SINGAPORE, Oct. 14, 2013 /PRNewswire/ -- Pioneering online insurer, DirectAsia.com Singapore has launched an innovative online Term Life product, the first in the market with straight through processing and online policy issuance for cover over S$200,000, with the cover range from S$100,000 right up to S$500,000.
Chief among its selling points is the fact that customers can receive their cover in minutes by answering a few simple questions without being required to submit any medical certificates or attend doctor appointments, as is usually the case with other life and health insurance.
Another key difference is that the insurance will not be linked to investment or savings plans where high premiums don't necessarily mean high-life coverage. DirectAsia.com's intention is to directly address the protection gap in Singapore with low-cost and convenient cover. As such the latest product from the award-winning DirectAsia.com is aimed at giving customers a choice of different levels of cover all at a low price.
Simon Birch CEO of DirectAsia.com, said: "We think it makes sense to pay the right price for your Term Life Insurance and consider your savings and investments separately. For the average breadwinner, only after protecting your debt obligations and income does it make sense to commit to savings and investments. With this in mind, we're bringing to Singaporeans the convenience and value of an online Term Life Insurance policy that helps your family to be financially secure should the worst happen to you."
Term Life Insurance through DirectAsia.com will be renewable every year and comes with a guarantee that policyholders can renew up to the age of 85. This is another feature that is hoped will give the product an edge to value conscious Singaporeans.
Simon Birch added: "Our annual renewal feature differs from many other Life Insurance products because you can take it one year at a time, paying the right price for your age today. With our yearly renewable Term Life Insurance you can consider the competitiveness of our rates as each year goes by. So there are no surprises, you even get a look each year at what it's going to cost for the next five years with our innovative 5 years rolling guaranteed premiums feature."
"We researched the Singapore consumer market and decided it was time for an online Term Life product that had the guarantees that customers want, together with great value and high transparency in the pricing," said Mr. Birch.
For their Term Life Insurance product, DirectAsia.com brought their concept to insurers and ultimately partnered with AXA Life Insurance.
"The internet is increasingly where transactions take place. At AXA, we recognise that online buying is not for everyone. However, we want to be able to cater for a growing segment of customers who prefer to do their own research and purchase of life insurance online. Partnering with DirectAsia.com us to bring this convenience quickly to our customers," Glenn Williams, CEO of AXA Life Insurance Singapore Pte Ltd said.
Mr Birch said: "Term Life Insurance customers can benefit from the convenience and service of DirectAsia.com, confident that their policy is underwritten and issued by AXA Life with the backing of one of the world's strongest insurance groups."
The Term Life Insurance will be an addition to DirectAsia.com's existing product line which includes car, motorcycle, travel, home, and personal accident insurance.
