ACE Life launches new hospital cash benefit

August 01, 2015 | 09:00

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ACE Life, the global life insurance division of ACE Group, just announced the launch of a new incremental insurance benefit in Vietnam, namely extended hospital cash benefit.

This new benefit is an important enhancement to the well-known ‘Premier Universal Life 2013’ product and builds on the very first Universal Life product launched locally by ACE Life in 2006.

The new product aims to provide a comprehensive financial solution for clients by reducing the negative impact on their family finances due to hospitalisation.

In particular, the clients would be able to claim cash allowance for days in hospital for treatment regardless of whether they have to go through any surgery, which is often required for claimable conditions under other hospital cash allowance insurance products in the market.

Apart from that, they would also receive allowance for hospitalisation due to accident in the range of 150 per cent of the face amount per day; and allowance for admission to Intensive Care Unit (ICU) at 200 per cent of the face amount per day.

Other benefit is surgical allowance. Accordingly, in addition to the daily hospital allowance, clients will be paid a lump sum amount equal to ten times of the face amount if undergoing surgery during hospitalization.

As for major surgical allowance, should the client undergo a major surgery of craniotomy or thoracotomy (open chest surgery), the above lump sum amount is twenty times of the face amount.

Lam Hai Tuan, chairman and country president of ACE Life in Vietnam, said “As we are committed to offering innovative and relevant solutions, we have brought this hospital cash benefit insurance to new heights with broader and deeper protection. Through launching the new product, we can help our clients defray the cost burden as a result of hospitalisation in a practical way.”

By By Mai Thuy

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