THURSDAY, March 28, 2024
nationthailand

AIA Thailand focuses on critical illness coverage

AIA Thailand focuses on critical illness coverage

AIA THAILAND will focus on internal growth as it sees room in critical-illness insurance coverage, even though AIA Group is among the global insurers weighing a bid for SCB Life Assurance, a unit of Siam Commercial Bank, the country’s third-largest lender.

Tan Hak Leh, chief executive officer, yesterday did not address the deal directly but said AIA Thailand could expand organically, driven by its network of insurance agents and its critical-illness policies. About 3 million out of its 5.5-million customer base have critical-illness protection but most do not have enough early-stage protection, even though the cost of medical treatment for early-stage critical illness is rising every year.
Critical illnesses include cancer, strokes and heart disease, whose early-stage treatment costs at least Bt200,000.Half of the customers with this kind of insurance already have a critical illness. 
They will buy riders for additional protection of Bt500,000, regarded as small coverage, and those customers aren’t at the early or intermediate stage. The company recommends at least Bt1 million. 
AIA Thailand yesterday launched a campaign called “AIA Su Took Raya Roke Rai” that consolidates plans and riders to protect against an unforeseen critical illness. The campaign covers early to severe stages and compensation.
The plans under this campaign are Enhanced Critical Illness Rider (ECIR), AIA Health Cancer, Lady Care, and AIA CI SuperCare, which is a new product.
AIA CI SuperCare provides coverage of up to Bt2 million or 20 per cent of the sum insured upon diagnosis of the early or intermediate stage of a critical illness. The premium is fixed and customers can select a term of 10-20 years.
 

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