AIA Philippines, formerly Philam Life and one of the country’s largest life insurance companies, recently launched a new product ideal for those who are starting to save for their retirement later in life. Whether their goal is to secure oneself or to have a guaranteed sum passed down to their loved ones, the life insurer’s new offering provides protection as one gets older.
“There is a commonly held notion that, beyond a certain age, it’s too late to get insurance,” shares Melissa Henson, Chief Marketing Officer at AIA Philippines. “We want to change that mindset. It’s never too late to start prioritizing yourself and your family, especially with a product like AIA A-Life Prime.”
Financial security for today and tomorrow
AIA A-Life Prime, a product payable in just two years, benefits for both plan holders and their families, standing as a valuable solution to aid the country’s growing number of nearly 10 million senior citizens. At the end of the second year, policy owners will start receiving cash payouts equal to ten percent of their policy’s minimum face amount, especially advantageous for those in retirement. These will be given out every other year, providing assurance of regular disbursements to cover expenses or act as savings. AIA A-Life Prime can be purchased by individuals up to age 70, and provides coverage until the policyholder reaches the age of 100.
On top of the payouts, there is opportunity to receive more cash benefits through potential bonus dividends, which, while not guaranteed, can serve as additional funds when available. There is also a death benefit amounting to 200 percent of the plan’s face amount, or the total premiums paid less the cash payouts released (whichever is higher at the time of claim). For policyholders who reach age 100, a lump sum maturity benefit of 200 percent of the face amount will be given.
“The need for protection is constant, so it is important for us to ensure that we make our products accessible to customers at any life stage,” adds Henson. “We aim to be with our customers wherever life goes, so they can have the peace of mind needed to live healthier, longer, better lives.”