Philam Life: Firm in closing the protection gap with AIA all-in-one | Inquirer Business

Philam Life: Firm in closing the protection gap with AIA all-in-one

07:02 PM October 28, 2019

AIA Philam Life continues to set its sights on closing the protection gap in the Philippines by developing new protection products that will make insurance accessible to more Filipinos.

Data shows that there is an estimated PHP1.5 trillion protection gap in the Philippines, which is expected to balloon to PHP2.7 trillion by 2020. When it comes to insurance penetration, the country is at a low of 1.65% based on 2017 data from the Insurance Commission. And with the local market insurance mix predominantly focused on variable unit linked (VUL) products at 75%, the basic protection function of life insurance seems to have taken a backseat.

“The growing protection gap in the Philippines is alarming and as one of the market leaders in the local life insurance industry, we have a responsibility to bring back the focus on protection,” said  AIA Philam Life Chief Executive Officer Kelvin Ang.

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As part of its commitment to help close this gap,  AIA Philam Life recently launched its latest protection-oriented offering, the AIA All-In-One. Financially inclusive, the product may be availed for as low as PHP1,500 per month, making it easier for customers to acquire life insurance without fear of breaking the bank. AIA All-In-One is a non-participating whole life insurance plan that protects one from permanent disability and personal accident while providing critical illness coverage and life insurance benefits. It’s also powered by Philam Vitality,  AIA Philam Life’s exclusive science-backed wellness program that incentivizes members with rewards for knowing and improving their health.

“We will continue to develop innovative protection products that will address the needs of the market that’s within the reach of the average Filipino. There is a sense of urgency in fulfilling our mission of racing against risk to protect every family. This means doing our share to make sure that dreams will continue to be fulfilled, despite the onset of critical illness or unfortunate events, so they can live Healthier, Longer and Better Lives,” Ang added.

Know more about AIA All-In-One by visiting the AIA Philam Life website at philamlife.com, Facebook page at https://www.facebook.com/AIAPhilamLife/, emailing at [email protected] or calling (02)8528-2000.

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