AMERICAN International Assurance (AIA) Malaysia, which recently launched Lifestyle 5, a new protection plan that provides second medical opinions to policyholders, expects RM30mil in business premiums for the scheme for the financial year ending Nov 30, 2003.
Lifestyle 5 is a comprehensive protection plan that provides those from as young as one month to 55 years of age with five benefits. Launched in the middle of this month, the plan is considered one of AIA's flagship products.
According to AIA Malaysia senior vice-president and general manager Mark O'Dell, AIA is the first insurance company to offer a second medical opinion to its policyholders. We are confident this product will be very well received as it offers various benefits to policyholders. Through our collaboration with World Care Malaysia, policyholders can get a second medical opinion with medical experts from the United States.
These experts will advise them on an alternative treatment plan and follow-up care in collaboration with their local treating doctor, should treatment be required,'' O'Dell told StarBiz during an interview.
This second opinion service, which O'Dell said would normally cost about US$1,800 from world-class doctors, is now made available under the scheme and is exclusive to AIA.
World Care, which has been in operation since 1997, is an organisation that is primarily owned by four big US-based hospitals, namely Harvard Medical School, Johns Hopkins Medicine, The Cleveland Clinic Foundation and Duke University Health System.
Lifestyle 5 provides coverage for 36 critical illnesses and upon diagnosis of the illness, the policyholder would be entitled to a lump sum of up to RM100,000 cash. In the event of the insured's demise, the cash would be paid direct to his family. The scheme also covers a total of 171 major and minor surgical procedures and provides a cash payout of up to RM30,000 for recovery should the insured undergo surgery.
Lifestyle 5 also provides the family of the late policyholder with a cash payout of two times the sum assured in the event of his death in an accident. The family would get an additional 100% of the sum assured in the event of accidental death while travelling on public transport, O'Dell said.
Lifestyle 5 is a 20-year term life protection plan, renewable up to the age of 70 and a policyholder can choose the desired level of protection for his family's security by purchasing between one unit up to a maximum of 10 units per person (one unit is equivalent to a sum assured of RM10,000).
American International Assurance Co Ltd (based in Hong Kong), which is a wholly owned subsidiary of American International Group Inc (AIG), was recently voted as the number one insurance company in the Time and Fortune's Global Financial Images 2002 survey.