- Masking 4 varieties of early stage essential sickness together with carcinoma-in-situ and angioplasty surgeries¹
- Providing 10 claims in complete for each early stage essential sickness and main essential sickness mixed, with a complete payout of as much as 600% of the protection amount² ⁴
HONG KONG SAR – Media OutReach Newswire – 21 December 2023 – Bowtie, Hong Kong’s first digital insurer³, is happy to announce the launch of a brand new product, “Time period Vital Sickness – Early Stage & A number of Cowl” constructing upon its present product, “Time period Vital Sickness – A number of Cowl”. By introducing a pure safety insurance coverage product that covers early stage essential sickness, Bowtie goals to proceed offering prospects with up-to-date and complete safety, fixing the numerous safety hole in Hong Kong.
![Bowtie Early Stage Critical Illness](https://i0.wp.com/release.media-outreach.com/release.php/Images/444453/Bowtie-Early-Stage-Critical-Illn.png?ssl=1)
The product options of Bowtie’s “Time period Vital Sickness – Early Stage & A number of Cowl” are as under:
- Masking 4 varieties of early stage essential sickness together with carcinoma-in-situ, early stage malignant and two varieties of medical circumstances that require angioplasty surgical procedures1
- Masking most cancers recurrence, recurring coronary heart assault and stroke⁴
- Masking 42 varieties of main essential sickness and 98% of essential sickness cases⁵
Resulting from its comparatively complete protection in frequent essential sicknesses, 10Life, the insurance coverage rankings and comparability platform, has given excessive reward to Bowtie’s “Time period Vital Sickness – Early Stage & A number of Cowl”. Upon its launch, the product acquired a powerful score of “9.8/10” within the class of time period essential sickness insurance coverage, surpassing its opponents and changing into the highest-rated time period essential sickness insurance coverage product on the 10Life platform. It was additionally honored with the “5-Star Time period Vital Sickness Insurance coverage Award”, demonstrating its nice competitiveness.
As well as, Bowtie’s “Time period Vital Sickness – Early Stage & A number of Cowl” affords considerably greater value-for-money in comparison with related merchandise. When evaluating the typical premiums for a 25-year-old non-smoking male with a protection of HKD 1 million over 10 years (as proven within the desk under), to the utmost extent, Bowtie’s product is priced at practically 60percent⁶ decrease than one other product that additionally acquired the “5-Star Time period Vital Sickness Insurance coverage Award”, whereas offering related protection to prospects.
Common Premium for HKD 1 million protection over 10 years
(Male, Non-smoker, Annual Renewal)⁷ |
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Age | Bowtie’s “Time period Vital Sickness – Early Stage & A number of Cowl” | Product A | Product B | Value distinction |
25 | $1,649 | $4,061 | $2,934 | From -43.79% to -59.39% |
35 | $3,761 | $8,306 | $8,256 | From -54.44% to -54.71% |
45 | $9,970 | $14,463 | $19,011 | From -31.07% to -47.56% |
Early stage essential sickness refers to ailments that haven’t but progressed to a extreme stage. Frequent examples embody carcinoma-in-situ, early-stage malignant tumors, and medical circumstances requiring angioplasty surgical procedures1. In response to information from the Hospital Authority, 2.8% of Hong Kong folks shall be recognized with most cancers earlier than the age of 45⁸. For instance, amongst girls aged 45 to 49, the incidence charge of breast carcinoma in situ is as excessive as 36.2 per 100,000 population⁹. As well as, between the years of 1998 and 2008, there was an virtually 40percent¹⁰ improve in middle-aged coronary coronary heart illness sufferers aged 40 to 50. Though these indicators point out a development of youthful onset of essential sicknesses, not each essential sickness insurance coverage product covers early stage essential sicknesses. Due to this fact, Bowtie has launched corresponding merchandise to assist prospects handle their dangers.
Typical essential sickness merchandise out there typically present an “superior” cost of 20% of the sum assured as early essential sickness profit. If the insured individual subsequently suffers from a extreme essential sickness, solely the remaining 80% of the sum assured shall be paid. Nonetheless, Bowtie’s “Time period Vital Sickness – Early Stage & A number of Cowl” supplies an extra cost of 20% of the sum assured as protection for early essential sickness. If the insured individual develops a extreme essential sickness after the ready interval for early essential sickness profit, 100percent¹¹ of the sum assured shall be paid, subsequently it is going to be offering a complete protection of 120% for the insured individual.
To make sure that extra prospects can expertise the peace of thoughts introduced by “Time period Vital Sickness – Early Stage & A number of Cowl,” ranging from now till December 31, 2023, new prospects who efficiently apply with the promotional code [BYE2023] . will take pleasure in a waiver of 6 months’ premium and 4 complimentary consultations¹² with a nutritionist. Bowtie’s customer support group can also be available to supply goal explanations and help prospects in making probably the most appropriate selections for themselves.
To be taught extra particulars, please go to: https://www.bowtie.com.hk/zh/insurance coverage/critical-illness.
** Footnote **
¹ Angioplasty surgical procedures consists of: (i) Angioplasty, Atherectomy or Minimally Invasive Direct Coronary Artery Bypass Grafting for coronary arteries, and (ii) Angioplasty or endarterectomy for carotid arteries
² Early Stage Vital iIllness Profit supplies a profit equal to twenty% of the Sum Insured and the utmost variety of claims payable is 5 occasions, which is topic to a most of HKD300,000 per Insured Individual of every declare. The utmost complete profit quantity is equal to 100% of the Sum Insured or HK$1,500,000 (whichever is decrease). This profit is topic to an Early Stage Vital Sickness Profit Ready Interval and a most variety of occasions you possibly can declare for every early stage essential sickness. This profit shall be robotically terminated after any MajorCritical Sickness Profit that has been paid or turn out to be payable, whichever is earlier. Please confer with the Coverage Phrases and Situations and Exclusions for particulars
³ Bowtie is the primary firm licensed by Hong Kong’s Insurance coverage Authority below its Quick Observe Pilot Scheme
⁴ For claims associated to the A number of Vital Sickness Profit, extra necessities should be fulfilled for most cancers (newly recognized, recurrent, unfold or continuation of most cancers after the preliminary most cancers declare), stroke, coronary heart assault and different heart-related ailments (together with coronary artery bypass surgical procedure or different critical coronary artery ailments). Please confer with the Coverage Phrases and Situations and Exclusions for particulars
⁵ The info is from a reinsurance firm’s main illness survey carried out within the Asian area from 2008 to 2012 and Bowtie market analysis
⁶ The calculation relies on the typical premium for a 10-year, 1 million protection coverage for a 25-year-old non-smoking male. The worth distinction is as excessive as 59.39%
⁷ Referring to information from 10Life, a Hong Kong insurance coverage data and comparability platform.
⁸ Primarily based on the datafrom the Hong Kong Most cancers Registry of the Hospital Authority [Accessed in June 2023] and calculated by the “cumulative threat” formulation
⁹ Referring to the “2020 Breast Most cancers Statistics for Girls” printed in October 2020, by the Hong Kong Most cancers Registry, Hospital Authority
¹⁰ Referring to information cited by the non-profit charity group, Care For Your Coronary heart, quoting statistics from the Hong Kong Medical Affiliation
¹¹ If a declare is made for a extreme essential sickness throughout the early essential sickness ready interval, and the early essential sickness profit has already been paid out or is eligible for cost, we pays the remaining protection quantity as extreme essential sickness profit. In different phrases, for claims associated to each the early essential sickness profit and extreme essential sickness profit below this sequence, we pays a complete quantity equal to 100% of the protection quantity
¹² For particulars, please confer with theTerms and Situations of Bowtie’s December limited-time promotion
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About Bowtie
The Bowtie Life Insurance coverage Firm Restricted is an authorised life insurance coverage firm and Hong Kong’s first digital insurer. Its imaginative and prescient is to bridge the well being safety hole and rework the best way folks entry healthcare in Asia. By combining fashionable know-how and medical experience, Bowtie affords a commission-free and handy on-line platform for purchasers to cite, apply, and declare for medical health insurance plans, together with VHIS,
Vital Sickness Insurance coverage,
Life Insurance coverage,
Accident Insurance coverage,
Most cancers Insurance coverage anytime, anyplace. Bowtie is backed by Solar Life Monetary, Mitsui & Co, and supported by main worldwide buyers. Presently, Bowtie has raised greater than HK$680 million and supplied over HK$60 billion of insured worth to households.
Keep updated at www.bowtie.com.hk.