Insurance firm rolls out new product

Philam Life, a subsidiary of the AIA Group Company, introduced its latest new product called “Health Invest” that seeks to provide policyholders with financial protection should they be inflicted with health-related risks.

"It is a reality and inevitable that we will grow old and get sick. This product allows us to be prepared for these situations," said Philam senior vice president and head of marketing Jessica C. Abaya told reporters during a media roundtable discussion at Marco Polo Hotel Davao.

She said Filipinos are concerned of their health but are not financially prepared when illness strikes the family.

"Many will result to loaning, savings, or selling their own property but what will give a peace of mind is a plan like Health Invest," she said.

In a press release, Health Invest offers both insurance and investment benefits in one. It also lets policyholders build a health fund for future health care requirements.

"It is a life insurance plan because if something happens to you, your beneficiaries will get something. It is a health plan because if you are diagnosed with a critical illness, upon diagnosis you will get an amount depending on your plan," Abaya said.

She also said there is no need to pay future premiums because whatever funds the policyholder has will grow overtime.

"The policy holder can also increase their health fund by topping-up premium payments anytime they want," Abaya said.

She said the fund is not strictly for health because the holder may use it for other needs if the fund has not been used for health related needs.

"If the policy holder is healthy throughout their lifetime, they can use it for other needs like beauty enhancement, travelling or whatever they like to live a good retirement," Abaya said.

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