Demand pushes BPI AIA to relaunch its insurance plan
BPI AIA Life Assurance Corp., formerly BPI-Philam Life Assurance Corp., announced last Thursday that it has reintroduced a long-term insurance product to the local market that requires shorter payment terms.
According to the CEO of BPI AIA, Surendra M. Menon, the product called âBuild Life Plusâ is a savings and life insurance plan with pay conditions of 5 and 7 years. It includes protection for up to 100 years, an investment in the chosen fund, accident and sickness cover, waiver of premiums and optional critical illness cover and hospital benefits.
âThe pandemic has once again reminded people of the importance of being insured, of being protected, hence the increase in inquiries about our products,â Menon said. âThe demand for products with a shorter payment period is remarkable however, some customers would much prefer to pay within 5-7 years rather than spread it out and pay longer. “
The executive said that was the reason why “we brought back the shorter pay variants of Build Life Plus.”
âThis has always been one of our best-selling products over the years and it will provide more options for Filipinos looking for insurance coverage,â Menon said in a statement.
He further explained that 5 or 7 salary plans âare well suited to clients who plan to invest and at the same time provide insurance coverage, such as those who set up a retirement fund, set aside a contingency fund. for their business or property, or to prepare for the education of their children.
According to the documents provided by BPI AIA, the investment funds of the product components are managed by BPI Asset Management and Trust Group (BPI AMTG) and BPI Investment Management Inc. (BIMI) and will be invested according to need and risk appetite of the insured.
Menon urges entrepreneurs, professionals and incumbent Filipinos overseas, in addition to BPI’s preferred banking clients, to take advantage of the plan to prepare for their future and their family’s needs.