "SmartProtect Plus," the first accident insurance plan in Hong Kong to provide family security across generations with a single policy. With a cost as low as HKD2.4 per day, insured persons can benefit from substantial and personalized protection through the pioneering shared coverage, which caters to the unique needs of all family members.
Furthermore, to make life easier for customers with large families, once a child's premium is paid, all children in the same home will be entitled to free, equal care under shared coverage.
P1X3L, a young local boy band, is the brand ambassador for SmartProtect Plus, and George, Marco, and Phoebus (from left to right) are the first clients of the new personal accidental insurance product. Kenneth Lai, Chief General Insurance Officer, AXA Hong Kong, and Macau, provided them with a cover so that they may enjoy collective protection for their families under a single policy.
AXA introduces "SmartProtect Plus," a market-first accident insurance policy that covers three generations in a single policy.
The following are the three key aspects of "SmartProtect Plus":
1) Family members receive customized protection with flexible financing for the first time on the market1.
"SmartProtect Plus" has a unique shared coverage option that allows a family of up to ten people over three generations to share a single limit, with claims paid as they occur until the limit is met. Accidental death and permanent disability ("ADPD") coverage are available for up to HKD2 million.
Customers who choose pooled coverage pay a lower rate than those who choose regular individual coverage. Customers with a family of four, for example, can save up to 32 percent on their premiums. Individual coverage, on the other hand, is offered to customers who choose individualized protection with a separate maximum for each person insured. Customers who apply online now can get a premium discount of up to 25%.
2) Cover all children by paying a single premium for all of them, with special attention given to juniors and seniors.
AXA recognizes that large families with children confront significant financial challenges on a daily basis. As a result, "SmartProtect Plus" provides a special offer for families with multiple children. When a policyholder pays the premium for one child, all other children in the family who are insured under the same single policy are covered for free. For unmarried full-time students, the child's age is increased to 23 years old.
For both youngsters and the elderly, a twofold allocation for daily hospital cash and home nursing3 is supplied. The elderly who suffer a broken bone are eligible for a maximum payment of HKD40,000.
3) Lifetime protection for infants to the elderly, with worldwide coverage available 24 hours a day, 7 days a week.
"SmartProtect Plus" enrolls people as young as 6 months old and as old as 80 years old. There is no age limit for policy renewal to ensure lifetime protection[4] for the insured.
With the rise of global citizenship, "SmartProtect Plus" offers 24-hour global emergency assistance and a global hospital admission deposit guarantee of up to HKD40,000 for expenses incurred from accidents occurring outside of Hong Kong, providing immediate relief from financial constraints or tensions.
"SmartProtect Plus" offers "Income or Payment Protection" as an extra yet critical coverage option for policyholders to receive timely financial assistance if their main source of income is affected, to help alleviate the impact on the entire family's livelihood if the breadwinner suffers a serious injury.
We also go a step further to protect those who like sports and outdoor activities. Customers can extend their coverage for themselves, their sports equipment, or their apparel by purchasing an optional "Sports Protection" cover.
"We appreciate the significance for our clients to offer extended care for their children and aging parents, as well as the financial hardship that comes with it," said Kenneth Lai, Chief General Insurance Officer, AXA Hong Kong, and Macau. In the event of a terrible and unexpected catastrophe, the market-first shared coverage function in "SmartProtect Plus" can assist relieve weight and emotional stress.
We aspire to help our customers and their loved ones overcome problems in life by providing vital and comprehensive protection for their safety and well health as Hong Kong's largest general insurer."
"SmartProtect Plus" also includes recovery aids, job-change subsidies, and abuse help, among other things. Visit https://www.axa.com.hk/en/smart-protect-plus/ for more details.
The preceding data is provided solely as a guide. Please refer to the product booklet and policy provision for further information on product features, content, conditions, and exclusions.
[1] Based on AXA's internal analysis and comparison to similar personal accident insurance policies in the existing General Insurance market, this reference is valid until March 2022.
[2] Accidental death and permanent disability coverage for the elderly is limited to HKD1 million.
[3] Does not apply to the Lite Plan.
[4] AXA's underwriting decision and additional circumstances set forth in General Conditions Clause 11(d) and (e) of the Policy Wording govern lifetime renewal. It's possible that the renewal premium and terms and conditions will differ from the expired policy.
