MANILA, PHILIPPINES – As the world continues to navigate and recover from extreme challenges posed by COVID-19 and its economic fallout, many Filipinos are still encouraged to observe a healthy lifestyle, whether it’s physical or financial, so as to continue to be prepared for any unforeseen circumstances the pandemic might bring again. For this, insurance companies are doing their share to adapt and meet the evolving needs of customers.
Hong Kong-based insurer AIA Group, parent company of AIA Philippines, conducted its Save Smarter study last year across its eight markets in the region which analyzed the shifting household savings behavior more than a year into the global public health crisis.
Results showed majority of the respondents are more likely to save and invest on their financial security and protection moving forward, despite reports that some of the pandemic-induced economic challenges are likely to stay until late 2022.
According to the study, consumer spending allocations for insurance premiums in the Philippines jumped 27 per cent in 2021, which is 18 per cent higher than pre-pandemic levels. This indicates heightened interest in using insurance as a way to cushion the impact of future economic setbacks.
Study results also showed a stronger interest in insurance with 75 per cent of Filipinos agreeing that insurance has become more important than ever to provide better protection in case of unexpected incidents, and 27 per cent saying they plan to increase their allocation of funds for insurance.
“The pandemic made everyone realize the need for protection, even among those who are non-believers of insurance,” observed Tennyson Paras, AIA Philippines Associate Director for Products. “And this is why we developed AIA All-in-One Plus, a new product that provides leveled up protection that Filipinos are looking for during this time of uncertainty.”
AIA All-In-One Plus is a comprehensive variable unit link whole life insurance plan with added benefits. It protects the policyholder against four major risks: death, accident, disability and critical illness.
Aside from protection concerns, the threat of COVID also made Filipinos more concerned about their health. With AIA All-in-One packaged with AIA Philippines’ wellness program, AIA Vitality, customers are assured that they have the support they need to stay healthy. It also comes with a Double Vitality Booster feature, which provides active members with additional coverage and loyalty bonus.
“We recognize that aside from their physical health, Filipinos these days are equally concerned about their financial well-being. As such, we made sure that AIA All-In-One Plus also gives them an opportunity to maximize potential returns for their investments beyond the basic protection that most insurance companies provide,” explained Paras.
And this is a well-founded insight, with the study revealing that at least 66 percent agree that saving through insurance has better potential returns under the declining interest rate environment.
With the AIA All-In-One Plus life insurance plan, policyholders also have an opportunity to grow their savings through diversified investment funds available to the product that are suitable to their risk profile.
“In a nutshell, this product will not only provide boosted protection for you and your family, but will also help you take care of your physical and financial health. That’s a complete package of benefits in just one product, another way we bring to life our commitment of helping Filipinos live healthier, longer, better lives,” Paras added.
Click here for more information about AIA All-in-One Plus, or here to visit AIA Philippines’ Facebook page, email customerservice.ph@aia.com, or call (02) 8528-2000.
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About AIA Philam Life
AIA Philippines (AIA Philippines Life and General Insurance Company), formerly AIA Philam Life (The Philippine American Life and General Insurance Company), is the country’s premier life insurance company. Originally established on 21 June 1947 as Philam Life, AIA Philippines has earned the trust of customers for its financial strength, strong brand name, and ability to deliver on its promises.
AIA Philippines has PHP291.63 billion in total assets and PHP80.20 billion in net worth as of 31 December 2020, while serving over 800,000 individual policyholders and almost 1,000,000 insured group members.
AIA Philippines understands the needs of its customers and provides holistic solutions that include life protection, health insurance, savings, education, retirement, investment, group, and credit life insurance. It also offers bancassurance and fund management products and services through its subsidiaries—BPI-Philam Life Assurance Company (BPLAC) and Philam Asset Management Inc. (PAMI).
Based on the Insurance Commission results as of 31 December 2020, the combined total premium income of AIA Philippines and BPLAC was at PHP33.06 billion.
AIA Philippines is a member of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group.
About AIA
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 Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, the Philippines, South Korea, Taiwan (China), Vietnam, Brunei, Macau SAR(2), New Zealand, a 99 per cent subsidiary in Sri Lanka, and a 49 per cent joint venture in India.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. 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$291 billion as of 30 June 2020.
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 36 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”).
Media Contact:
Abbie L. Remo
Corporate Communications and PR Lead
AIA Philippines
Email: Abbie-D.Remo@aia.com
