AIA Hong Kong today announced the launch of AIA “Smart Elite Ultra” critical illness protection solution. This unique plan offers extended protection cover with three first-in-market features – including Benign Extra Benefit, cover for undetected congenital conditions in children and family care – to ensure that more people can receive protection. This market-leading critical illness protection solution encompasses the benefits of life insurance, multiple illnesses protection and savings, providing customers with comprehensive cover and the opportunity to growth their wealth. Delivering the Company's forward-looking strategy in product innovation, this latest offering underscores AIA Hong Kong's commitment in taking a step further to genuinely understand customers' real protection needs, and to provide them with the most complete protection solutions that can address different critical illness concerns. 

Ms. Bonnie Tse, General Manager, Business Strategy and Marketing of AIA Hong Kong & Macau, said, “As a responsible corporation, AIA Hong Kong understands that medical protection is one of the top concerns of Hong Kong people. However, some of those who need protection the most are unable to obtain medical cover due to pre-existing conditions. To exemplify our vision of creating shared value for the community, we constantly strive to extend our medical cover so more people can receive appropriate protection. AIA ‘Smart Elite Ultra' critical illness protection solution offers a number of market-first features and multiple critical illnesses cover that bridge the protection gap. From prevention to protection and rehabilitation, AIA Hong Kong stands by our customers every step of the way as they overcome every hurdle through different life stages. In the fourth quarter of this year, we will roll out a critical illness and medical protection plan specially designed for people with high blood pressure, high cholesterol and high blood sugar – so they can also enjoy comprehensive critical illness and medical cover. Even those with a glycemic index¹ exceeding 10 have a chance to receive protection.”

 “As ‘The Real Life Company', we hope our innovative products can enable those who used to face difficulties in obtaining individual cover to receive appropriate protection, thus fulfilling our brand promise of helping people live longer, healthier and better lives,” added Ms. Bonnie Tse. 

Cancer tops the chart as the most common terminal illness² in Hong Kong, and its treatment cost may reach as high as HK$1 million³. It is critical that people have adequate preparation in obtaining medical protection.  For example, statistics show that 1 in 4 men with elevated prostate-specific antigen levels are at risk of developing prostate cancer⁴, while women with certain common benign breast diseases are 66% more likely to develop breast cancer⁵.

These groups of high risk individuals need protection, but they may be unable to obtain cover when purchasing critical illness insurance plans due to their high potential risk in contracting cancer arising from their existing benign conditions.

For children, insurance policies in the market often fail to cover undetected congenital diseases, which may remain concealed for years and develop into critical illnesses as they become older. This is a glaring protection gap that the general public is now facing.

AIA “Smart Elite Ultra” critical illness protection solution bridges the protection gap by offering customers well-rounded cover in prevention, protection and rehabilitation areas. Key features of the solution include:

First-in-Market extension of cover to benign conditions ─ Extends cover to those who have already developed benign conditions (e.g. benign breast disorder, uterine fibroid and elevated prostate-specific antigen level). Upon fulfilling underwriting requirements, AIA “Smart Elite Ultra” critical illness protection solution offers a Benign Extra Benefit equivalent to 20% of the initial sum assured for any cancer in each organ with covered benign conditions. Between the second and the sixth policy year, the insured will be entitled to 100% of the initial sum assured depending on medical reassessment results and can receive a maximum of 3 cancer claims⁶.

First-in-Market cover for undetected congenital conditions in children─ AIA “Smart Elite Ultra” critical illness protection solution is the first plan in the market to provide insureds aged 0 to 17 with thorough cover for critical illnesses related to congenital diseases with symptoms which remain undetected at policy issue;

First-in-Market family care─ This premium wavier protection is available upon policy issue⁷ , requiring no additional purchase and no health information from the policyholder. Under this cover, if the policyholder passes away before the age of 75, the insured child can continue to be covered under the policy without having to pay the remaining premiums until the insured child reaches the age of 25, provided that the policy has been in force for 2 or more years at the time of the policyholder's death;

Cover for up to 115 illnesses─ cover for 58 critical illnesses (including 57 major illnesses and 1 minor illness), 44 early-stage critical illnesses (including minimally invasive surgery and treatment and carcinoma-in-situ and early-stage cancer) and 13 severe child diseases.

As diabetes is one of the most common urban diseases, the plan also provides comprehensive protection for diabetes complications, from the early to the late stages of the disease.

Multiple illnesses protection─ Cancer treatment is costly and also sees high potential in recurrence. For example, the chance of lung cancer recurring within 2 years after chemotherapy is as high as 90%⁸, suggesting that patients have to bear a long-term financial burden due to medical costs. The cost to treat heart diseases, the 3^rd leading cause of death in Hong Kong, for three years is approximately HK$400,000⁹. AIA “Smart Elite Ultra” critical illness protection solution provides multiple cover for 115 covered illnesses, which are divided into 6 groups. AIA's cancer shield benefit enhances cancer cover with up to a maximum of 3 covers¹⁰ for the continuation, metastasis or recurrence of a previous cancer or newly-diagnosed cancers. The solution also offers a maximum of 2 covers for a series of heart-related illnesses¹¹. The plan also features a Coverage Booster that offers extra cover at the start of the policy. An additional 50% of the initial sum assured will be paid if a policyholder is diagnosed with a covered illness or dies during the first 10 or 15 years of the policy, depending on the age of the insured at policy issue. 

AIA “Smart Elite Ultra” critical illness protection solution also offers customers the opportunity for wealth accumulation. The plan offers guaranteed cash value and non-guaranteed Annual Dividends. Such dividends (if any) are credited to the customers' policy at the end of each policy year to give them additional liquidity, so they can enjoy extra cash flow along with comprehensive cover. Once the basic policy has been in force for 5 years, it also declares a non-guaranteed Terminal Bonus (if any) to the policyholder at least once per year. Policyholders may receive the Terminal Bonus in the circumstances of policy surrender, death of the insured, or when the benefits for major illness, minor illness, early stage critical illness, diabetes complication and / or severe child disease have been paid. If the insured passes away, the solution will pay the death benefit to the person whom the insured selects as the beneficiary.

AIA Hong Kong has rolled out the following limited offers to support the launch of AIA “Smart Elite Ultra” critical illness protection solution. Customers who successfully apply for AIA “Smart Elite Ultra” critical illness protection solution on or before 30 September 2017 can enjoy a discount¹² on their premiums, while those who successfully apply for Selected Critical Illness Insurance Plans with a specified minimum annualised premium together with an AIA Vitality Selected Insurance Product and also register as an AIA Vitality member, will enjoy a “fitlife Health Coaching Program and Genetic Test”¹³ . Using innovative DNA technology, fitlife finds out any special nutrition needs a person may have, any sensitivities a person may have to food, and which exercise may be best for a person based on one's genetic profile. In addition, fitlife offers phone consultations before and after the test, which helps formulate a more effective and personalised health solution.

The above information is for reference only. For the details on the product features, content and conditions, please refer to the product brochure and the terms & conditions of the policy contract.

AIA Hong Kong and AIA Macau are subsidiaries of AIA Group Limited. AIA Group Limited established its operations in Hong Kong in 1931 and expanded its footprint to Macau in the following year. To date, we have over 14,300 AIA financial planners¹, as well as an extensive network of brokerage and bancassurance partners. We serve more than 2.7 million customers² , offering them a wide selection of professional services and products ranging from individual life, group life, accident, medical and health, mandatory provident fund, personal lines insurance to investment-linked products with numerous investment options. We are also dedicated to providing superb product solutions to meet the financial needs of high net worth customers.

¹ as at 30 June 2017
² as at 31 January 2017

AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.

The business that is now AIA was first established in Shanghai almost a century ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$185 billion as of 30 November 2016.

AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 30 million individual policies and over 16 million participating members of group insurance schemes.

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).