What's new: Insurance products, mobile wealth app

OCBC's OneWealth app gives users curated information and analysis from the bank’s experts to help in decision making.
OCBC's OneWealth app gives users curated information and analysis from the bank’s experts to help in decision making. PHOTO: OCBC

The Sunday Times highlights some offerings from insurers and a one-stop investment shop for retail customers.

ValueLife

HSBC INSURANCE SINGAPORE

This is a whole life insurance plan that offers a limited premium payment period of 15 years.

Unlike typical whole life insurance plans in Singapore, ValueLife provides guaranteed cash value and death benefits, without any variable components in the payouts.

It also offers policyholders the option to cancel the policy after the initial 15-year term and receive a full refund of the premiums paid.

The plan comes with a cost-saving feature: It allows consumers to reduce the sum insured by 30 per cent when they reach 65 or 80, based on their changing needs in life, which will result in lower premiums to be paid.

Revised AXA Term Protector

AXA LIFE INSURANCE SINGAPORE

AXA has revamped its term insurance plan AXA Term Protector by offering an improved flexible range of payment terms to cater to customers' different needs. Customers now can choose to pay their premiums in a lump sum or in fixed payments over five, 10, 15 or 20 years.

Other benefits include allowing customers to choose the term-to- age option to ensure coverage up to age 50, 55, 60, 65, 70, 75 or 99.

Another option is a choice of the renewable term, which provides coverage for five, 10, 15, 20, 25 or 30 years.

Customers are guaranteed automatic renewal with no medical check-ups or underwriting involved, when the policy term ends for the renewable term policies.

To cushion the impact of rising costs in the future, AXA Term Protector carries an indexation option for the term-to-age policies so that the coverage will be in line with the consumer price index year on year. AXA says this provides customers with peace of mind, knowing their benefits are not at risk of being eroded by inflation.

And to keep up with changing lifestyle needs and circumstances, AXA provides a choice to convert a term plan into a different type of insurance plan any time.

Policyholders can also opt to pay in the currency of their choice, be it in Singdollar, US dollar, euro, British pound or Australian dollar.

Customers can tailor their plans with add-on riders, such as personal accident and critical illness, for a more comprehensive coverage.

Bancassurance partnership

CIMB BANK AND SOMPO INSURANCE SINGAPORE

CIMB Bank Singapore has started distributing Sompo Insurance Singapore's general insurance products, such as motor and travel policies, through the bank's two branches in Singapore and via its online platform.

The deal comes after CIMB Group and Sompo Group inked a long-term regional non-life bancassurance distribution agreement in June where the bank will receive RM1 billion (S$330 million) in revenue in the first five years of the agreement, which lasts until the end of 2035.

During the same period, the partnership is expected to generate RM30 million to RM40 million in revenue for the lender here, as bancassurance distribution remains a key driver for the bank.

Sompo has been operating through various distribution channels including agents, brokers, financial advisory firms and affinity partners, and this partnership will further enhance its distribution channel. In fact, Sompo's chief executive officer Stella Tan expects the premium from bancassurance to quadruple by 2020.

To kick-start the Singapore partnership, CIMB Bank Singapore and Sompo launched two new products - Private Car and HomeBliss. In July, Sompo launched its flagship travel insurance product, TravelJoy.

The product portfolio is expected to expand in the coming months to include fire and personal accident insurance.

OCBC OneWealth

OCBC BANK

The OCBC OneWealth mobile app is a one-stop investment shop that provides customers with convenient access to market information, investment ideas and personalised alerts on their existing investments. It also allows the direct purchase of unit trusts on their mobile devices.

Customers can log in to the app to see all their investment holdings and share articles from the OCBC OneWealth app on social media apps such as WhatsApp, Facebook, LinkedIn and Twitter. With their fingerprint logins, customers are able to view their banking account information, unit trust portfolio, total asset allocation, and even their model portfolio, which they can use to compare their existing holdings with what is recommended based on their risk profile.

In addition, customised wealth alerts on funds relevant to the customer's portfolio will appear.

The app provides investors with up-to-date information on the latest macroeconomic trends, analysis by OCBC Bank experts and a simple and convenient way for customers to manage their wealth and investments.

A version of this article appeared in the print edition of The Sunday Times on October 16, 2016, with the headline 'What's new: Insurance products, mobile wealth app'. Print Edition | Subscribe